Khadim India Limited has published an important update regarding its Scheme of Arrangement with KSR Footwear Limited. In accordance with the directions from the Hon'ble National Company Law Tribunal, Kolkata Bench (NCLT), a hearing for the Company Scheme Petition has been scheduled for November 29, 2024. This is part of the petition seeking sanction for the proposed Scheme of Arrangement between Khadim India and KSR Footwear and their respective shareholders and creditors.

The petition was filed under Sections 230 to 232 of the Companies Act, 2013, and follows the Tribunal's Order dated October 16, 2024. The hearing date was communicated through advertisements published in the newspapers on November 15, 2024 in The Statesman (English) and Dainik Statesman (Bengali), as per the Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Scheme of Arrangement Overview

The Scheme of Arrangement aims to restructure and streamline the operations of Khadim India Limited and KSR Footwear Limited. It includes detailed provisions concerning their shareholders and creditors. The demerger of certain segments of Khadim India and their integration into KSR Footwear will allow both companies to focus on their core businesses and strengthen their market position.

The demerged company, Khadim India Limited, and the resultant company, KSR Footwear Limited, are both well-established names in their respective sectors. The proposed scheme seeks to align their business interests more effectively, aiming for long-term growth and operational efficiencies.

Hearing Details and Procedure

The hearing for the Scheme Petition is scheduled to take place at the Hon'ble National Company Law Tribunal, Kolkata Bench, on November 29, 2024. During the hearing, stakeholders, including shareholders, creditors, and other parties with a vested interest, will have the opportunity to express their views on the proposed scheme. Those wishing to support or oppose the petition must send their intentions in writing to the concerned Petitioner Companies or their authorized representative at the provided addresses.

Legal and Regulatory Framework

The Scheme Petition is made under the provisions of the Companies Act, 2013, specifically under Sections 230 and 232, and it is governed by the Companies (Compromises, Arrangements, and Amalgamations) Rules, 2016. The objective is to ensure that the scheme is fair to all stakeholders involved and that it complies with all applicable legal and regulatory requirements. In this regard, the companies have followed all required procedures and disclosed the necessary details to stakeholders.

How to Obtain More Information

Interested parties can obtain a copy of the petition, along with all related documents and exhibits, from the registered offices of Khadim India Limited and KSR Footwear Limited. The documents will be available for inspection during working hours (11:00 AM to 1:00 PM) from Monday to Friday, up to two days before the hearing date, on payment of the prescribed charges.

Next Steps for Stakeholders

Stakeholders who wish to express their support or opposition must send their notice in writing, signed by the concerned person or their advocate, to the Petitioner Companies or their authorized representative. This notice must be sent at least two days before the hearing date. If there are any grounds for opposition, the individual must also provide an affidavit outlining the reasons.

Significance of This Development

This Scheme of Arrangement is a crucial step for Khadim India as it allows the company to streamline its business operations and align itself with KSR Footwear for better operational synergy. For investors, this development is significant as it could lead to changes in the business structure and long-term strategy of both companies, potentially impacting their market performance.

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