Shilpa Medicare Ltd - 530549 - Updates On The Earlier Intimations Made To The Stock Exchange Dated 12 July 2021 & 19 August 2021 With Regard To Transfer Of Active Pharmaceutical Ingredient (API) Business Of The Company.
The Board at its meeting held on 12 July 2021 subject to the consent of members approved the transfer of Active Pharmaceutical Ingredient (API) Business of the Company consisting of Unit-1 and Unit-2 situated at Raichur, by way of slump sale to its Wholly-owned Subsidiary 'Shilpa Lifesciences Private Limited'. Subsequently, the said transaction was approved by the members of the Company on 19 August 2021 by way of passing a special resolution through Postal Ballot. According to the information provided dated 12 July 2021 the said transaction subject to Regulatory, Statutory and other approvals was expected to be completed on or before 30 September 2021. However, the same couldn't be completed within the timeline due to inevitable grounds, this was deliberated in the Board meeting held today, The Company expects the impending slump sale to now get completed by around 31 December 2021.14-10-2021