HMT Limited has informed the Exchange about General Updates
HMT · price
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HMT Limited has filed an application with the Ministry of Corporate Affairs, Government of India, to strike off the name of its wholly owned subsidiary HMT Watches Limited from the records of the Registrar of Companies. This is being done under Section 248 of the Companies Act, 2013. The move follows the Cabinet Committee on Economic Affairs (CCEA) approval dated January 6, 2016, which had approved the closure of three subsidiaries — HMT Watches Limited, HMT Bearings Limited, and HMT Chinar Watches Limited. After completing the necessary formalities for HMT Watches, the formal striking-off application has now been submitted. The announcement is made under Regulation 30 of SEBI (LODR) Regulations, 2015.
Minimal direct impact on HMT Limited shareholders since HMT Watches has been a loss-making, non-operational subsidiary for years. The step is part of a long-pending PSU restructuring and may modestly simplify the group's structure, but does not materially change HMT Limited's own operations or financial position.