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Mercator to wind up two of its foreign subsidiaries under Insolvency Act

Mercator to wind up two of its foreign subsidiaries under Insolvency Act.

April 29, 2021 12:08 IST | India Infoline News Service
Mercator Limited has informed that two of its foreign subsidiaries, have been ordered for winding up by the Hon’ble High Court of the Republic of Singapore under Insolvency, Restructuring and Dissolution Act, 2018 as per Law of Singapore.

The two subsidiaries are:

Mercator International Pte. Ltd., a wholly owned subsidiary of Mercator Limited and date of order is 9th April 2021

MCS Holdings Pte. Ltd., a step-down subsidiary of Mercator Ltd. and its date of order is 16th April 2021

Further, Lim Soh Yen and Lynn Ong Bee Ling of Acutus Advisory Pte. Ltd. are appointed as the joint and several liquidators of the aforesaid companies.

At around 12:10 PM, Mercator was trading at Rs0.90 per share up by Rs0.04 or 4.65% from its previous closing of Rs0.86 per share on the BSE.

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