Change of Name from 'Oriental Carbon and Chemicals Limited' to 'AG Ventures Limited' pursuant to Scheme of Arrangement for Demerger to reflect the realigned business focus post transfer ....
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Oriental Carbon and Chemicals Limited is changing its name to 'AG Ventures Limited' to reflect its new identity after transferring its Chemical Business (Insoluble Sulphur and Sulphuric Acid) to OCCL Limited under a Scheme of Arrangement. The demerger was approved by NCLT Ahmedabad on April 10, 2024 and NCLAT New Delhi on May 27, 2024. The company has filed the name-change forms with the Ministry of Corporate Affairs and is awaiting approval. The new name signals that the remaining entity will pursue a realigned business focus distinct from chemicals.
Shareholders should note that the original chemical operations have moved to OCCL Limited, while they continue to hold shares in the renamed AG Ventures Limited with a refocused business mandate. The name change itself is procedural and should not affect share prices, but the underlying business mix of the company will look very different going forward.