Shareholders of EFCIL (I) Limited (EFCIL) have approved a contentious merger with its subsidiary Whitehills Interior Limited (WIL), despite serious red flags identified in an analysis by Stakeholders Empowerment Services (SES), a Corporate Governance Research and Advisory Firm in a report dated 7 September 2025. The Key Issue A company incorporated with Rs10 lakh capital in November 2022 has been valued at Rs545.6 crore just eight months later—representing a staggering 5,550-fold return. At current market prices, this valuation has further ballooned to over Rs2,550 crore. SES characterised this as requiring examination under Securities and exchange Board of India (SEBI) fraud prevention regulations, questioning whether the transaction constitutes unfair treatment of minority shareh

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