Havells to merge four of its subsidiaries into the company for integration of biz opportunities
The executive committee of the board of directors of Havells India at its meeting held has considered and approved the scheme of amalgamation of the subsidiaries.
New Delhi: Homegrown-consumer electric goods maker Havells on Friday announced the integration of business operations of its subsidiaries — Havells Global, Standard Electrical, Lloyd Consumer and Promptec Renewable Energy Solutions — by merging into the company.
The executive committee of the board of directors of Havells India at its meeting held has considered and approved the scheme of amalgamation of the subsidiaries.
Screengrab from website
"The scheme of amalgamation will enable optimisation of legal entity structure through rationalization of the number of subsidiaries, which will result in the integration of business operations and consolidation of the activities leading to operational synergies," Havells informed BSE in a regulatory filing.
It added: "The Scheme will also result in a reduction in the multiplicity of legal and regulatory compliances."
The company also informed that "the scheme is conditional upon and subject to necessary statutory and regulatory approvals under applicable laws, including approval of the NCLT".
also read
Book excerpt: The truth behind Rajesh Khanna and the Havells ad that shocked the world
Rajesh Khanna's final screen appearance in an ad for Havells fans both shocked his admirers and filled them with nostalgia. Here is the back story of how it happened (and almost did not) and the controversy it generated.
Up or down? Nifty, Sensex are stuck in uncertain zone
Both the Nifty and the Sensex are stuck in a narrow zone from where they could break out in either direction. Next week we have to look for triggers.
Vaclav Havel, thank you for your democracy
Shy and bookish, with a wispy moustache and unkempt hair, Havel helped draw the world's attention to the anger and frustration spilling over behind the Iron Curtain.