India NCLT Insolvency Resolution Filings — May 20, 2026

20-05-2026

ICRA, an affiliate of Moody's, upgraded Sammaan Capital Limited's long-term debt rating to 'ICRA AA+/Stable' and removed it from 'Rating Watch with Developing Implications'. This completes a full upgrade cycle by all three domestic rating agencies (CRISIL, CARE, ICRA) within 50 days of IHC's equity infusion on March 31, 2026, reflecting strengthened capital position and strategic support from IHC. The company expects the upward rating trajectory to improve international ratings and has already seen a meaningful reduction in cost of funds, enabling more competitive pricing and accelerated disbursals.

• · CRISIL upgraded the Company's ratings to 'CRISIL AA+/Stable' on April 9, 2026.
• · CARE Ratings upgraded the Company's ratings to 'CARE AA+; Stable' on May 12, 2026.
• · ICRA completed its upgrade to '[ICRA]AA+/Stable' on May 20, 2026.
• · IHC's investment in the Company occurred on March 31, 2026.
• · The Company expects positive movement on international ratings in the coming quarters.
• · The sequential rating upgrades have already translated into a meaningful improvement in the Company's cost of funds.

20-05-2026

Sammaan Capital Limited (formerly Indiabulls Housing Finance) announced that IHC (International Holding Company) has become its new promoter with a 28.5% equity stake (43.5% after warrant conversion), infusing ₹5,652 Cr upfront with a further ₹3,198 Cr to be received over 18 months. The company reported a fully de-risked opening AUM of ₹53,160 Cr with zero gross/net NPAs and a net worth of ₹18,991 Cr, but posted a net loss of ₹748 Cr (PAT of ₹-748 Cr) for FY26. The company projects strong growth with FY30 targets of ₹1,94,000 Cr AUM and ₹5,600 Cr PAT, while also forecasting a decline in cost-to-income ratio from 49% in FY27 to 26.2% in FY30.

• · Credit rating upgraded to AA+/Stable by CRISIL (1 notch), CARE (2 notches), and ICRA (1 notch) within 50 days of IHC investment.
• · Bond yields tightened by ~100 bps since rating upgrade.
• · Projected dividend payout of ₹570 Cr for FY27 and ₹2,200 Cr for FY30.
• · Projected book value per share: ₹162 (FY27), ₹170 (FY28), ₹189 (FY29), ₹212 (FY30).
• · Portfolio guardrails: CRAR >20%, gearing capped at 3.5x-4x, liquidity of 6 months repayments or 10-15% of borrowings, asset-light ~30% of total disbursal, dividend payout >25%.
• · Target portfolio mix: 60% residential mortgage, 20% secured business loans, 20% other products (to be maintained perpetually).
• · AI use cases include Customer Service Co-pilot, Vernacular Voice Bot, Document AI/KYC OCR, Fraud & AML Detection, Early Warning System, Collections Optimizer, Internal Knowledge Assistant.
• · Projected cost-to-income ratio declines from 49% (FY27) to 26.2% (FY30).

20-05-2026

For the quarter ended March 31, 2026, Sammaan Capital reported a net loss of ₹8,101.41 crore (EPS -₹99.10) from a total income of ₹1,361.32 crore, compared to a profit of ₹324.04 crore in the same quarter last year. The massive loss was driven by exceptional items of ₹6,499.17 crore and an impairment charge of ₹2,958.08 crore, reflecting a strategic portfolio repositioning. Full year net loss widened to ₹7,144.56 crore from ₹1,807.46 crore in FY25, while revenue from operations declined to ₹8,166.16 crore from ₹8,623.33 crore. However, the company raised ₹8,850 crore through a preferential issue from IHC, received multiple credit rating upgrades (CRISIL AA+/Stable, CARE AA+/Stable), and the Board approved raising up to ₹10,000 crore via debt instruments.

