FMCG firm Hindustan Unilever today said it has got shareholders' approval for transfer of certain assets, liabilities and properties to Unilever India Exports as part of the demerger of its exports business.
"The resolution for approval of the Scheme of Arrangement for the transfer of certain assets, liabilities and properties of FMCG Exports Division of Hindustan Unilever to Unilever India Exports Limited has been approved by the requisite majority in number, value and voting...," HUL said in a filing to the Bombay Stock Exchange (BSE).
Earlier, the Bombay High Court had convened a meeting of shareholders on July 28, 2011 to consider the scheme of arrangement to be made between HUL and Unilever India Exports.
The company had appointed R A Banga, partner, Deloitte Haskins & Sells, Chartered Accountants and PD Vora as scrutineers for the meeting.
The company's Board of Directors at its meeting held on May 9, 2011 had approved a proposal for demerger of FMCG exports business, including specific exports related manufacturing units of the company, into its wholly-owned subsidiary Unilever India Exports Ltd (UIEL), with effect from April 1, 2011.
HUL said the move to demerge FMCG exports business has been made in order to fully exploit the opportunity in export market and to provide necessary focus, flexibility and speed to the business.
Shares of HUL was trading at Rs 324 on the BSE, up 0.40%, from previous close.