Mahindra & Mahindra Ltd.
BSE: 500520 | NSE: M&M
Large Cap | Automobiles - Passenger Cars
3159.35
30.20 (0.97%) Mahindra & Mahindra informs about scheme of arrangement
Date: 28-07-2021Mahindra & Mahindra has informed that with reference to the letter dated 28th May, 2021 which intimated that the Board of Directors of Mahindra & Mahindra (‘the Company’) at its Meeting held on 28th May, 2021, subject to requisite approvals/consents, approved the Scheme of Merger by Absorption of Mahindra Engineering and Chemical Products (First Transferor Company or MECPL), Retail Initiative Holdings (Second Transferor Company or RIHL) and Mahindra Retail (Third Transferor Company or MRL) (together referred to as ‘Transferor Companies’), direct / indirect wholly owned subsidiaries of the Company, with the Company and their respective Shareholders under sections 230 to 232 and other applicable provisions of the Companies Act, 2013 with the Appointed Date as 1st April, 2021. In terms of Regulation 37(6) of the Listing Regulations, the provisions of Regulation 37 of Listing Regulations are not applicable to draft schemes which solely provide for merger of a wholly owned subsidiary with its holding company. Hence, 'No Objection Letter' on the Scheme is not required to be obtained from the Stock Exchanges on which equity shares of the Company are listed.
The above information is a part of company’s filings submitted to BSE.