• · Audit reports issued with unmodified opinion on standalone and consolidated financial statements.
• · No deviation or variation in utilisation of proceeds from issue of equity shares and NCDs during Q4 FY26.
• · Security cover certificate for Q4 FY26 filed under Regulation 54.
• · Joint Statutory Auditors issued unmodified audit reports.
• · Moody's upgraded long-term CFR to B1 with positive outlook.
• · CRISIL upgraded rating to CRISIL AA+/Stable.
• · CARE upgraded long-term debt to CARE AA+/Stable, CP reaffirmed at CARE A1+, perpetual debt upgraded to CARE AA/Stable.
• · Net gain on fair value changes doubled YoY in FY26 (₹969.33 Cr vs ₹535.60 Cr).
• · Impairment on financial instruments in FY26 declined to ₹3,627.94 Cr from ₹5,068.50 Cr YoY, but Q4 FY26 saw a massive spike.
• · Share capital increased from ₹162.70 Cr to ₹228.76 Cr due to preferential allotment.
• · Basic EPS for FY26: -₹87.72 (vs -₹26.70 in FY25); Diluted EPS: -₹87.72 (vs -₹26.70).

20-05-2026

Reliance Industries Limited disclosed that its step-down subsidiary Roptonal Limited, incorporated in Cyprus, has commenced voluntary liquidation and its affairs have been wound up. The dissolution report was filed on May 18, 2026, and the company will be deemed dissolved after three months. Roptonal had nil turnover and a net worth of ₹10.25 crore as of December 31, 2025, contributing only 0.0012% to Reliance's consolidated net worth for FY2025-26, indicating no material impact.

• · Roptonal Limited is a step-down subsidiary of Reliance Industries Limited, incorporated in the Republic of Cyprus.
• · The voluntary liquidation commenced and the affairs have been wound up; dissolution report filed on May 18, 2026.
• · Under Cyprus laws, Roptonal shall be deemed dissolved after three months from registration of the report.
• · Turnover of Roptonal was NIL as of December 31, 2025.
• · The intimation was received by Reliance on May 19, 2026 at 5:29 p.m. IST.

20-05-2026

Apollo Hospitals Enterprise Limited reported standalone revenue from operations of ₹93,262 million for FY2025-26, up 13.7% from ₹82,021 million in FY2024-25, and net profit after tax of ₹14,926 million, up 15.1% from ₹12,963 million. However, Q4 FY2026 revenue of ₹24,385 million was only 3.2% higher than the preceding quarter (₹23,637 million), and EBITDA for the quarter was ₹5,935 million versus ₹5,955 million in Q3 FY2026, indicating a slight sequential decline. The Board recommended a final dividend of ₹10 per share (200% of face value ₹5), approved the re-appointment of Dr. Prathap C Reddy as Executive Chairman for two more years, and approved a transaction to divest stakes in Apollo Specialty Hospitals Private Limited and Apollo Fertility Centre Private Limited to Kids Clinic India Limited for an enterprise value of approximately ₹15,500 million (₹7,650 million cash + 9.9% equity stake).

• · Standalone EBITDA for FY2025-26 was ₹23,280 million, up from ₹20,442 million in FY2024-25 (13.9% YoY growth).
• · Standalone total comprehensive income for FY2025-26 was ₹14,810 million, up from ₹12,965 million in FY2024-25.
• · Standalone basic EPS for FY2025-26 was ₹103.81, compared to ₹90.15 in FY2024-25.
• · Standalone borrowings (non-current + current) increased from ₹17,832.2 million at March 31, 2025 to ₹18,222.2 million at March 31, 2026.
• · The Board approved the merger of wholly owned subsidiary Apollo Hospitals North Ltd into the company via NCLT route.
• · The company's credit ratings: ICRA AAA and Crisil AA+.
• · No debt securities were issued during the year.
• · The AGM is scheduled for August 25, 2026 via video conferencing; record date for dividend and AGM is August 14, 2026; dividend payment on or before September 10, 2026.

