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Diversified conglomerate Godrej Industries has got a nod for merger of Swadeshi Detergents with itself. In a filing with the Bombay Stock Exchange, Godrej Industries said that the board has approved the scheme of amalgamation of Swadeshi Detergents, under the Companies Act, 1956, with itself and their respective shareholders. However, no fresh shares will be issued pursuant to the merger as Swadeshi Detergents is a wholly-owned subsidiary of Godrej Industries. The scheme is subject to approval of the Bombay High Court, the shareholders and creditors, if any, of Swadeshi Detergents.
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