NCLT, Bengaluru directs Pioneer Distilleries to convene shareholders meeting on scheme of amalgamation; Stock slumps 5.5%

Shareholders on September 30 will consider the Scheme of Amalgamation amongst the Company and United Spirits.

Aug 20, 2021 11:08 IST India Infoline News Service

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Pioneer Distilleries Limited informed the exchanges Wednesday that the Bengaluru Bench of the National Company Law Tribunal (NCLT), vide its Orders dated February 8, 2021, and August 13, 2021, has directed the Company to convene a meeting of its equity shareholders on September 30, 2021, to consider and approve the Scheme of Amalgamation amongst the Company and United Spirits Limited (USL) and their respective shareholders.

Additionally, the NCLT vide its Orders has dispensed with the requirement of holding the meeting of the unsecured creditors of the Company. The Company is in the process of issuing notices to the equity shareholders.

“This is with reference to our intimation dated December 2, 2019, informing the decision of the Board of Directors of the Company approving the Scheme of Amalgamation and Arrangement amongst the Company and USL and their respective shareholders and creditors under Sections 230-232 and other applicable provisions of the Companies Act, 2013, (“Scheme”), subject to the receipt of requisite approval from the relevant statutory authorities including the Securities and Exchange Board of India, National Stock Exchange of India Limited, BSE Limited, the NCLT and the respective shareholders and creditors of the Company and USL,” the company said in a filing.

At around 11.08 AM, Pioneer Distilleries Ltd was trading at Rs141.50 per piece down by Rs8.25 or 5.51% from its previous closing of Rs149.75 per piece on the BSE.

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