Chembond Chemicals Ltd (CCL) provided an update on the Composite Scheme of Arrangement involving CCL, Chembond Chemical Specialties Ltd (CCSL), and four other entities (CCWTL, CMTPL, PSPL, GCIPL).
The Scheme has been approved by the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, via an Order dated April 22, 2025.
Pursuant to the demerger of the demerged undertaking and its vesting in CCSL, shareholders of CCL will be issued equity shares of CCSL in the ratio of 2 (Two) fully paid-up equity shares of ₹5 each of CCSL for every 1 (one) fully paid-up equity share of ₹5 each held in CCL on the Record Date.
Upon the Scheme becoming effective, CCWTL, CMTPL, PSPL, and GCIPL will be dissolved.
The Record Date for determining the entitlement of CCL shareholders to receive CCSL shares has been fixed as Friday, May 9, 2025.
The equity shares to be issued by CCSL will be in dematerialized form only.
The Company has dispatched Option Form II to physical shareholders of CCL, requesting them to convert their physical shares into demat form or submit their demat account details using the form.
Physical shareholders are requested to provide their demat account details to the Registrar & Transfer Agent (MUFG Intime India Private Limited) at least 7 (seven) days prior to the Record Date, i.e., by May 1, 2025.
If shares are not dematerialized or demat details are not provided by the deadline, the shares of CCSL will be credited to a suspense escrow demat account for the benefit of such shareholders.
Physical shareholders are also reminded to register their PAN, KYC details, and Nomination with the RTA as mandated by SEBI circulars.