Comments
Emami Infrastructure Ltd, the realty arm of the Emami Group, has formally called off a merger proposal of its wholly-owned subsidiary Emami Realty with another listed Emami Group company Zandu Realty Ltd.
This decision was taken after the Bombay Stock Exchange disallowed its no-objection to the scheme of amalgamation in view of SEBI’s observation on the subject.
The Board of Emami Infrastucture last year had approved the scheme of amalgamation of Emami Realty Ltd with Zandu Realty Ltd with effect from April 2013.
The company’s board has now decided “not to proceed further with the proposal of amalgamation” after the SEBI observation.
The company, in a note to the profit and loss account for the second quarter, said all related proceedings now stood withdrawn.
Emami Ltd, the flagship company of the group, had acquired Zandu Pharmaceutical in 2008-09 and later hived off Zandu’s real estates in Mumbai into Zandu Realty.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.