DCM Limited has submitted a regulatory disclosure to BSE Limited and the National Stock Exchange of India Ltd. pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The disclosure concerns the voluntary strike-off of two wholly-owned subsidiaries: DCM Realty and Infrastructure Limited and DCM Infinity Realtors Limited. Both subsidiaries have filed applications (Form STK-2) with the Registrar of Companies, New Delhi, seeking to have their names struck off from the Register of Companies under Section 248 of the Companies Act, 2013.
The stated rationale for the action is that both subsidiaries have had no business operations for the past few years.
Financial and Operational Impact
As per the required details provided in Annexure-1:
- The turnover/revenue/income and net worth contributed by these subsidiaries during the last financial year was NIL.
- The transaction does not involve a sale agreement, buyer details, or consideration, as the disposal is being effected through a voluntary strike-off process.
- The transaction is not a related party transaction and does not fall under a Scheme of Arrangement.
Expected Timeline
The striking off of the subsidiary companies' names is expected to be completed upon the conclusion of the applicable statutory process prescribed under the Companies Act, 2013 and upon receipt of the requisite approval from the Registrar of Companies. No specific completion date is provided.