The National Company Law Tribunal (NCLT) approved the de-merger of Vikas Ecotech Ltd
(VEL). VEL’s high-volume "Trading and Recycled Compounds Division" will be listed as a separate entity on the stock exchanges as Vikas Multicorp Limited (“VML”).
VML will be listed as a separate entity on the stock exchanges and shareholders of VEL will receive one equity share of VML for every one equity share held in VEL. The scheme of arrangement shall be effective 1st April, 2017, and the record date for allotment of VML shares is fixed for 21st November, 2018.
In other news, VEL received the prestigious “Authorized Economic Operator” AEO-T1 certificate from the Central Board of Indirect Taxes & Customs (CBIC), Ministry of Finance, Government of India.
The certificate has been awarded in recognition and appreciation of VEL’s commitment to secure the international supply chain. The AEO-T1 certification for Vikas EcoTech is valid upto October 2021.
This AEO-T1 certification enables Vikas EcoTech to be known as one of India’s top-class exporters and shall be accorded a high level of facilitation in imports and export of all consignments, thereby ensuring shorter cargo release times.
Vikas Ecotech Ltd is currently trading at Rs14.85 up by Rs0.23 or 1.57% from its previous closing of Rs14.62 on the BSE.
The scrip opened at Rs14.84 and has touched a high and low of Rs16.44 and Rs14.61 respectively.