McDowell Amalgamation Scheme approved by Karnataka High Court

Bangalore, July 7 (UNI) The Karnataka High Court has allowed the promosed Compisite Scheme of arrangement for amalgamation of Shaw Wallace Distilleries Limited, Herbertsons Limited and six other operating companies with McDowell and Company Limited and demerger of the investment business of the Company into McDowell India Spirits Ltd.

The UB Group in a release here today said a similar application had also been filed in the High Court of Mumbai.

The Composite Scheme of Arrangement becomes effective only from the date the other petitions filed before the Karnataka High Court and Bombay High Court were allowed by the respective High Courts the release said. The Company also withrew the proposal for amalgamation of its non-operative overseas wholly owned subsidiaries namely, Asian Opportunities and Investments Limited in Mauritius and Zelinka Limited in Cyprus, were to merge with McDowell due to business needs the release said adding that the Karnataka High Court had on July seven permitted such withdrawal.

The release said necessary steps were being taken to complete the said Composite Scheme of Arrangement at the earliest.

UNI VK SKB1127