Key Dates and Timeline
- Initial Board Approval: January 22, 2024 - Board of Directors approved the Scheme of Arrangement
- NCLT Filing: September 30, 2024 - Scheme filed with Hon'ble National Company Law Tribunal, Mumbai
- Withdrawal Decision: June 2, 2026 - Executive Committee meeting approved withdrawal of the scheme
- Meeting End Time: 6:30 PM on June 2, 2026
Scheme Details
The demerger was proposed under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. The scheme involved:
- Demerged Undertaking: Project Magnus, situated at Bandra East, Mumbai
- Demerged Company: Kalpataru Properties Limited (wholly owned subsidiary)
- Resulting Company: Kalpataru Limited
- Appointed Date: April 1, 2024, or any other date as approved by NCLT
- Basis: Going concern basis
Withdrawal Rationale
The Executive Committee of the Board determined that "the benefit envisaged from the Scheme is no longer relevant," leading to the withdrawal decision.
Financial Impact
The disclosure explicitly states: "Withdrawal of the Scheme has no financial impact on the Company or Kalpataru Properties Limited."
Additional Information
The information has been disseminated on the company's website at https://www.kalpataru.com/investor-corner.