Suncity Synthetics Ltd — Updates, 19-06-2025: Company Update

Suncity Synthetics Limited has announced a board meeting on the financial results for the quarter and half-year. The company received communication from BSE that the draft Scheme for Reduction of Share Capital was returned due to non-applicability of the relevant regulation after recent amendments. The proposed scheme involved writing off accumulated business losses by reducing paid-up equity share capital by 98%. Since the scheme fits the amended rules exempting such write-offs from the regulation, BSE returned the draft. The company will take appropriate steps and intends to file a petition before the National Company Law Tribunal (NCLT). This affects the capital restructuring plan but has no immediate financial impact.