Setco Engineering hold less than 50% of share capital of Setco Automotive
Setco Automotive announced change in the status of the Company as under -1. Setco Automotive was a Subsidiary Company of Setco Engineering.
2. Setco Engineering was holding 6,77,13,845 shares of Setco Automotive (50.69%).
3. Setco Engineering has divested 16,00,000 shares representing 1.20% through inter-se transfer among the promoters.
4. The holding of Setco Engineering has been reduced to 6,61,13,845 shares representing 49.49%.
5. Now, Setco Engineering is holding less than 50% of the equity share capital of Setco Automotive and as per Section 2 (87) of the Companies Act, 2013, the Company ceased to be Subsidiary Company of Setco Engineering and Setco Engineering ceased to be the Holding Company of Setco Automotive.
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