India Glycols Limited achieved a significant milestone in its corporate restructuring journey with unanimous approval from both equity shareholders and unsecured creditors for the proposed demerger scheme. The company successfully conducted two separate meetings on March 24, 2026, as mandated by the Hon'ble National Company Law Tribunal (NCLT), Allahabad Bench, securing complete stakeholder support for the arrangement.

Equity Shareholders Meeting Results

The equity shareholders meeting, conducted through video conferencing at 11:00 A.M. (IST), witnessed participation from 49 shareholders out of 54,019 total shareholders on record. Shri L.N. Gupta, a retired IAS officer and former NCLT member, served as the tribunal-appointed chairperson for both meetings.

The voting results demonstrated overwhelming support across all categories, with promoter and promoter group shareholders providing 100% approval with 3,99,67,854 votes in favour. Public institutions similarly voted unanimously with 39,81,677 votes, while public non-institutions recorded 99.9997% approval with only one dissenting vote out of 2,99,095 total votes.

Unsecured Creditors Meeting Outcome

The unsecured creditors meeting, held at 02:00 P.M. (IST) on the same day, achieved complete consensus with 100% votes in favour of the demerger scheme. Out of 575 total unsecured creditors on record as of the cut-off date (November 15, 2025), 27 creditors attended the meeting through video conferencing.

Demerger Scheme Structure

The approved scheme of arrangement involves the demerger of India Glycols Limited into two separate entities under Sections 230 to 232 of the Companies Act, 2013. The restructuring will create Ennature Bio Pharma Limited as Resulting Company 1 and IGL Spirits Limited as Resulting Company 2, with India Glycols Limited serving as the demerged company.

Voting Process and Compliance

Both meetings maintained strict compliance with SEBI Listing Regulations, particularly Regulation 30 and Regulation 44(3). Remote e-voting was conducted from March 20, 2026, at 9:00 A.M. to March 23, 2026, at 5:00 P.M. (IST), with additional e-voting facilities available during the meetings and for 15 minutes post-conclusion.

CA Sumit Agrawal, appointed as scrutinizer by the NCLT, confirmed that both voting processes were conducted in a fair and transparent manner. The scrutinizer's reports validated that the resolutions were passed with the requisite majority as per the provisions of Sections 230 to 232 of the Companies Act, 2013.

Regulatory Framework and Next Steps

The unanimous approvals from both stakeholder groups empower the Board of Directors to proceed with implementing the demerger scheme, including making necessary modifications as required by regulatory authorities. The company has fulfilled its disclosure obligations by hosting meeting results and scrutinizer reports on its website at www.indioglycols.com and on NSDL's e-voting platform.

The successful completion of both meetings represents a crucial step in India Glycols Limited's corporate restructuring initiative, with the company now positioned to move forward with the NCLT-sanctioned demerger process.

India Glycols Limited has announced an interim dividend of Rs. 7.50 per equity share for the financial year 2025-26, representing a dividend rate of 150% on shares with a face value of Rs. 5 each. The Board of Directors approved this dividend declaration at their meeting held on March 17, 2026.

Regulatory Compliance and Documentation

Following the dividend declaration, India Glycols Limited has fulfilled its regulatory obligations by submitting newspaper clippings to stock exchanges. The company submitted documentation to both BSE Limited and National Stock Exchange of India Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dividend Payment Details

The interim dividend will be distributed to eligible shareholders based on their holdings as recorded on the designated record date. Key payment parameters include:

Electronic Payment Mandate

Following amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 effective from November 19, 2025, India Glycols Limited will process all dividend payments exclusively through electronic mode. The company has completely discontinued payable-at-par warrants, cheques, and drafts for dividend distributions.

Shareholders must ensure their bank account details, including IFSC codes and KYC information, are updated with their respective Depository Participants for dematerialized shares or with the company's Registrar and Transfer Agent (RTA) for physical shares. Dividend payments will be withheld for shareholders with incomplete KYC documentation.

Tax Deduction at Source (TDS) Framework

India Glycols Limited has outlined comprehensive TDS provisions applicable to different shareholder categories, following Income Tax Act requirements as amended by Finance Act 2020. The company will deduct tax at source based on shareholder residential status and category:

Resident Individual Shareholders

Non-Resident Shareholders

Non-resident members face a standard TDS rate of 20% plus applicable surcharge and cess under Section 195. However, beneficial rates may apply under Double Tax Avoidance Agreements (DTAA) upon submission of required documentation including Tax Residency Certificate, Form 10F, and declarations regarding permanent establishment status.

Documentation and Compliance Requirements

Shareholders seeking beneficial tax treatment must submit relevant documents to the company at compliance.officer@indiaglycols.com and to MCS Share Transfer Agent Limited at admin@mcsregistrars.com by the record date of March 23, 2026. The company emphasizes that no TDS-related communications will be considered after this deadline.

Required documentation varies by shareholder category and includes PAN details, exemption certificates, residential status declarations, and specific forms for different investor types such as mutual funds, insurance companies, and foreign portfolio investors.