Pioneer Distille - Announcement under Regulation 30 (LODR)-Scheme of Arrangement
02/12/2019 19:44

The Board of Directors ('Board') of Pioneer Distilleries Limited (the 'Company') at its meeting held today considered and approved a scheme of amalgamation and arrangement (the 'Scheme') in relation to the proposed merger of the Company with its parent company United Spirits Limited ('USL') under Sections 230 - 232 and other applicable provisions of the Companies Act, 2013 and the rules thereof. Further the Board has authorised the Company to file the Scheme along with the relevant disclosures, documents, certifications and undertakings with the stock exchanges.

The Scheme is subject to the receipt of requisite approvals from the relevant statutory authorities including Securities Exchange and Board of India, National Stock Exchange of India Limited, BSE Limited, the National Company Law Tribunal, and the respective shareholders and creditors of the Company and USL.