India Glycols Ltd

India Glycols Demerger Sanctioned by NCLT 🏛️ | Shareholder & Creditor Approval Details

- The National Company Law Tribunal (NCLT), Allahabad Bench sanctioned the Scheme of Arrangement (demerger) for India Glycols Limited on 17th July 2026.

- The demerger involves two undertakings: the Bio Pharma Undertaking to Ennature Bio Pharma Limited (EBL) and the Spirits and Biofuel Undertaking to IGL Spirits Limited (ISL).

- The Appointed Date for the scheme is 1st April 2026.

- Shareholders will receive 1 equity share of EBL for every 3 equity shares held in IGL, and 1 equity share of ISL for every 1 equity share held in IGL.

- Equity shareholders approved the scheme with 100% of votes cast (4,42,48,625 out of 4,42,48,626 votes) in favour.

- Unsecured creditors representing 100% of the value (Rs. 64,266.50 Lakh out of Rs. 1,12,010.63 Lakh entitled to vote) who participated in the voting approved the scheme.

- The Income Tax Department noted an outstanding demand of Rs. 27,890 against IGL for AY 2024-25. IGL has undertaken that this demand has been discharged.

- All employees related to the demerged undertakings will be transferred to the respective resulting companies (EBL and ISL) with continuity of service and terms no less favourable.