Pondy Oxides to amalgamate wholly-owned subsidiary Harsha Exito

Pondy Oxides & Chemicals Ltd (POCL) announced that its Board of Directors has approved a Scheme of Amalgamation for its wholly-owned subsidiary, Harsha Exito Engineering Private Limited (HEEPL), with POCL. The amalgamation, subject to NCLT, shareholder, and creditor approvals, aims to simplify corporate structure, eliminate duplication, and achieve economies of scale. HEEPL is involved in recycling non-ferrous metals and plastics, while POCL manufactures lead metals, alloys, copper, and plastics. The transaction is considered a related party transaction but exempt from Section 188 of the Companies Act, 2013, as it's an amalgamation of a wholly-owned subsidiary. No consideration will be paid.