New Launch24 May 2025, 05:44 pm
Oberoi Realty Ltd's Subsidiary to Form a Section 8 Company for Philanthropic Activities
AI Summary
Oberoi Realty Ltd's wholly-owned unlisted subsidiary, Incline Realty Private Limited (IRPL), is set to form a company under Section 8 of the Companies Act, 2013. The new company will be primarily engaged in philanthropic activities, including promoting education. IRPL will subscribe to the initial share capital of the said Section 8 company to the tune of Rs. 15 lakh (at par value) for a 16.67% shareholding. The remaining shares will be held by individuals/entities unrelated to IRPL/ORL.
Key Highlights
- Oberoi Realty Ltd's subsidiary, Incline Realty Private Limited, to form a Section 8 company
- The new company will be primarily engaged in philanthropic activities, including promoting education
- IRPL to subscribe to the initial share capital of the said Section 8 company for a 16.67% shareholding
- The remaining shares will be held by individuals/entities unrelated to IRPL/ORL
- The new company's formation is subject to the approval of the Ministry of Corporate Affairs