Oricon Enterprises’ wholly owned subsidiary -- United Shippers has entered into an agreement to sell its entire holding of 11,56,320 Equity Shares of Shakti Clearing Agency, a step-down subsidiary of the company.
Consequent upon the said sale, Shakti Clearing Agency shall cease to be a step-down Subsidiary of the company. Further, Shakti Clearing Agency is not a material subsidiary as per the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
The company is engaged in the business of manufacturing petrochemical products and developing real estate.
