The Hon’ble Justice Karnik of the Mumbai High Court has approved the Scheme of Amalgamation of German Remedies Ltd. (GRL) and Zoom Properties Ltd. with Cadila Healthcare Ltd (CHL).
This puts an end the three month old battle by the four shareholders of GRL, holding not more than 1000 shares of GRL in aggregate, against the Merger Scheme approved by the overwhelming majority of shareholders at the Court convened shareholders’ meeting. The objecting shareholders were challenging the valuation report and the swap ratio of 4:7 of GRL shares for CHL shares. The Court has brushed aside the objection and has approved the merger of GRL with CHL.
However, after the pronouncement of the judgement, the objecting shareholders requested the court to stay the operation of this order for filing an appeal in the Division Bench, which was granted for a limited period of 4 weeks.
With this, the proposed Scheme of Merger has been approved by the High Courts of Ahmedabad, Delhi and Mumbai.