Last Updated : Friday, January 17, 2020 15:34:11

NCLT nods merger of subsidiaries with BOROSIL GLASS WORKS

MUMBAI | RAJKOT – In a regulatory update as submitted to the Indian Stock Exchanges, Mumbai headquartered houseware products manufacturing company Borosil Glass Works Ltd said of NCLT (National Company Law Tribunal) Mumbai bench having sanctioned and approved merger between Vyline Glass Works Ltd, Fennel Investment and Finance Pvt Ltd, Gujarat Borosil Ltd into Borosil Glass Works Ltd.

The filing titled, “Approval of the Composite Scheme of Amalgamation and Arrangement between Vyline Glass Works Limited and Fennel lnvestment and Finance Pvt Ltd and Gujarat Borosil Ltd and Borosil Glass Works Ltd and Borosil Ltd and their respective Shareholders,” further read that, the National Company Law Tribunal (NCLT), Mumbai Bench, vide its order pronounced on January 15, 2020 has approved the captioned ‘Scheme’.

The appointed date of the Scheme is October 1, 2018 and the Scheme will be effective from the date of filing of NCLT order with the Registrar of Companies, Mumbai.

As per the first part of the Scheme, Vyline Glass Works Ltd, Fennel lnvestment and Finance Private Ltd and Gujarat Borosil Ltd and shall be amalgamated with Borosil Glass Works Ltd.

Under the second part of the Scheme, Scientific & Industrial products and consumer ware products businesses as defined in the Scheme shall demerge into Borosil Ltd (an existing unlisted wholly owned subsidiary of Borosil Glass Works Ltd.

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