Khadim India Limited has obtained the approval of the National Company Law Tribunal (NCLT) in Kolkata for its proposed Scheme of Arrangement with KSR Footwear Limited. This milestone move is aimed at simplifying operations and sharpening market focus for both the companies.
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Approval Received: The NCLT approved the Scheme of Arrangement, permitting Khadim India to demerge certain business segments to KSR Footwear.
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Structure of Demerger: The scheme involves a demerger of certain operations of Khadim India into KSR Footwear, which will allow both companies to focus on their core businesses.
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Shareholder Effect: Current shareholders of Khadim India will be issued equity shares in KSR Footwear, representing a mirror shareholding structure after demerger.
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Compliance with the Laws: The scheme complies with the provisions of Sections 230 to 232 of the Companies Act, 2013, and fulfills all legal requirements.
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Prospects for the Future: This restructuring is expected to enhance operational effectiveness and competitive standing in the footwear industry.
The move is a turning point in Khadim India's strategic reorientation towards greater growth and sustainability in a competitive environment.
Sources: gov, Khadims, FinanceSaathi