Orient Paper & Industries
(OPIL) has received the National Company Law Tribunal's (NCLT) approval
for the Scheme of Demerger of the Consumer Electric Business of the
company into its wholly owned subsidiary, Orient Electric (OEL). The
Kolkata Bench of the National Company Law Tribunal has on November 8,
2017 approved the same.
Upon the effective
implementation of the Scheme, OEL will issue and allot to the
shareholders of OPIL as on the record date to be fixed, 1 equity share
of Rs 1 each of OEL credited as fully paid up for every 1 equity share
of Rs 1 each held by such shareholder in OPIL.
The
Scheme shall be effective from the Appointed Date i.e. March 1, 2017,
upon filing of the Certified Copy of the Order of the National Company
Law Tribunal, sanctioning the Scheme, with the Registrar of Companies.
Orient
Paper & Industries is part of the C K Birla Group has emerged as a
multi-product, multi-location company. The company manufactures and
markets range of fans under the name Orient Fans. It manufactures
ceiling fans, desk fans, wall-mounted fans, pedestal fans, exhaust fans
and multi-utility fans.
Next read : Arvind shareholders will eventually own 3 companies.
Next read : Arvind shareholders will eventually own 3 companies.
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