Nicholas Piramal India (NPIL) has completed the process of demerger of its new chemical entity (NCE) research unit to NPIL Research & Development (NRDL).According to a release issued by Nicholas Piramal to the BSE today, the High Court of Bombay, vide its order dated January 11, 2008, has sanctioned the scheme of arrangement between the company and NRDL."Certified copies of the order, which were received by the company and NRDL from the Bombay High Court, have been filed with the Registrar of Companies (ROC), Maharashtra, Mumbai on January 21, 2008. Accordingly, the scheme has now become effective," the release added.The salient features of the scheme are:1.The appointed date for the demerger is April 1, 2007.2.In consideration for the demerger, NRDL shall issue to the equity shareholders of NPIL, one equity share of Rs 10 credited as fully paid up for every ten equity shares of Rs 2 each held in NPIL.
