Bhagyanagar India Limited (BIL) has announced the receipt of 'no adverse observation' letters from both BSE Limited and the National Stock Exchange of India Limited concerning its Composite Scheme of Arrangement. This scheme involves the transferor company, Bhagyanagar Copper Private Limited (BCPL), and the resulting company, Tieramet Limited. The approval from BSE was dated December 22, 2025, and from NSE was dated December 23, 2025. These letters signify that the stock exchanges have no adverse comments on the scheme, allowing BIL to proceed with filing the draft scheme with the Hon’ble National Company Law Tribunal (NCLT). The Composite Scheme of Arrangement is being undertaken under Sections 230 to 232 read with Section 66 of the Companies Act, 2013. The stock exchanges have provided several comments and conditions that must be complied with, including disclosures regarding ongoing legal proceedings, financial information not being older than six months, and ensuring all liabilities of the transferor company are vested in the transferee company. Furthermore, the scheme requires that any equity shares to be issued must be in demat form. The validity of the observation letters from both BSE and NSE is six months from their respective dates, within which the scheme must be submitted to the NCLT. The companies involved must also ensure that all conditions stipulated by SEBI and the stock exchanges are met, including the disclosure of an information memorandum for Tieramet Limited and publishing advertisements in newspapers.