Shareholders' of Gulf Oil Corporation Limited (GOCL) today approved the merger of its two subsidiaries, IDl Buildware Limited and Gulf Carosserie India Limited, with the company.
The Special Resolution to approve the Scheme of Arrangement proposed between GOCL Corporation Ltd (Transferee Company), IDL Buildware Ltd and Gulf Carosserie Limited (Transferor Companies) was passed with 99.99 per cent votes in its favour at a meeting convened pursuant to the National Company Law Tribunal (NCLT) order, according to a regulatory filing.
The scheme of arrangement will involve the merger of two transferor companies into the transferee company.
The arrangement is expected to lead to better and efficient utilization of resources and reduction in overhead and other expenses, besides creating a stronger base for future growth of the amalgamated entity.
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