Hindustan Unilever Limited (HUL) announced on 14 May 2025 that it has received the observation letter with "no adverse observations" from BSE Limited and the observation letter with "no objection" from the National Stock Exchange of India Limited regarding the proposed Scheme of Arrangement.

This scheme involves the demerger of HUL's ice cream business undertaking into a separate entity, Kwality Wall's (India) Limited (KWIL).

Key points:

• The board of directors of HUL had approved the scheme on 22 January 2025.
• The receipt of approvals from BSE and NSE is a crucial step, enabling HUL to now file the scheme with the National Company Law Tribunal (NCLT).
• The approvals are subject to various conditions and compliance requirements outlined by SEBI and the stock exchanges, including detailed disclosures to shareholders and compliance with regulations.
• The validity of the observation letters for filing the scheme with NCLT is six months from 14 May 2025.

The scheme remains subject to applicable regulatory and other approvals.