Time Technoplast Limited Announces Merger of Subsidiary NED Energy Limited into Power Build Batteries Private Limited

Time Technoplast Limited has announced a merger of its subsidiary NED Energy Limited into another subsidiary, Power Build Batteries Private Limited. The merger is approved by the boards of both companies and is expected to provide benefits such as better efficiency, effective utilization of resources, improved profitability and operations, and savings in operational cost. The merger is exempted from related party transaction regulations as it is between a holding company and its wholly owned subsidiary. No cash consideration is involved in the merger. Upon the scheme becoming effective, the Transferee Company will issue and allot equity shares to the shareholders of the Transferor Company as per the registered valuer.