Chembond Chemicals Limited, a renowned chemical company in India, has successfully concluded the voting process for a special resolution related to the composite scheme of arrangement. This approval is crucial as it marks an important milestone in the company’s restructuring plans, which were discussed and voted upon by the shareholders during a meeting convened as per the direction of the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench, held on December 6, 2024.

As per the NCLT order dated October 11, 2024, the shareholders of Chembond Chemicals were required to approve the scheme of arrangement, which was carefully scrutinized to ensure that all legal and regulatory requirements were met. The voting results of this meeting reveal overwhelming support from the shareholders, signaling strong confidence in the company’s future prospects.

The company offered both remote e-voting and e-voting during the meeting to ensure all shareholders, including those unable to attend the meeting in person, could participate in the decision-making process. The results were scrutinized by Mr. Virendra Bhatt, a practicing company secretary, who ensured transparency and accuracy in the voting process.

The promoter group and institutional investors also participated in the voting, and the results showed that all parties involved were largely in favor of the resolution. Specifically, the promoter group cast 100% of their votes in favor of the resolution, with no votes against. Similarly, institutional shareholders and public shareholders also displayed strong support, with votes in favor significantly outweighing those against.

The resolution's passage is seen as a positive development for the company, as it aligns with their long-term goals and further strengthens their position in the competitive chemical industry. This scheme is expected to streamline the company’s operations and improve its financial structure, benefiting all stakeholders involved.

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