20-05-2026

Sammaan Capital Limited (formerly Indiabulls Housing Finance) reported audited consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion. The results include a significant exceptional loss of ₹6,499.17 crore and other comprehensive loss of ₹652.78 crore due to a change in business model for a pool of loan exposures and sale to an ARC. The Board also approved an enabling resolution to raise up to ₹10,000 crore through debt instruments or ECBs.

• · Audited standalone and consolidated financial results for quarter and year ended March 31, 2026, with unmodified audit opinion.
• · Board meeting held on May 20, 2026, commenced at 2:00 PM and concluded at 3:30 PM.
• · No deviation or variation in utilization of proceeds from issue of equity shares and non-convertible debentures during the quarter.
• · Certificate of Security Cover for the quarter ended March 31, 2026, filed pursuant to Regulation 54.
• · Management overlay recognized over and above ECL provision, approved by Board on March 30, 2026 and May 15, 2026.

20-05-2026

Apollo Hospitals Enterprise reported standalone revenue from operations of ₹93,262 million for FY2025-26, up 13.7% from ₹82,021 million in FY2024-25, and net profit of ₹14,926 million, up 15.1% from ₹12,963 million. However, Q4 FY2026 revenue of ₹24,385 million was only 3.2% higher than the preceding quarter's ₹23,637 million, and EBITDA margin declined sequentially. The Board recommended a final dividend of ₹10 per share (200% of face value ₹5), approved the divestment of Apollo Specialty Hospitals and Apollo Fertility Centre to Kids Clinic India for an enterprise value of ₹15,500 million, and approved the merger of wholly owned subsidiary Apollo Hospitals North Ltd into the company.

• · EBITDA for FY2025-26 was ₹23,280 million, up from ₹20,442 million in FY2024-25.
• · Q4 FY2026 EBITDA was ₹5,935 million, compared to ₹5,955 million in Q3 FY2026 (flat).
• · Total standalone income for FY2025-26 was ₹96,980 million, up from ₹85,498 million.
• · Finance costs for FY2025-26 were ₹2,417 million, down from ₹2,540 million in FY2024-25.
• · The company's credit rating is AAA from ICRA and AA+ from Crisil.
• · Record date for dividend and AGM is August 14, 2026; AGM on August 25, 2026; dividend payment by September 10, 2026.
• · Re-appointment of Dr. Prathap C Reddy as Executive Chairman for two years from June 25, 2026, subject to shareholder approval.
• · Re-appointment of Ms. Rama Bijapurkar as Independent Director for second term from November 12, 2026 to November 11, 2031, subject to special resolution.
• · Merger of Apollo Hospitals North Ltd into the company subject to NCLT and other approvals.
• · No debt securities issued during the year.

20-05-2026

Apollo Hospitals Enterprise Limited reported standalone revenue from operations of ₹93,262 million for FY2025-26, up 13.7% from ₹82,021 million in FY2024-25, and profit after tax of ₹14,926 million, up 15.1% from ₹12,963 million. However, Q4 FY2026 revenue of ₹24,385 million was only 3.2% higher than the preceding quarter's ₹23,637 million, indicating a slowdown. The Board recommended a final dividend of ₹10 per share (200% of face value ₹5) and approved the divestment of subsidiaries Apollo Specialty Hospitals and Apollo Fertility Centre to Kids Clinic India for an enterprise value of ₹15,500 million, as well as the merger of wholly owned subsidiary Apollo Hospitals North Ltd into the company.

