HLE Glascoat Limited — Updates, 14-08-2025: Scheme of Arrangement

HLE Glascoat Limited received NCLT approval for its amalgamation scheme with Kinam Enterprise Private Limited. Effective August 7, 2023, Kinam Enterprise will merge into HLE Glascoat, transferring all its assets, liabilities, and employees. The Tribunal noted HLE Glascoat has approximately 5.57 Cr in outstanding income tax demand and 311.11 Cr in secured debt. Tax authorities retain rights to assess future tax implications. This approval is deemed beneficial for shareholders and creditors, streamlining the company's structure.