HEG Limited Board Approves Scheme of Arrangement, Appoints New KMPs
HEG Limited's Board approved a Composite Scheme of Arrangement, effective September 1, 2026. The record date is September 7, 2026. Key appointments include Ms. Neha Rajvanshi as CFO and Shri Ravi Gupta as Company Secretary. Shri Riju Jhunjhunwala is appointed Chairman & MD. The company name will change to HEG Advanced Materials Limited.
The announcement involves a significant corporate restructuring, including a demerger and amalgamation, effective date, record date, share swap ratios, changes in top management, board reconstitution, and name changes. These are material events that will significantly impact the company's structure and operations.
The announcement details a significant corporate restructuring through a Scheme of Arrangement and subsequent board and management changes. While these are important events, they do not inherently indicate a positive or negative financial outcome, thus the sentiment is neutral.
HEG Limited announced the outcome of its Board Meeting held on August 24, 2026. The Board took on record the certified copy of the National Company Law Tribunal's order dated August 13, 2026, which sanctioned the Composite Scheme of Arrangement. The scheme involves HEG Limited (Demerged Company), HEG Graphite Limited (Resulting Company), and Bhilwara Energy Limited (Transferor Company).
The Board approved to make the Scheme effective from Tuesday, September 01, 2026. Consequently, Monday, September 7, 2026, has been fixed as the record date for determining shareholders eligible to receive consideration pursuant to the Scheme.
Under the Scheme, for the demerger of the demerged undertaking from HEG Limited to HEG Graphite Limited, one fully paid-up equity share of ₹2 each of HEG Graphite Limited will be issued for every one equity share of ₹2 each of HEG Limited. For the amalgamation of Bhilwara Energy Limited with HEG Limited, eight fully paid-up equity shares of ₹2 each of HEG Limited will be issued for every seven equity shares of ₹10 each of Bhilwara Energy Limited.
Following the effectiveness of the Scheme, the Board has approved several appointments and resignations of Key Managerial Personnel (KMP) and Senior Management Personnel, effective September 01, 2026. Shri Vivek Chaudhary and Shri Ravi Kant Tripathi will cease as Company Secretary & Compliance Officer and Chief Financial Officer, respectively, as their employment transfers to HEG Graphite Limited. Ms. Neha Rajvanshi has been appointed as the new Chief Financial Officer, and Shri Ravi Gupta as the new Company Secretary & Compliance Officer.
Shri Ravi Jhunjhunwala will relinquish his roles as Chairman, Managing Director & CEO but will continue as a Non-Executive Non-Independent Director. Shri Riju Jhunjhunwala will be elevated from Vice-Chairman to Chairman, Managing Director & Chief Executive Officer for a term up to August 31, 2031, subject to shareholder approval. Additionally, several individuals have been appointed as Additional Directors (Independent and Non-Independent), and some existing directors have resigned to facilitate the Board's reconstitution.
The Board has also approved the reconstitution of various committees, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Risk Management Committee, and Corporate Social Responsibility & ESG Committee, effective September 01, 2026. Key Managerial Personnel have been authorized to determine the materiality of events and information. Furthermore, HEG Limited is proposed to be renamed "HEG Advanced Materials Limited," and HEG Graphite Limited will be renamed "HEG Limited" subsequent to the Scheme becoming effective.
A plain-language summary of a public exchange filing by HEG Limited. Read the original for the full detail.