The Board of Directors of the Company in their Meeting held on December 03, 2025, has in-principally approved the transfer / disposal of certain assets & liabilities of material subsidiary ....
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The Board of Veritas (India) Ltd has in-principle approved the transfer of assets worth USD 130 million (Rs. 1,170 Crores) and liabilities worth USD 80 million (Rs. 720 Crores) of its material subsidiary Verasco FZE to Inergy FZE (Sharjah, UAE), for a base consideration of USD 50 million (Rs. 450 Crores). Since Verasco FZE is classified as a material subsidiary, the approval requires shareholder consent via a Special Resolution through Postal Ballot. The transaction is also subject to execution of definitive agreements, regulatory/statutory clearances, and possible revisions in value through mutual discussions. Additionally, the board approved the appointment of Mr. Sunil Sehgal as a Non-Executive Non-Independent Director.
This disposal of a material subsidiary's assets could meaningfully reshape Veritas's business profile and unlock cash (Rs. 450 Crores base consideration), but the wide gap between asset value and consideration suggests the subsidiary may be loss-making or that the deal value could be revised. Shareholders must approve the transaction through postal ballot before it can proceed.