Sun Pharma will take up the amalgamation of five wholly-owned subsidiaries at an equity shareholder meet next month, the company said.

The subsidiaries are being amalgamated as part of ongoing simplification of the group structure in India, a person familiar with the development told businessline.

“Pursuant to the NCLT Order dated November 14, 2024, a meeting of the equity Shareholders of Sun Pharmaceutical Industries Limited will be held on Tuesday, January 21, 2025 … to consider, approve, the Scheme of Arrangement for amalgamation of five wholly-owned subsidiaries with the Company and Reclassification of general reserves into retained earnings,” Sun Pharma recently told the stock-exchange.

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In fact, the company had said in its annual report (2023-24), “As part of the ongoing simplification of the group structure in India, the Board of Directors of the Company at its meeting held on May 30, 2022, approved the Scheme of Amalgamation for the merger of Wholly-owned Subsidiaries, Sun Pharmaceutical Medicare Limited, Green Eco Development Centre Limited, Faststone Mercantile Company Private Limited, Realstone Multitrade Private Limited and Skisen Labs Private Limited (collectively “Transferor Companies”), with Sun Pharmaceutical Industries Limited (“Transferee Company”).”

Further, it added, “Subsequently, in supersession of the approval granted on May 30, 2022, the Board of Directors of the Company at its meeting held on November 01, 2023 approved a Composite Scheme of Arrangement covering two aspects (1) Amalgamation of the same five wholly-owned subsidiaries into the Company, and (2) Reclassification of general reserves to retained earnings with an appointed date of April 01, 2023 and/or such other date as may be approved by the National Company Law Tribunal pursuant to the provisions of Sections 230 to 232 of Companies Act, 2013 and other relevant provisions of the Companies Act, 2013 and rules framed thereunder.”

Alembic update

Meanwhile, in a separate development earlier this month, another pharma company – Gujarat-based Alembic Pharmaceuticals said, it had dissolved or was in the process of dissolving six of its step-down subsidiaries. None of them were operational, it added.

The companies were: Okner Realty LLC ; Alembic Labs LLC ; Alnova Pharmaceuticals SA ; Dahlia Therapeutics SA ; Genius LLC and Alembic Mami SpA, according to a company disclosure to the stock-exchanges.