NCLT Mumbai Bench approves composite scheme of arrangement for Parle Products, Parle Brands, and Parle Biscuits.
Scheme involves demerger of processed food businesses into Parle Brands and amalgamation of residual Parle Products into Parle Biscuits.
Tribunal dispenses with shareholder and secured creditor meetings due to 100% and 98% consent respectively.
Unsecured creditor meetings dispensed with but notice required for creditors with balances exceeding ₹50 lakhs.