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.

IGL Spirits Limited, a wholly owned subsidiary of india glycols , has appointed Manoj Kumar Rai as its Chief Operating Officer effective July 2, 2026. This strategic leadership addition aims to bolster the operational capabilities of the subsidiary with a veteran possessing over 27 years of experience across the engineering, consumer goods, entertainment, and alcoholic beverages industries.

Appointment Details

The appointment was formalized on July 2, 2026. The disclosure was submitted to the stock exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Para A of Part A of Schedule III and the SEBI Master Circular dated January 30, 2026.

Profile of Manoj Kumar Rai

Manoj Kumar Rai, aged 53 years, is a seasoned business leader with deep expertise in business strategy, P&L management, commercial excellence, and business transformation. He holds a Postgraduate Diploma in Business Management from the Indian Institute of Management, Lucknow, and a Bachelor of Technology from the Indian Institute of Technology, Delhi.

Prior to this appointment, he served as Chief Revenue Officer at Allied Blenders and Distillers Limited. His career also includes significant tenures at prominent organizations such as Pernod Ricard India, Marico Industries, and Saregama India.