ACC merger vote: NCLT sets Sept 29, 2026 meeting

NCLT Ahmedabad clears first motion for shareholder vote

The National Company Law Tribunal (NCLT), Ahmedabad Bench, has allowed the first motion petition linked to the proposed amalgamation of ACC Limited with Ambuja Cements Limited. The order sets in motion a formal shareholder approval process by directing separate equity shareholder meetings for both companies. For ACC, the tribunal specifically directed that its equity shareholders’ meeting be convened and held through Video Conferencing (VC) or Other Audio Video Visual Means (OAVM). The same VC/OAVM format is also specified for Ambuja Cements’ meeting.

The meetings are scheduled for September 29, 2026, with different start times for the two companies. The purpose is to consider and, if thought fit, approve the Scheme of Amalgamation with or without modifications. The order also notes that meetings of creditors have been dispensed with, as recorded in the tribunal’s directions.

What the ACC equity shareholder meeting will consider

ACC has disclosed that it received the NCLT order directing the company to convene a meeting of its equity shareholders. The stated agenda is to consider and approve the proposed Scheme of Amalgamation of ACC Limited (the amalgamating company) with Ambuja Cements Limited (the amalgamated company). The tribunal’s process typically requires shareholder consent through a properly convened meeting, and the order lays down the key compliance steps for notices, advertisements, and voting.

The meeting is to be conducted online through VC/OAVM, aligning with the directions in the order. Shareholders will vote on the scheme, and the order also provides for remote e-voting and e-voting during the meeting. The scheme is to be considered “with or without modifications,” as explicitly recorded.

Meeting date, time, and online format

For ACC, the meeting is scheduled on Tuesday, September 29, 2026, at 10:30 a.m. IST. Ambuja Cements’ equity shareholder meeting is scheduled the same day at 12:30 p.m. IST. Both meetings are directed to be held via VC/OAVM.

This structure is designed to enable shareholders to participate without a physical venue. The voting process includes remote e-voting and e-voting during the meeting window. The tribunal order sets the formal timeline around notices and publication requirements, which companies must follow before opening the voting process.

Shareholder base and who can vote

The tribunal order records that ACC had 2,35,988 equity shareholders as on March 31, 2026. For Ambuja Cements, the order records 6,13,421 equity shareholders as on April 10, 2026. These counts provide context on the scale of shareholder participation expected in the VC/OAVM meetings.

The cut-off date for determining shareholder eligibility to vote has been fixed as September 22, 2026. Separately, the notice is to be sent to equity shareholders whose names appear in the register of members or list of beneficial owners on August 14, 2026. These dates define (1) who receives the notice and (2) who is eligible to vote.

Notices and newspaper advertisements required by the order

A key compliance requirement in the order is the publication of advertisements about convening of the meetings at least one month before the VC/OAVM meetings. The direction specifies the newspapers and editions for publication. As per the order, the notice is to be published in the Indian Express (all editions) in the English language, and a Gujarati translation thereof in the Financial Express (Ahmedabad edition).

The publication must also indicate the time within which copies of the scheme will be made available free of charge from the registered offices of the applicant companies. This is meant to ensure that shareholders can access the scheme documents without cost and within a defined window. Alongside newspaper publication, dispatch to shareholders based on the August 14, 2026 list is also required.

Creditor meetings dispensed with and other meeting directions

The NCLT order also records that meetings of creditors have been dispensed with. In the parameters set out, unsecured creditors’ meetings are shown as dispensed with for both ACC and Ambuja. The order also notes that secured creditors’ meetings are not required on the basis that there are no secured creditors.

Similarly, preference shareholder meetings are stated as not required on the basis that there are no preference shareholders. These directions narrow the process to equity shareholder approval through the scheduled VC/OAVM meetings. The order also references an appointed date of January 1, 2026 for the scheme.

Key facts table: dates, modes, and counts

Regulatory and exchange-related context cited

The material also notes that Ambuja Cements received “no adverse observations” from BSE and a “no objection” from NSE on June 04, 2026, for its Scheme of Amalgamation with ACC Limited. While the tribunal process is separate from stock exchange communications, these disclosures help map the sequence of approvals and checkpoints the companies have been navigating.

Separately, ACC has made multiple stock exchange disclosures under Regulation 30 (LODR) related to newspaper publications and corporate actions, including AGM-related advertisements and e-voting information. These indicate the company’s established use of VC/OAVM and e-voting frameworks for shareholder communications, which is relevant because the tribunal-directed meeting is also VC/OAVM-based.

Market impact: what this order changes for shareholders

From a process standpoint, the NCLT order moves the proposed amalgamation into the shareholder voting stage with fixed dates and procedural requirements. Investors now have clear milestones: August 14, 2026 for determining recipients of notices, September 22, 2026 as the voting eligibility cut-off, and the VC/OAVM meetings on September 29, 2026 with timed schedules for ACC and Ambuja.

For shareholders, the practical impact is that participation and voting will be conducted electronically, supported by remote e-voting and e-voting during the meeting. The mandatory newspaper advertisements and the requirement to provide scheme copies free of charge are designed to support informed voting. The tribunal’s decision to dispense with creditor meetings also concentrates the next major approval event on equity shareholder resolutions.

Why the timeline and disclosures matter

The order’s emphasis on notice timelines, publication at least one month prior, and defined record and cut-off dates reduces ambiguity around eligibility and participation. It also aligns the process with the requirements expected in court or tribunal-convened meetings, where adherence to procedure can affect the validity of outcomes.

The sequence of disclosures, including the July 29, 2026 tribunal order and the scheduled September 29, 2026 meetings, provides a clear runway for shareholders to review the scheme and vote. The next observable steps are the publication of advertisements in the specified newspapers and dispatch of notices based on the August 14, 2026 record date.

Conclusion

NCLT Ahmedabad has directed ACC and Ambuja Cements to hold separate equity shareholder meetings via VC/OAVM on September 29, 2026, to vote on the proposed Scheme of Amalgamation. ACC’s meeting is scheduled at 10:30 a.m. IST, and Ambuja’s at 12:30 p.m. IST, with remote e-voting and meeting-time e-voting. The order sets key compliance markers, including newspaper advertisements at least one month before the meetings and notice dispatch based on the August 14, 2026 record date, while the voting cut-off date is September 22, 2026. The next tracked milestones are the publication of the meeting notices and the start of the shareholder voting process as laid down by the tribunal order.