Ruias-promoted Essar Shipping, Ports and Logistics today said its shareholders and creditors have given nod for demerger of the company’s shipping, logistics and oilfields business into a separate entity.
“At the meeting, the equity shareholders, secured creditors and unsecured creditors of the company have unanimously approved the scheme (of demerger) under Sections 391 to 394 of the Companies Act, 1956,” the company said in a filing to the BSE.
The shareholders approval was sought on November 30, as per the directive of the Gujarat High Court to convene meetings of shareholders, secured creditors and unsecured creditors of the company.
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