Tata Chemicals today said it has completed the process for amalgamation of its wholly owned subsidiary Homefield International Pvt Ltd (HIPL) with the company and received required approvals for the same.
HIPL has registered office in Mauritius and was incorporated in 2005. The principal activity of the company is to hold investments.
In a BSE filing, Tata Chemicals said: "The Hon'ble High Court of Judicature at Bombay has vide its order dated March 7, sanctioned the scheme of amalgamation of HIPL, (Mauritius), a wholly owned subsidiary of the company with the company under the provisions of Sections 391 to 394 of the Companies Act, 1956."
In February last year, the Tata group firm's board in its meeting, had approved the scheme of amalgamation of HIPL (Mauritius) with the company.
After getting approval from the Bombay High Court, Tata Chemicals has electronically filed the court's order with Registrar of Companies Maharashtra, on April 29. The scheme has become effective from same date, according to filing.
"Accordingly, in terms of the Scheme, all assets and liabilities of HIPL, under the provisions of Sections 391 to 394 of the companies act 1956, stands transferred to and vested in the company," the filing added.
Since the HIPL is a wholly owned subsidiary, no shares of the company will be issued and allotted in lieu or exchange of the equity shares of HIPL.
Tata Chemicals, a part of the Tata Group, is a leading manufacturer of chemicals, fertiliser and food additives.
It is the world's second largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America.
There was a spurt in trading volumes of Tata Chemicals by 2.19 times and its stock closed at Rs 294.10 on the BSE.
