Welspun India gets court nod for de-mergerJune 15th, 2009 - 5:33 pm ICT by IANS
Mumbai, June 15 (IANS) Textile major Welspun India has received the Gujarat High Court’s nod for the de-merger and transfer of its two divisions into two separate companies, it was announced Monday.
“The court has approved the composite scheme of arrangement between Welspun India, Welspun Global Brands and Welspun Investments,” the company said in a regulatory filing.
Under the scheme, the company’s two divisions - marketing and investment and treasury - would be de-merged into Welspun Global Brands and Welspun Investments respectively, the statement said.
“The order becomes effective from June 12,” it added.