Order of NCLT for convening Meeting of Shareholders on 12th August, 2025
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The NCLT Mumbai Bench has ordered HUL to convene a meeting of its equity shareholders on 12th August 2025 to consider and approve the proposed demerger of its Ice Cream Business into Kwality Wall's (India) Limited (KWIL), a newly formed subsidiary. The scheme proposes a 1:1 share entitlement ratio, meaning every HUL shareholder will receive 1 share in KWIL for every share held in HUL, making them shareholders of the new listed ice cream company that will house brands like Kwality Wall's, Cornetto, and Magnum. The move follows parent Unilever PLC's global decision to separate its ice cream business. BSE and NSE have already given their no-objection to the scheme. NCLT dispensed with meetings of unsecured creditors and KWIL shareholders since all KWIL equity holders have already consented and the scheme does not affect creditor rights. Shareholders on record as of 5th August 2025 will be eligible to vote, with the e-voting cutoff date being 23rd June 2025.
This is a procedural milestone advancing the demerger. If approved, HUL shareholders will automatically become shareholders of a new listed ice cream company, giving them a focused pure-play ice cream investment in addition to their HUL holding. The demerger could unlock value by allowing both entities to pursue independent strategies, though the ultimate impact will depend on how KWIL is valued post-listing.