NEW DELHI: FMCG giant ITC Ltd has fixed January 1, 2025 as the effective date for the demerger of its hotel business after receiving an order from the National Company Law Tribunal (NCLT).
In a regulatory filing, ITC said that the Kolkata Bench of NCLT had sanctioned the scheme of arrangement between ITC Ltd., ITC Hotels Ltd., and their respective shareholders, earlier this October.
“We advise that ITC Limited and ITC Hotels Limited have acknowledged that all the conditions specified in Clause 28 of the Scheme have been fulfilled and satisfied… the appointed date and the effective date of the scheme shall be the first day of the following month i.e. 1 st January, 2025, in accordance with clauses 5.1(iii) and 5.1(xvi) of the scheme, respectively,” the company said in an exchange filing.
In June 2024, ITC shareholders approved the demerger of the conglomerate’s hotel business. About 99.6% of shareholders voted in favour of demerger, while just 0.45% voted against it.
The board members of ITC had on August 14 last year approved the demerger of its hotel business.