The media had reports that Sical Logistics Limited may sell it's Palm oil Business to Ruchi Soya Industries.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the companies.
Sical Logistics Limited has vide its letter inter-alia stated,"A 100% subsidiary of Sical Logistics limited under the name Mac Oil Palm Limited was incorporated on 10th February, 2006 for transferring the palm oil business. To unlock the real value in the Palm Oil Business, it was decided by the company to de-merge the same into Mac Palm Oil Ltd.
The company obtained No objection from the Stock Exchange for the Scheme of Arrangement (De-merger) dated 21st July, 2006 to de-merge the Palm Oil Business before filing the company application and petitions with the Hon'ble High Court of Madras.
Subsequently, the Hon'ble High Court of Madras vide its Order dated 12th January 2007 sanctioned the Scheme of Arrangement (De-merger) between Sical logistics Limited and Mac Oil Palm Limited after its shareholders approved the Scheme of de-merger. The Scheme became effective on 15th February 2007, when the same was filed with the ROC. The company has concluded the transaction today on the sale of its share in Mac Oil Palm Limited to the Ruchi Group."
Reply is awaited from Ruchi Soya Industries Ltd. -- www.nseindia.com
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