Godrej Properties has received an approval for Scheme of Amalgamation of Godrej Waterside Properties Private with itself. No shares are proposed to be issued pursuant to the Scheme since Godrej Waterside Properties is a wholly owned subsidiary of company. The board at its meeting held on January 10, 2013 has approved for the same.
The Scheme is subject to approval of the High Court of Bombay, and the shareholders and creditors, if any, of Godrej Waterside Properties, as may be directed by the High Court of Bombay.
The merger being of a 100% subsidiary Company into Godrej Properties, a specific dispensation will be sought from the High Court of Bombay from filing the application / petition by Godrej Properties and accordingly, the company will not be required to file a petition with any High Court.
Godrej Properties is a realty firm of Godrej group, promoted by Godrej Industries and Godrej & Boyce Manufacturing Company. It is one of the leading real estate development companies in India based in Mumbai, Maharashtra.