NCLT approves the demerger of Piramal Enterprises' pharma business

The NCLT on Friday approved the demerger of Piramal Enterprises’ pharma business with the parent firm now retaining the financial ser­vices business. 

This paves the way towards creation of two sepa­ra­te listed entities — Piramal Enter­prises and Piramal Pharma. “The approval... is a significant miles­tone. We are on track to achieve the completion of demerger and separate listing of Piramal Pharma by the third quarter,” Ajay Piramal, chairman, Piramal Ente­r­p­rises, said in a statement. 

The Board had approved the demerger in October last year and the company later obtained consent from the RBI, SEBI, stock exchanges, and clearances from  creditors and equity