Embassy Developments has dissolved three non-operational step-down subsidiaries as part of its ongoing effort to streamline its corporate structure.
Sentia Constructions, Equinox India Multiplex Services, and Mariana Constructions have been voluntarily struck off the register of companies maintained by the Registrar of Companies, Delhi. This move is aimed at reducing administrative and compliance costs for the company. The subsidiaries, which contributed nil to the turnover or revenue in the last financial year, are no longer part of Embassy Developments.
The dissolution of these subsidiaries does not constitute a sale of any unit or division, and no consideration was received from the strike-off. The company has clarified that this action does not involve any related party transactions and was not part of a Scheme of Arrangement.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Business Desk and reviewed by Aman Shukla before publication.