Murugappa Group company, EID Parry (India) Ltd today said the meeting of shareholders will be held on October 11 to consider demerger of Parry's Sugar Industries from itself as per the Madras High Court order.
"In pursuance to the said Order (of Madras High Court), a meeting of the equity shareholders of the applicant company will be held on October 11 at 10.30 am," EID Parry (India) Ltd said in a filing to the Bombay Stock Exchange (BSE).
On August 17, the Madras High Court had directed that a meeting of shareholders be held to consider and, if thought fit, approve with or without modification, the arrangement embodied in the Scheme of Arrangement (demerger) between Parry's Sugar Industries and EID Parry (India), it said.
Parry's Sugar Industries is presently engaged in the business of manufacturing, marketing and sale of sugar, power, industrial alcohol and bio-pesticides.
Shares of the company settled nearly 1% lower at Rs 226.90 on the BSE today.