Orient Paper & Industries (OPIL) has received the National Company Law Tribunal's (NCLT) approval for the Scheme of Demerger of the Consumer Electric Business of the company into its wholly owned subsidiary, Orient Electric (OEL). The Kolkata Bench of the National Company Law Tribunal has on November 8, 2017 approved the same.
Upon the effective implementation of the Scheme, OEL will issue and allot to the shareholders of OPIL as on the record date to be fixed, 1 equity share of Rs 1 each of OEL credited as fully paid up for every 1 equity share of Rs 1 each held by such shareholder in OPIL.
The Scheme shall be effective from the Appointed Date i.e. March 1, 2017, upon filing of the Certified Copy of the Order of the National Company Law Tribunal, sanctioning the Scheme, with the Registrar of Companies.
Orient Paper & Industries is part of the C K Birla Group has emerged as a multi-product, multi-location company. The company manufactures and markets range of fans under the name Orient Fans. It manufactures ceiling fans, desk fans, wall-mounted fans, pedestal fans, exhaust fans and multi-utility fans.