The Board of Jindal Poly Films Limited (BSE:500227) announced the spin-off of Jindal Photo Imaging Limited on November 12, 2018. The scheme involves the demerger of the Photo Films Business of Jindal Poly Films Limited, as a going concern into Jindal Photo Imaging Limited. For every four equity shares held in the Jindal Poly Films Limited as on the record date, every equity shareholder of Jindal Poly Films Limited, shall without any application, act or deed, be entitled to receive one equity share each of Jindal Photo Imaging Limited. There shall be no change in the shareholding pattern of the Jindal Poly Films Limited pursuant to the scheme becoming effective. Pursuant to the demerger, the shareholding of the Jindal Poly Films Limited in Jindal Photo Imaging Limited will be cancelled. Jindal Photo Imaging Limited will issue and allot its shares to the shareholders of the Jindal Poly Films Limited in the following: proportion in which they hold shares in the Jindal Poly Films Limited i.e.; mirror image of the shareholding structure will be created in both the companies. Jindal Photo Imaging Limited shall apply for listing of its equity shares upon receipt of the order of Tribunal as per provisions of applicable rules, regulations and SEBI Circulars. The scheme is subject to the approval of the Hon'ble National Company Law Tribunal, Allahabad Bench and other statutory approvals. The scheme of arrangement has been approved by the Board of Directors of Jindal Poly Films Limited. As of December 9, 2019, National Company Law Tribunal has sanctioned the Scheme of Arrangement. The appointed date of the scheme is April 1, 2019. As of December 9, 2019, transaction was approved by NCLT. As of December 13, 2019, the name of Resulting Company has been changed from Jindal Photo Imaging Limited to Universus Photo Imagings Limited pursuant to shareholder's resolution dated December, 11, 2019. After getting approval from the National Company Law Tribunal, as of December 24, 2019, the record date has been fixed as December 31, 2019. 3Dimension Capital Services Limited acted as fairness opinion provider on the share entitlement ratio while SS Kothari Mehta & Co. provided opinion report on the share entitlement ratio to Jindal Poly Films Limited.

The Board of Jindal Poly Films Limited (BSE:500227) closed the spin-off of Jindal Photo Imaging Limited on January 3, 2020. Jindal Photo Imaging Limited issued and allotted 10.9 million shares to the shareholders of the demerged company. Jindal Photo Imaging Limited will now be known as Universus Photo Imagings Limited.