India Glycols Limited announced that the National Company Law Tribunal (NCLT), Allahabad Bench, has permitted the rescheduling of crucial shareholder and creditor meetings concerning the Scheme of Arrangement. Originally set for March 9, 2026, the meetings involving the demerger (India Glycols, Ennature Biopharma, and IGL Spirits) will now convene on Tuesday, March 24, 2026. This modification was necessary following the unavailability of the court-appointed Chairperson.
Rescheduling of Key Meetings Approved by NCLT
India Glycols Limited provided an update regarding the Scheme of Arrangement involving itself (Demerged Company), Ennature Biopharma Limited, and IGL Spirits Limited. Following the initial order from the Hon’ble National Company Law Tribunal (NCLT), Allahabad Bench at Prayagraj, dated January 15, 2026, meetings were mandated to be held on March 9, 2026, via video conferencing.
Subsequent to this, the Company filed an interim application seeking modification, citing the unavailability of the appointed NCLT Chairperson to chair the proceedings on the scheduled date.
The Revised Order and New Date
The NCLT issued a “Revised Order” on February 16, 2026, allowing the modification request in partial amendment of the original order. Consequently, the mandatory meetings of the equity shareholders and unsecured creditors have been rescheduled from March 9, 2026, to the new date of Tuesday, March 24, 2026.
The NCLT directed that the order dated January 15, 2026, would stand modified only to the extent of the date change; otherwise, the original directive remains in effect. The matter, originally filed as CP (CAA) No.06/ALD/2026, was disposed of after this modification.
The Company noted that a certified copy of the Order is awaited and emphasized that the Scheme remains subject to all applicable regulatory and other approvals.
Source: BSE