• · Standalone EBITDA for FY2025-26 was ₹23,280 million, up from ₹20,442 million in FY2024-25.
• · Standalone total income for FY2025-26 was ₹96,980 million, up from ₹85,498 million.
• · Standalone total expenses for FY2025-26 were ₹77,403 million, up from ₹68,613 million.
• · Standalone finance costs for FY2025-26 were ₹2,417 million, down from ₹2,540 million.
• · Standalone other income for FY2025-26 was ₹3,718 million, up from ₹3,477 million.
• · The Board approved re-appointment of Dr. Prathap C Reddy as Executive Chairman for two years from June 25, 2026.
• · The Board approved re-appointment of Ms. Rama Bijapurkar as Independent Director for a second term of five years from November 12, 2026 to November 11, 2031.
• · Record date for dividend and AGM is August 14, 2026; AGM on August 25, 2026; dividend payment on or before September 10, 2026.
• · Credit rating: AAA by ICRA Ltd and AA+ by Crisil Ltd.
• · No borrowings by way of issuance of debt securities during the year.

20-05-2026

Apollo Hospitals Enterprise Limited reported standalone revenue from operations of ₹93,262 million for FY2026, up 13.7% from ₹82,021 million in FY2025, and profit after tax of ₹14,926 million, up 15.1% from ₹12,963 million. However, Q4 FY2026 revenue of ₹24,385 million grew only 17.5% YoY but EBITDA margin declined sequentially. The Board approved a final dividend of ₹10 per share (200%), the divestment of subsidiaries Apollo Specialty Hospitals and Apollo Fertility Centre to Kids Clinic India for an enterprise value of ₹15,500 million, and the merger of wholly owned subsidiary Apollo Hospitals North Ltd into the company.

• · The Board approved re-appointment of Dr. Prathap C Reddy as Executive Chairman for two years from June 25, 2026, subject to shareholder approval.
• · The Board approved re-appointment of Ms. Rama Bijapurkar as Independent Director for a second term of five years from November 12, 2026 to November 11, 2031, subject to special resolution.
• · Record date for dividend and AGM is August 14, 2026; AGM on August 25, 2026; dividend payment by September 10, 2026.
• · Standalone EBITDA for FY2026 was ₹23,280 million, up 13.9% from ₹20,442 million in FY2025.
• · Outstanding qualified borrowings increased from ₹1,783.23 crore to ₹1,822.22 crore during FY2026.
• · Credit ratings: ICRA AAA and Crisil AA+.
• · The merger of Apollo Hospitals North Ltd into the company is subject to NCLT and other statutory approvals.

20-05-2026

Sammaan Capital Limited (formerly Indiabulls Housing Finance) announced its audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with the auditors issuing an unmodified opinion. However, the company reported a consolidated net loss for the quarter and year, driven by a massive exceptional loss of ₹6,499.17 crore from the reclassification and sale of loan exposures to an Asset Reconstruction Company, along with an additional other comprehensive loss of ₹652.78 crore. The board also approved an enabling resolution to raise up to ₹10,000 crore through debt instruments, while the auditors highlighted management overlays on expected credit loss provisions due to macroeconomic uncertainties.

• · The board meeting commenced at 2:00 PM and concluded at 3:30 PM on May 20, 2026.
• · Joint statutory auditors issued audit reports with unmodified opinion on the financial statements.
• · The company confirmed no deviation or variation in the utilization of proceeds from equity shares and non-convertible debentures during the quarter ended March 31, 2026.
• · A certificate of security cover for the quarter ended March 31, 2026 was provided pursuant to Regulation 54.
• · The board approved a management overlay on expected credit loss provisions, determined using multiple forward-looking scenarios and management judgment, due to evolving macroeconomic conditions, geopolitical developments, sectoral risks, and model limitations.

20-05-2026

Sammaan Capital Limited (formerly Indiabulls Housing Finance) reported audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion. However, the company recorded a massive exceptional loss of ₹6,499.17 crore and an other comprehensive loss of ₹652.78 crore due to reclassification and sale of loan exposures to an Asset Reconstruction Company (ARC). The Board also approved an enabling resolution to raise up to ₹10,000 Crore through debt instruments and ECBs.

