Hindusthan Udyog Limited agreed to acquire Asutosh Enterprises Limited, Neptune Exports Limited, Northern Projects Limited, Tea Time Limited and Orient International Limited.
For the year ended March 31, 2019, Asutosh Enterprises Limited, Neptune Exports Limited, Northern Projects Limited, Tea Time Limited reported revenues of INR 7.62 million, INR 7.52 million, INR 0.101 million and INR 0.08 million respectively. As of March 31, 2019, Tea Time Limited, Northern Projects, Neptune Exports and Orient International reported net worth of INR 246.507 million, INR 174.909 million, INR 183.533 million and nil respectively. The transaction was approved by Board of Directors of Hindusthan Udyog Limited on September 26, 2019. As of March 21, 2020, the transaction was approved by Board of Tea Time, Northern Projects and Neptune Exports. As on March 9, 2022, the transaction is approved by NCLT. As on March 17, 2022, Record date is March 30, 2022. As on March 26, 2022, a Board of Directors meeting is scheduled on March 31, 2022, to inter- alia , consider and approve the allotment of shares to shareholders of TTL, NEL, NPL and OIL (as on record date i.e. March 30, 2022.) pursuant to scheme of amalgamation.