India Glycols Limited secured approval from the National Company Law Tribunal (NCLT), Allahabad Bench at Prayagraj, for its demerger scheme on July 17, 2026. The order sanctions the Scheme of Arrangement involving the demerger of the Bio Pharma Undertaking into Ennature Bio Pharma Limited and the Spirits and Biofuel Undertaking into IGL Spirits Limited. This restructuring separates the company's distinct business verticals into separate resulting entities. The Appointed Date of the Scheme is April 1, 2026, while the company will inform the stock exchanges separately about the Effective Date.

The scheme was executed pursuant to the provisions of Section 230 to 232 of the Companies Act, 2013. The approval follows an earlier intimation dated July 3, 2026, regarding the hearing before the tribunal. The certified copy of the order was uploaded on the NCLT website on July 20, 2026. The requisite steps in compliance of the said order are being taken by the company, Ennature Bio Pharma Limited and IGL Spirits Limited.

Details of the Scheme

The arrangement involves three entities: India Glycols Limited as the Demerged Company, Ennature Bio Pharma Limited as Resulting Company 1, and IGL Spirits Limited as Resulting Company 2. The scheme facilitates the transfer of specific undertakings to these new entities.

Upon the Scheme becoming effective, the Bio Pharma and the Spirits and Biofuel Undertaking(s) will be transferred to and vested in Ennature Bio Pharma Limited and IGL Spirits Limited, respectively. The disclosure was made to the BSE Limited and National Stock Exchange of India Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Ankur Jain, Head (Legal) & Company Secretary of India Glycols Limited.

The National Company Law Tribunal (NCLT), Allahabad Bench at Prayagraj, reserved the matter for final pronouncement regarding the Scheme of Arrangement involving India Glycols Limited on July 2, 2026. The order was uploaded on the NCLT website on July 3, 2026. The scheme proposes the demerger of India Glycols Limited into Ennasure Bio pharma Limited and IGL Spirits Limited.

During the hearing, the tribunal addressed objections raised by the Income Tax Department regarding an outstanding demand. The department's counsel pointed out that Rs.27,890 remains outstanding based on a demand raised on May 6, 2026. The counsel representing India Glycols stated that the principal amount due under the demand was deposited on July 6, 2023, and argued that no interest had accrued as the principal was already paid.

The Income Tax Department countered that the payment made in 2023 could not satisfy a demand raised in 2026. In response, the petitioner's counsel submitted that, as per the undertaking in the petition, the company remains bound by any outstanding demand post-sanction of the scheme. The company, which continues to exist post-demerger, will comply with any final tax liabilities determined by the authorities.

The Registrar of Companies (RoC) cum Official Liquidator, Uttarakhand, filed a report stating no adverse observations against the scheme. Since the proceedings involve a scheme of demerger, the meetings of the secured creditors were dispensed with, and no report from the Official Liquidator was required. The tribunal heard arguments from all parties, including senior advocates for the applicant companies and the Income Tax Department, before reserving the order.

The following table details the key entities and sections involved in the tribunal proceedings:

The scheme is being processed under Sections 230 and 232 of the Companies Act 2013. Further updates regarding the final pronouncement will be submitted to the stock exchanges in due course.