The Hindu Business Line : Shaw Wallace Agrochem is now SWAL Corp

THE name of Shaw Wallace Agrochemicals Ltd, a subsidiary of Shaw Wallace & Company Ltd (SWC), has been changed to SWAL Corporation Ltd, while Universal Pesto Chem Industries Ltd has become a subsidiary of SWC during fiscal 2003-04. This was revealed in the company's annual report for the year under review.

In a bid to further streamline and restructure its business, the SWC management has initiated moves to amalgamate or merge at least 19 subsidiaries and associate companies of the Shaw Wallace group.

In the meantime, the Calcutta High Court has sanctioned the scheme of amalgamation/merger of these companies with Koel Manufacturing & Investments Pvt Ltd. All formalities regarding the mergers have been complied with.

The necessary applications have been filed under Simplified Exit Scheme of the Union Government enabling the declaration of certain companies of the group defunct under Section 560 of the Companies Act, 1956.

The companies to be declared defunct are: Global Gelatines Ltd, New Samanbagh Tea Co Ltd and Rajasthan Phosphorus & Chemicals Ltd along with certain other associate companies within the group. Approval from the Registrar of Companies concerned declaring these companies defunct is awaited.

Along with its subsidiaries, SWC entered into 50:50 joint venture agreement with Mysore Breweries Group to combine the beer business of both the parties. The management feels confident that the joint venture would result in synergies and benefits to the beer business of each other, create long-term profitability and enhance shareholders' value.

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