Setco Automotive announces change in status of holding company - Setco Engineering

Setco Engineering hold less than 50% of share capital of Setco Automotive

Setco Automotive announced change in the status of the Company as under -

1. Setco Automotive was a Subsidiary Company of Setco Engineering.

2. Setco Engineering was holding 6,77,13,845 shares of Setco Automotive (50.69%).

3. Setco Engineering has divested 16,00,000 shares representing 1.20% through inter-se transfer among the promoters.

4. The holding of Setco Engineering has been reduced to 6,61,13,845 shares representing 49.49%.

5. Now, Setco Engineering is holding less than 50% of the equity share capital of Setco Automotive and as per Section 2 (87) of the Companies Act, 2013, the Company ceased to be Subsidiary Company of Setco Engineering and Setco Engineering ceased to be the Holding Company of Setco Automotive.

 

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