STOCKWATCH

NCLT Approves Mangalore Chemicals & Fertilizers' Scheme of Arrangement

Mangalore Chemicals & Fertilizers Ltd. has announced that the Hon’ble National Company Law Tribunal (NCLT), Bengaluru Bench, has approved the first motion application in relation to the proposed Scheme of Arrangement amongst Mangalore Chemicals & Fertilizers Limited (the ‘Transferor Company’ or ‘the Company’), Paradeep Phosphates Limited (the ‘Transferee Company’) and their respective shareholders and creditors. The NCLT has directed the Company for convening of meetings of the Equity Shareholders and Creditors of the Company for the purpose of considering and approving the proposed Scheme of Arrangement.

• NCLT approves first motion application for Mangalore Chemicals & Fertilizers' Scheme of Arrangement
• Scheme involves Mangalore Chemicals & Fertilizers Limited (Transferor Company) and Paradeep Phosphates Limited (Transferee Company)
• NCLT directs the Company to convene meetings of Equity Shareholders and Creditors for considering and approving the Scheme
• The announcement has a significant impact on the company's future dealings and partnerships
• The approval brings the company one step closer to finalizing the Scheme of Arrangement