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Corporate - Restructuring


Court nod for L&T cement demerger

Our Bureau

Mumbai , April 23

LARSEN & Toubro's scheme of arrangement for demerger of its cement business undertaking today obtained sanction from the High Court in Mumbai, after nearly a month of the Court commencing hearing on the case.

The scheme of arrangement, filed under Sections 391 to Section 394 of the Companies Act, provides for demerger of the cement division into a new company called Ultra Tech Cemco Ltd.

Larsen & Toubro, in a statement issued today, said the process of implementation of the scheme will commence on receipt of the court Order after which the company will fix and declare the Effective Date.

The judgement today consisted of the operative part of the Order; the detailed Order is expected in a few days' time.

At a court-convened meeting of shareholders of L&T on February 3 this year, L&T had obtained shareholder approval for the scheme of demerger and the subsequent sale of a stake in the demerged cement company to Grasim Industries Ltd.

When the company approached the Court for approval of its scheme, two individual shareholders had objected to its petition.

More Stories on : Restructuring | Courts/Legal Issues | Cement

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