NPIL shareholders vote on scheme of arrangement

Our Corporate Bureau

Mumbai, June 14: The shareholders of Nicholas Piramal India Ltd cast their votes at the court-convened meeting on Thursday on the scheme of arrangement between Rhone-Poulenc (India) Ltd, NPIL Finvest Ltd, Super Pharma Ltd and Nicholas Piramal India Ltd.

Nicholas Piramal India chairman Ajay Piramal said that the company will consolidate all the production facilities and are in the process of devising a strategy to derive synergies from the merger.

Mr Piramal said that 9 lakh equity shares were purchased through the open offer at Rs 875 per share.
On the issue of proportionate purchase of shares through the open offer raised by shareholders, Mr Piramal said that the company did not deviate from any rules governed by the Sebi Act.

Shareholders also passed the resolution pertaining to the enhancement of the company’s borrowing limits to Rs 500 crore, over and above the company’s paid-up share capital and free reserves.

Meanwhile, shareholders of NPIL, who turned up at 11.30 am, were irked to find out that the extra-ordinary general meeting was already over. However, NPIL director Mr RA Shah, clarified: “There is nothing technically wrong with the conduct of the meeting.”

The notice of the EGM states “at 11.30 pm or immediately after the conclusion of the court convened meeting at 10.00 pm,” he told shareholders.