Infibeam Avenues has announced key updates regarding the approval of its Composite Scheme of Arrangement by the NCLT, Ahmedabad Bench. This scheme involves Infibeam Avenues (Demerged/Transferor Company), Odigma Consultancy Solutions Limited (Resulting Company), and Infibeam Projects Management Private Limited (Transferee Company).
The scheme is set to restructure the companies as per Sections 230 to 232, and 66 of the Companies Act, 2013. As part of the process, the company has declared September 11, 2024, as the official Record Date. Shareholders of Infibeam as of this date will be entitled to receive one fully paid-up equity share of Odigma for every 89 equity shares held in Infibeam. Fractional shares will not be issued. Instead, consolidated fractional shares will be sold by a trustee appointed by Odigma’s Board of Directors, and the sale proceeds (after taxes and expenses) will be distributed to eligible shareholders based on their fractional entitlements.
What do you think about this order by the NCLT? Feel free to use this thread to discuss.