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Asian Granito Holds NCLT Convened Meetings for Scheme of Arrangement Approval
Team Finance Saathi
17/Dec/2024
What's covered under the Article:
- Asian Granito conducts NCLT convened meetings for approval of its Scheme of Arrangement.
- The meetings include discussions on demerger, slump sale, and amalgamation of various group companies.
- Voting results for the equity shareholders and secured creditors will be uploaded on the company’s website.
Asian Granito India Limited held crucial NCLT convened meetings for the approval of its Composite Scheme of Arrangement involving Demerger, Slump Sale, and Amalgamation between Asian Granito India Limited, Affil Vitrified Private Limited, Ivanta Ceramics Industries Private Limited, Crystal Ceramic Industries Limited, Affil Ceramics Limited, Ivanta Ceramic Limited, Crystal Vitrified Limited, Amazoone Ceramics Limited, and AGL Industries Limited. These meetings were convened as per the directions of the Hon’ble National Company Law Tribunal (NCLT), Ahmedabad Bench, and were held on December 17, 2024.
NCLT Convened Meeting of Equity Shareholders
The meeting of Equity Shareholders took place through Video Conferencing (VC) at 10:00 AM IST and concluded at 10:30 AM IST. The meeting was chaired by Mr. S. B. Gautam, Ex-NCLT Member. The quorum was confirmed, and the resolution for the approval of the Scheme of Arrangement was considered by the equity shareholders through remote e-voting and e-voting during the meeting.
The scheme involves the demerger, slump sale, and amalgamation of various entities under the Asian Granito Group. The results of both the remote e-voting and the e-voting conducted during the meeting will be uploaded on the company’s website and notified to the stock exchanges. This process is being conducted in compliance with the Ministry of Corporate Affairs’ circulars and Listing Regulations.
NCLT Convened Meeting of Secured Creditors
The meeting of Secured Creditors was held at the registered office of the company at 202, DEV ARC, Opp. Iscon Temple, S. G. Highway, Ahmedabad, on December 17, 2024, starting at 11:00 AM IST and concluding at 11:20 AM IST. Mr. S. B. Gautam, the chairman, conducted the meeting. The resolution for the approval of the Scheme of Arrangement was considered by the secured creditors through poll voting.
The results of the poll will also be uploaded on the company’s website and shared with the stock exchanges. This meeting forms an essential part of the approval process for the scheme, which impacts not just the equity shareholders but also the creditors involved in the restructuring process.
These developments reflect Asian Granito India Limited's ongoing efforts to restructure its operations and create a more streamlined business entity through the demerger, slump sale, and amalgamation processes. These approvals, once finalized, will help the company achieve its strategic goals and improve operational efficiency.