Strides Arcolab Limited has announced receipt of Court Orders for the Transferor Companies from the Karnataka High Court and High Court of Judicature at Madras on the sanction of the Composite Scheme of Arrangement.
The company had earlier received the order from the High Court of Judicature at Bombay sanctioning the Composite Scheme of Arrangement between Grandix Pharmaceuticals Limited, Grandix Laboratories Limited, Global Remedies Limited and Quantum Remedies Private Limited (‘Transferor Companies’) with Strides Arcolab Limited (Transferee Company).
With this, the company has received all the necessary Court approvals.
The company had earlier announced a corporate reorganization plan to achieve efficiency and customer focused approach. This approval from the High Courts will enable consolidation of multiple entities and furthering its hive-off programme to align its global operations into pharma and specialties.
In a statement issued on the occasion Arun Kumar, Group CEO said that the reorganization programme which is aimed at achieving next level growth for the company is being implemented.