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Tata Chemicals today said it has completed the process for amalgamation of its wholly- owned subsidiary Homefield International Pvt Ltd (HIPL) with the company and received required approvals for the same.
HIPL has registered office in Mauritius and was incorporated in 2005. The principal activity of the company is to hold investments.
In a BSE filing, Tata Chemicals said: “The Hon’ble High Court of Judicature at Bombay has vide its order dated March 7, sanctioned the scheme of amalgamation of HIPL, (Mauritius), a wholly owned subsidiary of the company with the company under the provisions of Sections 391 to 394 of the Companies Act, 1956.”
In February last year, the Tata group firm’s board at its meeting, had approved the scheme of amalgamation of HIPL (Mauritius) with the company.
After getting approval from the Bombay High Court, Tata Chemicals has electronically filed the court’s order with Registrar of Companies Maharashtra, on April 29. The scheme has become effective from same date, according to filing.
Since the HIPL is a wholly owned subsidiary, no shares of the company will be issued and allotted in lieu or exchange of the equity shares of HIPL.
Tata Chemicals, a part of the Tata Group, is a leading manufacturer of chemicals, fertiliser and food additives.
There was a spurt in trading volumes of Tata Chemicals by 2.19 times and its stock closed at Rs 294.10 on the BSE.
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