National Company Law Tribunal (NCLT), Hyderabad Bench has approved the scheme of arrangement between
Ortin Laboratories Limited and Vineet Laboratories Limited and their respective shareholders and creditors.
The company stock was bullish on Thursday after the annoucement. At around 11.37 am, Ortin Laboratories' each stock was trading at Rs30.30 up Rs2.10 or 7.45% from its previous closing of Rs28.20 on the BSE.
“The company has received on December 30, 2020, a Certified True Copy of the Orders issued by the NCLT, Hyderabad Bench on December 24, 2020, in respect of sanctioning the Scheme of Arrangement between Ortin Laboratories Limited (Demerged Company) and Vineet Laboratories Limited (Resulting Company) and their respective shareholders and Creditors (Scheme),” company said.
The company informed the exchanges on Wednesday that the Board of Directors of the company is scheduled to be held on Friday, to take on record the sanction of the said Scheme by NCLT Hyderabad Bench and to declare the scheme effective from April 1, 2020.
It further informed that at this meeting, the Board of Directors will also inter-alia consider the record date for determining the shareholders of Ortin Laboratories Limited to whom shares will be allotted by Vineet Lab (Resulting company).