Intimation regarding Order of NCLT Kolkata Bench
BENGALASM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The NCLT Kolkata Bench has passed an order on April 4, 2025 sanctioning a Composite Scheme of Arrangement among Umang Dairies Limited, Panchmahal Properties Limited (a wholly-owned subsidiary of BACL), and Bengal & Assam Company Limited. Under the scheme, the dairy business of Umang Dairies will first be demerged into Panchmahal Properties on a going-concern basis, and thereafter Umang Dairies will amalgamate into BACL. The appointed date for the arrangement is April 1, 2023. The scheme was approved by 99.999% of BACL's equity shareholders, and received no-objection observations from BSE, NSE, RBI (which withdrew its objections in January 2025), and the Income Tax department. The scheme is not yet effective — it will become operational only after certified copies of orders from both the NCLT Kolkata and Allahabad benches are obtained and filed with the respective Registrars of Companies.
This is a major group restructuring that simplifies BACL's holding structure and isolates the dairy business into a separate subsidiary, which could make it easier to bring in strategic partners for the dairy vertical. BACL shareholders are not directly affected in the short term, but shares of Umang Dairies will be delisted once the amalgamation is completed. The stock is unlikely to see an immediate price reaction since the scheme still needs further NCLT and ROC filings to take effect.