Godrej Industries has received an approval for Scheme of Amalgamation of Swadeshi Detergents with itself and their respective shareholders under sections 391 to 394 of the Companies Act, 1956. No shares are proposed to be issued pursuant to the Scheme since Swadeshi Detergents is a wholly owned subsidiary of Godrej Industries. The board at its meeting held on March 22, 2013 has approved for the same.
The Scheme is subject to approval of the High Court of Judicature at Bombay, and the shareholders and creditors, if any, of Swadeshi Detergents, as may be directed by the Hon’ble High Court of Judicature at Bombay. The merger being of a 100% subsidiary Company into Godrej Industries, a specific dispensation will be sought from the High Court of Judicature at Bombay from filing the application / petition by Godrej Industries and accordingly, Godrej Industries will not be required to file a petition with any High Court.
Godrej Industries is part of the Godrej group, one of the leading business groups in India and is in the businesses of Oleo-chemicals, surfactants, finance & investments and estate management. It has substantial interests in several industries including property development, oil palm plantation, animal feeds and agro-products, poultry, personal care and household care etc., through its subsidiaries, associate companies and joint venture.
