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Sunday, February 2, 2020
Meghmani Organics Limited Corporate action update
Meghmani Organics Limited (MOL) hereby informs that a Scheme of
Arrangement for Amalgamation amongst Meghmani Finechem Limited (MFL) a
Subsidiary and Meghmani Agrochemicals Private Limited (MAPL), a
wholly-owned subsidiary of MOL is proposed.
The Proposed Scheme shall be subject to the approval of National Company Law Tribunal, Ahmedabad.
Sub: Meghmani Organics Limited (Meghmani): Outcome of Board Meeting Held on 29th-January, 2020
Ref:-Intimation under Regulation 30 of SEBI [Listing Obligations and Disclosure
Requirements) Regulations. 2015 ("Listing Regulations")
The Board of Directors of Meghmani Organics Limited (Meghmani “or "the Company") on
recommendation of its Audit Committee at its meeting held on 29th January, 2020 has
considered and approved a Composite Scheme of Arrangement amongst Meghmani
Organics Limited (MOL 1’) and Meghmani Organochem Limited (“MOL 2’) and
Meghmani Finechem Limited (“MFL”) and their respective shareholders and creditors
(the ‘Scheme’)under Sections 230 to 232 and other relevant provisions of the Companies
Act, 2013 and the Rules made thereunder, which interalia provides for :-
1. Demerger of Agrochemical and Pigment Undertaking from MOL1 into MOL2, on a
going concern basis.
On Scheme being effective, the name of MOL 2 will be changed to Meghmani
Organics Limited or any other name as may be approved by ROC.
2. Amalgamation of Remaining Business Undertaking of MOL 1 with MFL and
The Board of Directors of MFL (a material subsidiary of the Company) and MOL2 have
approved the Scheme at their respective board meetings.
The Scheme is subject to requisite statutory and regulatory approvals of Central
Government, Reserve Bank of India, Singapore Stock Exchange ((SGX-ST’), National Company
Law Tribunal (NCLT), Indian Stock Exchanges (NSE & BSE), SEBI and/or any other
regulatory approvals and sanction by the respective Shareholders and Creditors of each of
the Companies, involved in the Scheme. Attachment for reference.
Disclaimer : All information given here is for information purpose only. Users are advised to rely on their own judgement or investment advisor when making investment decisions. This blog is not liable and take no responsibility for any loss or profit arising out of such decisions being made by anyone acting on such advice.
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