ADVERTISEMENT

Tata Chemicals completes amalgamation of Homefield International with itself

Tata Chemicals on Tuesday said it has completed the amalgamation of its wholly-owned subsidiary Homefield International Pvt Ltd (HIPL) with itself and received required approvals for the same.

Incorporated in 2005, HIPL has a registered office in Mauritius. The principal activity of the company is to hold investments.

"The Hon'ble High Court of Judicature at Bombay has vide its order dated March 7, sanctioned the scheme of amalgamation of HIPL, (Mauritius), a wholly-owned subsidiary of the company with the company under the provisions of Sections 391 to 394 of the Companies Act, 1956," Tata Chemicals said in a filing to the BSE.

In February last year, the Tata group firm's board in its meeting had approved the scheme of amalgamation of HIPL (Mauritius).

After getting approval from the Bombay High Court, Tata Chemicals has electronically filed the court's order with the Registrar of Companies Maharashtra, on April 29. The scheme has become effective from same date, according to the filing.

"Accordingly, in terms of the Scheme, all assets and liabilities of HIPL, under the provisions of Sections 391 to 394 of the companies act 1956, stands transferred to and vested in the company," the filing added.

Since the HIPL is a wholly-owned subsidiary, no shares of the company will be issued and allotted in lieu or exchange of the equity shares of HIPL.

Tata Chemicals, a part of the Tata Group, is a leading manufacturer of chemicals, fertiliser and food additives. It is the world's second largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America.

Shares in Tata Chemicals, on Tuesday, ended at Rs 294.10 apiece on the BSE, down 0.51 per cent from the previous close.