Bata to merge with its subsidiaries
Footwear firm Bata India has decided to merge its two wholly owned subsidiaries – Bata Properties Ltd and Coastal Commercial & Exim Ltd – with the company. The board of the company, in a meeting held yesterday decided to merge the two subsidiaries, Bata India said in a filing to BSE.
The Board of Directors of the Company at its meeting held on August 5, 2014, inter alia, have decided to merge Bata Properties Limited and Coastal Commercial & Exim Limited, the two wholly-owned subsidiaries, with the company. The aforesaid was stated by an official. However, the merger would be subject to regulatory approvals and sanction by the Calcutta High Court.
However details of when this merger will take place and other details have not yet been made available. Probably these will be decided in the upcoming meetings. The approval and sanction of the merger that will be required from the Calcutta High Court might take some time. Other than that some other required clauses and permissions also need to be taken. Bata is a Switzerland brand which has been operating in India since a long time.
Source: The Hindu Business Line
