The shareholders of Hindustan Lever Ltd [Get Quote] have given their nod to the scheme of arrangement between HLL, Shamnagar Estates Pvt Ltd, Jamnagar Properties Pvt Ltd, Hindustan Kwality Walls Foods Pvt Ltd for demerger of shares.

The general body meeting of shareholders, held on October 30 as per the directives of Bombay high court, approved the transfer of shares from HLL to the three companies, namely Shamnagar Estates Pvt Ltd, Jamnagar Properties Pvt Ltd and Hindustan Kwality Walls Foods Pvt Ltd, the company informed the Bombay Stock Exchange.

In accordance with provisions of the Companies Act, the approval for demerger and transfer of shares from HLL to the three companies was given by a three-fourth majority of the shareholders.

Of the 519 ballots found valid, 498 (95.98 per cent) representing 123,03,83,133 shares were in favour of the resolution for the demerger and transfer of HLL shares to the three companies.

The shareholders also approved the Scheme of Arrangement involving Amalgamation of Modern Food Industries (India) Ltd and Modern Food and Nutrition Industries Ltd with HLL.

The motion for the merger of two companies with HLL was approved by the requisite majority.

Of the 520 ballots found valid, 500 ballots (96.15 per cent) representing 132,29,99,145 shares were in favour of the resolution.

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