NCLT Kolkata Bench sanctions the Scheme of Arrangement between Kkalpana Industries and Ddev Plastiks Industries; Stock spurts ~5%

10 Mar 2022 , 10:14 AM

The National Company Law Tribunal (NCLT), Kolkata Bench has sanctioned the Scheme of Arrangement between Kkalpana Industries Limited and Ddev Plastiks Industries Limited and their respective shareholders under Sections 230 to 232 of the Companies Act, 2013.

The Tribunal after hearing the Company Petition filed in this regard has, by its order pronounced on March 4, 2022 sanctioned the Scheme, wherein the Appointed Date is April 01, 2021.

At around 10.18 am, Kklapna Industries Limited was trading at Rs47.35 per piece up Rs2.15 or 4.76% on the BSE. The stock has hit a day’s high of Rs49.45 per piece so far after opening at previous close of Rs45.20 per piece on Thursday.

Commenting on the development, Narrindra Suranna, Chairman and Managing Director said: “This is an important milestone for the company, the demerger will allow each of the two businesses, Compounding and Reprocessing, to have separately defined strategy, managed independently and be fully focused on exploring their respective growth opportunities. In addition to the higher strategic focus, these independent companies will enable a more efficient capital allocation, which in turn will reinforce value creation for all stakeholders.”