Mahindra & Mahindra (M&M): Mahindra Holdings (MHL) a wholly owned subsidiary of the company, has agreed to sell its entire stake aggregating 100% of the paid-up equity share capital in Mahindra First Choice Services (MFCS) and its entire stake aggregating 100% of Optionally Convertible Redeemable Preference Shares in Auto Digitech (ADPL), wholly owned subsidiary of MFCS, to TVS Automobile Solutions (TASL). Following the sale, MHL's shareholding in MFCS and ADPL would come down to Nil, and MFCS and ADPL would cease to be the subsidiaries of MHL and consequently of the company.
United Spirits: This has reference to previous intimation dated 13th November 2020 in connection with the sale of all the shares held by the company in its subsidiary, Tern Distilleries (TDPL). Since the company has not received consideration from the prospective buyer, the company is rescinding the share purchase agreement entered on 14th October 2020. Consequently, TDPL will continue to be subsidiary of the company.
AU Small Finance Bank: The bank has made strategic investment of Rs 7.70 crore in NPCI, wherein 61,320 equity shares at book value of Rs 1,256 per equity share are allocated to the bank constituting about 0.44% shareholding of NPCI.
Gillette India : National Anti-Profiteering Authority (NAA) has uploaded an order dated November 23, 2020 on their official website on November 25, 2020. The order alleges that the company has profiteered to the tune of Rs 57, 99, 37,416/- and directs the company to deposit the profiteered amount with interest in Consumer Welfare Funds. It's the position of the Company that it has passed on the net benefit of the reduced GST rates to its recipients and has not profiteered from it. The company is reviewing the order and will take appropriate steps in due course.
Ramkrishna Forgings: The company has completed the trial run of Hollow Spindle Line on 25 November 2020 and started its commercial production on 26 November 2020.
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