STOCKWATCH

SKF India Ltd Receives 'No Adverse Observations' from BSE, NSE for Scheme of Arrangement

SKF India Ltd has received 'No Adverse Observations' from BSE Limited and National Stock Exchange of India Limited for the Scheme of Arrangement between SKF India Limited and SKF India (Industrial) Limited. The scheme, which is subject to applicable regulatory and other approvals, involves the demerger of the Company’s Industrial Business. SEBI has provided comments on the scheme, which include disclosure of ongoing adjudication & recovery proceedings, prosecution initiated, and all other enforcement action taken against the Company, its promoters and directors. The Company is advised to comply with these comments and ensure that all liabilities of Transferor Company are transferred to the Transferee Company.

• SKF India Ltd has received 'No Adverse Observations' from BSE and NSE for the Scheme of Arrangement.
• The scheme involves the demerger of SKF India Limited’s Industrial Business.
• SEBI has provided comments on the scheme, which include disclosure of ongoing adjudication & recovery proceedings, prosecution initiated, and all other enforcement action taken against the Company, its promoters and directors.
• The Company is advised to comply with SEBI's comments and ensure that all liabilities of Transferor Company are transferred to the Transferee Company.
• The listing of equity shares of SKF India (Industrial) Limited is subject to SEBI granting relaxation under Rule 19(2)(b) of the Securities Contract (Regulation) Rules, 1957 and compliance with the requirements of SEBI circular No. SEBI/HO/CFD/POD-2/P/CIR/2023/93 dated June 20, 2023.