26 July 2024
Synopsis: The Hon'ble National Company Law Tribunal (NCLT), Chennai Bench had vide its order dated 22nd July 2022 sanctioned the Scheme of Arrangement between the Shareholders and Creditors of MIL Industries Limited and its wholly owned Subsidiary MIL Industries & Aerospace Limited (MILIA) for the demerger of the PTFE business into a separate company MILIA. The Company has complied with the formalities and the Scheme has become effective from 8th August 2022. MILIA has issued one Equity Share of Rs. 10 each for one Equity Share of Rs. 10 each held by the eligible members of MIL in the ratio of 1:1 on the record date 22nd August 2022.
Investor's Bonanza: The Board of Directors have recommended a dividend at Rs. 1/- per equity share ( Face Value of Rs. 10/- each ), aggregating to Rs. 31,50,000 ( subject to deduction of Tax at Source) for the year ended 31st March 2023 which is subject to shareholders approval.