• · Board meeting held on May 20, 2026, from 2:00 PM to 3:30 PM.
• · Joint Statutory Auditors issued audit reports with unmodified opinion.
• · No deviation or variation in utilization of proceeds from equity shares and NCDs during Q4 FY26.
• · Certificate of Security Cover for Q4 FY26 filed under Regulation 54.
• · Management Overlay recognized over and above ECL provisions, approved by Board on March 30, 2026 and May 15, 2026.
• · Change in business model for an identified pool of loan exposures and investments was approved by Board on March 30, 2026 and May 15, 2026.

20-05-2026

Apollo Hospitals Enterprise Limited reported consolidated revenue of ₹66,055 Mio for Q4 FY26, up 18% YoY, and EBITDA of ₹10,109 Mio (15.3% margin), up 31% YoY. However, the Digital Health segment (Apollo HealthCo) posted a cash loss of ₹16 Cr for the quarter (excluding ESOP charges), and the Online Pharmacy Distribution segment reported an EBITDA loss of ₹391 Mio vs. a loss of ₹1,253 Mio in Q4 FY25. Overall PAT grew 36% YoY to ₹5,292 Mio, but Healthcare Services PAT growth was only 7% due to tax reversals in the prior year.

• · Healthcare Services segment reported 156,728 in-patients in Q4 FY26, up 7% YoY.
• · Average Revenue per In-patient (ARPIP) was ₹187,208, up 9% YoY.
• · Overall occupancy was 68%, with established units at 69%.
• · Apollo 24|7 had 47 Mn+ registered users and ~9 Lacs daily active users.
• · Offline Pharmacy Distribution operated 7,289 stores as of March 31, 2026.
• · Online Pharmacy Distribution EBITDA loss narrowed to ₹391 Mio from ₹1,253 Mio in Q4 FY25.
• · AHLL's Mother & Child and Fertility businesses valued at INR 1,550 Crore in a combination of cash and 9.9% equity stake in the combined entity (subject to CII approval).
• · AHLL operates 316 clinics, 2,501 diagnostics centers, 167 dialysis centers, and 280 dental centers.
• · Consolidated revenue for FY26 was ₹252,285 Mio (up 16% YoY), EBITDA ₹37,693 Mio (up 25% YoY), PAT ₹19,415 Mio (up 34% YoY).
• · Healthcare Services PAT growth of 7% in Q4 FY26 was impacted by tax reversals/adjustments in Q4 FY25.

20-05-2026

Apollo Hospitals Enterprise Limited issued a correction to its earlier Board Meeting outcome disclosure, revising the turnover and networth figures for two subsidiaries: ASHPL and AFCPL. ASHPL reported turnover of ₹351.53 crore and a negative networth of ₹(153.84) crore, while AFCPL reported turnover of ₹100.05 crore and a negative networth of ₹(38.33) crore.

• · The correction pertains to Annexure - 4, SI.No. 1 of the earlier Board Meeting outcome disclosure.
• · Both subsidiaries (ASHPL and AFCPL) have negative networth, indicating liabilities exceed assets.

20-05-2026

Reliance Industries Limited's subsidiary RISE Worldwide has partnered with Major League Baseball to accelerate baseball's growth in India, including a live event in Mumbai in October 2026. The collaboration covers marketing, social media, and grassroots initiatives. Reliance reported consolidated revenue of INR 11,75,919 crore and net profit of INR 95,754 crore for FY26, with no period-over-period comparisons provided in this filing.

• · Reliance is ranked 88th in Fortune Global 500 (2025) and 45th in Forbes Global 2000 (2025).
• · Reliance is the only Indian company to be in Time's 100 Most Influential Companies list twice (2024).
• · MLB has had an office in New Delhi since 2019 and runs grassroots programs like MLB First Pitch and MLB Cup.
• · The partnership includes a live event in Mumbai in October 2026.
• · RISE manages properties including Indian Super League, Tata Open Maharashtra, Lakmé Fashion Week, Jio Wonderland, The Voice of Fashion, and SU.RE.

