The National Compnay Law Tribunal, Chandigarh Bench has passed an order issued directions to Ind-Swift Ltd for dispensation of the meeting of Preference Shareholders and secured creditors and convening the meeting of its equity shareholders and unsecured creditors, for the purpose of considering and, if thought fit, approving with or without modification(s) the arrangement embodied in the Scheme.
Ind-Swift Ltd and Ind Swift Laboratories Limited filed the joint First Motion Application with the NCLT Chandigarh Bench.
The proposed Scheme of Arrangement for Amalgamation of Ind Swift Limited with Ind Swift Laboratories Limited was disclosure to the exchanged on May 18, 2024.
TheBoard of Directors of the Company, in their meeting considered and approved the new valuation report and fairness opinion on the proposed merger of Ind Swift Limited with Ind Swift Laboratories Limited based on the Audited Financials of both the Companies as on March 31, 2024 , and certain amendments in the Scheme of Arrangement.
However, The Scheme was originally approved by the Board on September 25, 2023 on a going concern basis, under the provisions of section 230-232 of the Companies Act, 2013.
The disclosure to the exchange was made under Regulation 30 of Securities Exchange Board of India (Listing Obligations and Disclosures Requirements), Regulations, 2015.
