Mumbai: Vijay Mallya-controlled Mcdowell & Company Ltd on Monday said it will amalgamate Shaw Wallace Distilleries Ltd, Herbertsons Ltd and six other group companies with itself and demerge its investment business into McDowell India Spirits Ltd.
The company on Monday informed the Bombay Stock Exchange (BSE) that it has proposed a composite scheme of arrangement for its amalgamation, demerger plans and necessary applications have already been filed in the High Courts of Karnataka and Bombay.
The application filed by the company before the High Court of Karnataka has already been approved by the High Court as per its order dated June 23.
The composite scheme of arrangement would be effective only from the date the other petitions filed before the Karnataka High Court and Bombay High Court are allowed by the respective High Courts.
In addition to this, the company had proposed a scheme of amalgamation, under which its non-operative overseas wholly owned subsidiaries - Asian Opportunities and Investments Ltd in Mauritius and Zelinka Ltd in Cyprus - were to merge with the company.
Due to business needs, the board of directors of the company decided to withdraw the scheme of amalgamation and the High Court of Karnataka has, by its order dated July 07 permitted such withdrawal.
Earlier on February 6, Mcdowell and Company shareholders and creditors approved the composite scheme of arrangement with requisite majority.
The shares of the company were trading at Rs 414.30, up 1.46 per cent at the BSE.
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