Hercules Hoists has informed that the Board of Directors of the Company ('Board') at their meeting held today approved the Scheme of Arrangement between the Company and Indef Manufacturing ('Resulting Company' or 'IML') and their respective shareholders and creditors under Sections 230 to 232 read with Section 52 and other applicable provisions of the Companies Act, 2013 ('Act') ('Scheme') which provides for demerger, transfer and vesting of the Demerged Undertaking (as defined in the Scheme) from the Company into the Resulting Company on a going concern basis.
The above information is a part of company’s filings submitted to BSE.
