ITC Ltd has fixed January 1, 2025 as the effective date for demerger of its hotel business after receiving an order from the National Company Law Tribunal (NCLT).
The diversified entity informed the shareholders through an exchange filing that it has received order from NCLT sanctioning the agreement.
"The Company has received a certified copy of the Order dated 4th October, 2024 issued by the Hon’ble National Company Law Tribunal, Kolkata Bench, sanctioning the Scheme of Arrangement amongst ITC Limited and ITC Hotels Limited and their respective shareholders and creditors under Sections 230 to 232 read with the other applicable provisions of the Companies Act, 2013 (Scheme); copy of the said order was received by the Company on 16th December, 2024 at 5.26 p.m," the company said in an exchange filing.
ITC Ltd shares were trading in green at around 12 PM to quote at Rs 472.30 per share on the NSE, up marginally by 0.47 percent.
In June this year, the company shareholders approved demerger of the conglomerate's hotel business. Around 99.6 percent shareholders voted in favour of demerger, while just 0.4 percent voted against it.
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