India Glycols Limited announced that the scheme of arrangement involving Ennature Bio Pharma Limited and IGL Spirits Limited has been approved with a 100% vote in favour by its unsecured creditors. The meeting, convened by the National Company Law Tribunal, Allahabad Bench, took place on 24th March 2026.
The meeting was held via video conferencing and chaired by Shri L.N. Gupta, a retired IAS officer and former NCLT member. A total of 27 unsecured creditors attended the meeting, where the scheme was proposed under Sections 230 to 232 of the Companies Act, 2013.
The resolution, which required a requisite majority, was passed with all votes cast in favour, amounting to 6,42,66,50,041 votes. No votes were cast against the proposal, and there were no invalid or abstained votes.
The scheme of arrangement involves the demerger of India Glycols Limited into Ennature Bio Pharma Limited and IGL Spirits Limited, affecting their respective shareholders. The company had provided remote e-voting facilities from 20th March to 23rd March 2026, and e-voting was also available during the meeting.
The Chairperson invited creditors to express their views and raise questions, which were addressed during the session. The meeting concluded at 2:33 PM, with e-voting continuing for 15 minutes post-meeting.
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 Markets Desk before publication.