At meeting held on 15 December 2022
The Board of Deepak Fertilizers & Petrochemicals Corp at its meeting held on 15 December 2022 has accorded its in-principle approval to the composite scheme of arrangement between Smartchem Technologies (STL) (demerged company or transferee company), Deepak Mining Services (DMSPL) (resulting company) and Mahadhan Farm Technologies (MFTPL) (transferor company) and their respective shareholders.STL and DMSPL are wholly owned subsidiaries of the company and MFTPL is step down subsidiary of the company.
The scheme provides for:
(i) Demerger of the TAN Business from demerged company to the resulting company; and
(ii) Amalgamation of the transferor company with the demerged company.
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