India Glycols Limited has received a certified true copy of the order from the Hon’ble National Company Law Tribunal (NCLT), Allahabad Bench, approving its Scheme of Arrangement. This scheme facilitates the demerger of its Biopharma Undertaking into Ennature Bio Pharma Limited (Resulting Company 1) and its Spirits and Biofuel Undertaking into IGL Spirits Limited (Resulting Company 2). The Appointed Date for the scheme is 1st April, 2026.
NCLT Sanctions Scheme of Arrangement
India Glycols Limited (IGL) announced today, 20th August, 2026, that it has received a certified true copy of the order dated 17th July, 2026, from the Hon’ble National Company Law Tribunal, Allahabad Bench (NCLT). This order formally approves the Scheme of Arrangement amongst India Glycols Limited (the Demerged Company), Ennature Bio Pharma Limited (Resulting Company 1), and IGL Spirits Limited (Resulting Company 2).
Demerger Details and Effective Date
The approved Scheme of Arrangement involves the demerger of IGL’s Biopharma Undertaking into Ennature Bio Pharma Limited and its Spirits and Biofuel Undertaking into IGL Spirits Limited. The Appointed Date for the Scheme is set as 1st April, 2026. The Effective Date of the Scheme and the Record Date will be determined subsequently by the Boards of Directors of all the involved companies.
Key Provisions of the Order
The NCLT order, pronounced on 17th July, 2026, sanctions the Scheme of Arrangement. It mandates the transfer of the Biopharma Undertaking to Resulting Company No. 1 and the Spirits and Biofuel Undertaking to Resulting Company No. 2. Employees engaged in these undertakings are deemed to be transferred on a continuity of service basis. Resulting Company No. 1 will issue one equity share of Rs. 5 each for every three equity shares held in the Demerged Company. Resulting Company No. 2 will issue one equity share of Rs. 5 each for every one equity share held in the Demerged Company. The remaining business and assets of the Demerged Company will continue to be managed by India Glycols Limited.
The order also addresses the transfer of contracts, benefits, incentives, licenses, and tax liabilities related to the demerged undertakings. All pending appeals and proceedings under the Income Tax Act concerning the demerged undertakings will be transferred to the respective Resulting Companies. The Income Tax Department is permitted to retain recourse for recovery in respect of demand and any other future liabilities of the Demerged Company pertaining to the transferred assets.
Source: BSE
