The National Company Law Tribunal (NCLT), Mumbai Bench, approved the merger of Metahelix Life Sciences with Rallis India.
In an exchange filing made after market hours on Friday, the chemical manufacturer announced that NCLT, Mumbai Bench, vide its order dated 20 December 2019, sanctioned the scheme of merger by absorption of Metahelix Life Sciences ('transferor company') with Rallis India ('transferee company') and their respective shareholders ('scheme'). The certified copy of the Order from NCLT for the same is awaited.The NCLT Bengaluru Bench sanctioned the scheme vide its order dated 11 November 2019.
Metahelix Life Sciences, a wholly-owned subsidiary of Rallis lndia, is an agricultural biotechnology company focusing on developing traits and technologies for crop protection & improved productivity. It also provides customized research to select global Agri-biotech business using its proprietary technologies in crop transformation and functional genomics.
On a consolidated basis, Rallis India's net profit declined 5.40% to Rs 80.63 crore on a 14.51% rise in net sales to Rs 748.69 crore in Q2 September 2019 over Q2 September 2018.
Rallis India, a TATA enterprise, is a subsidiary of Tata Chemicals, with its business presence in the farm essentials vertical. It is one of India's leading crop care companies.
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