ITC announces January 1, 2025 as effective date for demerger of its hotel business

ITC Ltd on Tuesday announced that the company has fixed January 1, 2025 as the effective date for demerger of its hotel business after receiving an order from the National Company Law Tribunal (NCLT). In a regulatory filing, the company informed that it has received an order from NCLT sanctioning the agreement. 

Earlier in October this year, the Kolkata bench of the NCLT had approved the demerger between ITC Limited and ITC Hotels Limited.

“Further to our letter dated 5th October, 2024, we write to advise that the Company has received a certified copy of the Order dated 4 th October, 2024 issued by the Hon’ble National Company Law Tribunal, Kolkata Bench, sanctioning the Scheme of Arrangement amongst ITC Limited and ITC Hotels Limited and their respective shareholders and creditors under Sections 230 to 232 read with the other applicable provisions of the Companies Act, 2013 (Scheme); copy of the said order was received by the Company on 16th December, 2024 at 5.26 p.m,” ITC said in the exchange filing.

Also Read US visa bulletin for January 2025 with final action dates for EB-2, EB-3 and EB-5 released CBSE CTET Admit Card 2024 to be released on THIS date at ctet.nic.in – Check steps to download Toss The Coin IPO Day 1: IPO subscription status, GMP, listing date and other key details Blackstone may list mega REIT in 2025

Also ReadWhat led to drop in Ambani, Adani’s net worth slipping below $100 billion – A look at how 2024 panned out for two of India’s richest

“We further advise that ITC Limited and ITC Hotels Limited have mutually acknowledged that all the conditions specified in Clause 28 of the Scheme have been fulfilled and satisfied, including filing of the aforesaid Order with the Registrar of Companies, West Bengal, and accordingly, the Appointed Date and the Effective Date of the Scheme shall be the first day of the following month i.e. 1st January, 2025, in accordance with Clauses 5.1(iii) and 5.1(xvi) of the Scheme, respectively,” the company further added.

Shares of ITC rose 2.4 per cent to an intra-day high of Rs 473.95 from the day’s low as soon as the company reported the demerger.

Earlier in October, ITC reported its fiscal second quarter earnings with profit at Rs 4992.87 crore,

 » Read More

Related Articles

Rapido plans to undercut Swiggy, Zomato duopoly

Ride-hailing platform Rapido is in advanced talks with restaurants and industry associations across four major metro cities to challenge the dominance of Swiggy and Zomato, which together command an estimated 95% market share. The move comes at a time when restaurants have been voicing growing concerns over high commission rates and potential conflicts of interest following

Taj, BNW to introduce luxury residences

BNW Developments, the real estate developer, has partnered with the Indian Hotels Company Limited (IHCL) to bring the Taj Wellington Mews brand to the UAE. The signing ceremony occurred on March 10 at Taj Dubai. “The Taj Wellington Mews residences will introduce a blend of modern elegance, master craftsmanship, and world-class hospitality, offering an unparalleled

Fashion seasons get shorter: Cut, stitch & sell in a month

Fashion retailers including Arvind Fashions, Trent, Blackberrys, and Madura Fashion & Lifestyle are presenting collections almost every month these days. That’s down from the typical six-monthly cycle and in response to consumers’ more frequent demands for newer styles. While the concept of a quick rollout to market is not new to the fashion world with

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Rapido plans to undercut Swiggy, Zomato duopoly

Ride-hailing platform Rapido is in advanced talks with restaurants and industry associations across four major metro cities to challenge the dominance of Swiggy and Zomato, which together command an estimated 95% market share. The move comes at a time when restaurants have been voicing growing concerns over high commission rates and potential conflicts of interest following

Taj, BNW to introduce luxury residences

BNW Developments, the real estate developer, has partnered with the Indian Hotels Company Limited (IHCL) to bring the Taj Wellington Mews brand to the UAE. The signing ceremony occurred on March 10 at Taj Dubai. “The Taj Wellington Mews residences will introduce a blend of modern elegance, master craftsmanship, and world-class hospitality, offering an unparalleled

Fashion seasons get shorter: Cut, stitch & sell in a month

Fashion retailers including Arvind Fashions, Trent, Blackberrys, and Madura Fashion & Lifestyle are presenting collections almost every month these days. That’s down from the typical six-monthly cycle and in response to consumers’ more frequent demands for newer styles. While the concept of a quick rollout to market is not new to the fashion world with

A Balasubramanian: ‘Recent volatility provides a learning curve for new investors’

US President Donald Trump’s tariff threats have been keeping stock markets on tenterhooks in the past couple of months. However, A Balasubramanian, managing director and CEO, Aditya Birla Sun Life AMC, believes that foreign portfolio investors should make a comeback into Indian markets from June. He tells Ananya Grover that while the current volatility will continue, the incremental

Bizongo ramps up logistics arm to boost platform play

As it eyes the unicorn status, business-to-business (B2B) raw materials marketplace Bizongo, which is currently valued at $980 million, is enhancing its logistics vertical to boost its platform capabilities. The logistics arm, launched in November 2023, currently works on an asset-light model with partnerships with vendors, but the startup intends to start owning warehouses in