20-05-2026

Apollo Hospitals Enterprise Limited announced that its subsidiary Apollo Health and Lifestyle Limited (AHLL) is combining its Mother & Child and Fertility verticals (Apollo Cradle and Apollo Fertility) with Kids Clinic India Limited's (Cloudnine) maternity and fertility businesses to create one of India's largest integrated maternity and fertility care platforms. The transaction values AHLL's standalone Mother & Child and Fertility verticals at INR 1,550 Crore, with AHLL receiving a combination of cash and a 9.9% equity stake in the combined entity, making it the largest non-financial shareholder. The combined platform will have 55+ centres and is backed by marquee investors including Temasek, True North, and TPG NewQuest, but the combination is subject to regulatory approvals including CCI.

• · AHLL will have board representation in the combined entity through a nominee director.
• · Cloudnine Founders will continue to hold a minority stake in the combined entity.
• · The combined entity will be driven by a unified professional management team backed by a seasoned board.
• · The combination is subject to regulatory approvals, including from the Competition Commission of India (CCI).
• · Apollo Group operates over 10,400 beds across 76 hospitals, 6,600+ pharmacies, 264 clinics, 2,182 diagnostic centres, and 800+ telemedicine centres.
• · Apollo Group has performed over 3,00,000 angioplasties and 2,00,000 surgeries.
• · Apollo Group employs 1,20,000 family members.

20-05-2026

Bharti Airtel reported consolidated revenue of ~₹2,11,000 Crore for FY2026, a lifetime high, with EBITDAaL of ~₹1,08,000 Crore (margin 51.2%). Q4 FY2026 consolidated revenue was ~₹55,400 Crore, up 2.6% sequentially, but India mobile ARPU rose only ₹3 to ₹257, which management called unsatisfactory partly due to the West Asia crisis impacting international roaming. The Board approved a share swap to acquire an additional 16.3% stake in Airtel Africa, and recommended a dividend of ₹24 per share (up from ₹16).

• · Africa accounts for 29% of consolidated revenues.
• · India mobile revenue share reached a lifetime high.
• · Airtel Business order book grew 17% in FY2026.
• · Digital businesses revenue grew 27% in FY2026.
• · Net debt to EBITDAaL improved to 1.1x.
• · Board approved a share swap to acquire additional 16.3% in Airtel Africa (no cash deal).
• · Geopolitical crisis impacting international roaming, capex due to INR depreciation, and energy prices.
• · Women workforce representation improved from 11% in 2023 to over 20%.
• · Airtel Money received RBI approval to operate as an NBFC (non-deposit taking).
• · Nxtra announced a $1 billion fund raise from marquee investors.
• · Airtel Cloud secured 24 deals in FY2026 with additional wins in April.

20-05-2026

Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited) has uploaded the audio recording of its conference call held on May 20, 2026, to discuss financial results for the quarter and financial year ended March 31, 2026. The audio is accessible on the company's website, and the transcript will be submitted in due course. The filing itself does not disclose any actual financial figures or performance metrics.

• · The conference call was held on May 20, 2026.
• · The audio recording is available at https://www.sammaancapital.com/call-and-recordings.
• · A transcript of the call will be submitted in due course.
• · Initial intimation about the call was made on May 17, 2026.
• · The company was formerly known as Indiabulls Housing Finance Limited.
• · Company CIN is L65922DL2005PLC136029.

20-05-2026

Mahindra & Mahindra Ltd. announced the appointment of Ms. Purnima Lamba as Chief Brand Officer, effective September 1, 2026, who will also be part of the Senior Management. Ms. Lamba brings around 25 years of global experience from Unilever, where she held senior leadership roles across India, the UK, and the Netherlands. This appointment reflects the Group's focus on building a purpose-driven, future-ready corporate brand.

• · Ms. Lamba holds a BSc and MSc in Management from the London School of Economics and Political Science.
• · Mahindra Group has 324,000 employees in over 100 countries.
• · Mahindra is the world's largest tractor company by volume.
• · The Group has a leadership position in farm equipment, utility vehicles, IT, and financial services in India.