The National Company Law Tribunal ( NCLT ) has directed the ITC company to convene a meeting of shareholders on June 6, 2024 to consider and approve the proposed demerger of its hotel business.
The update comes after ITC filed the Scheme of Arrangement for demerger with the tribunal, the company said in a regulatory filing today while announcing its quarterly earnings for the January-March period of FY24.
On last year, the board of ITC approved the demerger of the hotels business, with an indicative timeline of listing of the new entity in about 15 months. The hotels business will have the license to use the ITC brand name. The authority informed that it has considered and approved the demerger of the hotels business under a scheme of arrangement amongst ITC and ITC Hotels and their respective shareholders and creditors under Sections 230-232 and other applicable provisions of the Companies Act, 2013
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