Crompton Greaves seek shareholders nod to change name

Crompton Greaves has sought shareholders' approval through postal and electronic voting for changing the company's name to CG Power and Industrial Solutions Ltd.

The company has proposed a special resolution to approve the change of name from Crompton Greaves to CG Power and Industrial Solutions, it said in a BSE filing today.

According to the statement, the e-Voting period will commence from 9 AM (IST) on December 26, 2016 and end at 5 PM on January 24, 2017.

It said the postal ballot form must reach the scrutiniser not later than 5 PM (IST) on January 24, 2017.

Crompton Greaves Ltd was incorporated on April 28, 1937, as "Crompton Parkinson Works Private Ltd" under the Companies Act, 1913.
 

The company became a public company on December 28, 1960 and changed its name to "Crompton Parkinson Works Ltd". Subsequently, on August 2 1966, the name of the company was changed to "Crompton Greaves Ltd".

Presently, the company is operating in a fully integrated B2B segment comprising of Power Transmission and Distribution Business and Industrial Business.

The products of the B2B segment of the company have been marketed under its registered trade mark "CG" globally while the consumer products under the erstwhile B2C segment were manufactured and marketed as "Crompton" or "Crompton Greaves".

Pursuant to the Scheme of Arrangement between the company and Crompton Greaves Consumer Electricals Ltd (CGCEL) as sanctioned by the High Court of Bombay on November 20, 2015 (Scheme), all rights and title in relation to all the intellectual property rights, including trademarks, trade names and the goodwill stood assigned and vested in CGCEL upon coming into effect of the Scheme December 31, 2015.

In furtherance to the scheme, the company and CGCEL have agreed to transfer the trademarks associated with the consumer products business inter-alia "Crompton" and "Crompton Greaves" to CGCEL and consequently discontinue the use of those trademarks in the Corporate name of the Company.

In view of the above, the Board at its meeting held on December 7, 2016 approved the change of name of Company.

The name "CG Power and Industrial Solutions Ltd" appropriately represents and reflects the business in which the Company is presently engaged and registered trademark used by the Company to manufacture and market its B2B products.