Whalesbook
Okay guys, toh India Glycols ka jo demerger ka plan chal raha tha na, usko ab National Company Law Tribunal (NCLT) ne approve kar diya hai. Matlab, company ab apne Bio Pharma waale business ko Ennature Bio Pharma Limited mein aur Spirits aur Biofuel waale business ko IGL Spirits Limited mein split karegi. Ye sab April 1, 2026 tak poora ho jayega. Iss scheme ko final approve karne ke liye March 24, 2026 ko unsecured creditors ki meeting bhi hogi.
Is split ka reason simple hai – har business ko apne specific sector mein alag se grow karne ka chance milega. Ennature Bio Pharma biotech mein focus karegi, aur IGL Spirits spirits aur biofuel par. Isse dono ko better management aur capital milega. Company ne Q3 FY26 mein revenue 5.25% badhaya aur profit mein bhi achha jump dikhaya hai. Bio-Fuel aur Bio-based segments strong hain, par Ennature Biopharma segment mein revenue thoda gira tha feedstock costs aur market volatility ke kaaran. Company debt kam karne par bhi focus kar rahi hai.
Ab aate hain main point par – ye demerger toh ho raha hai, par company bohot saare legal aur tax ke chakkar mein bhi fansi hui hai. Ye investors ke liye kaafi risky ho sakta hai. Dekho kya-kya chal raha hai:
- Civil Matters: Kuch bade civil cases chal rahe hain, jaise Singapore High Court mein ek appeal, Mumbai mein ek suit, aur Uttarakhand Power Corporation ke saath mamla. Ek arbitration award ke khilaaf bhi appeal pending hai.
- Tax Related Matters: Tax mein bhi kaafi issues hain, jaise CSR expenses allow nahi kiye jaa rahe aur Section 35(2AB) ke claims. Duty drawback aur dividend distribution tax ke bhi masle hain.
- Indirect Tax Matters: Excise duty aur penalties ko lekar bhi proceedings chal rahi hain, specially Denatured Ethyl Alcohol (DEA) ke mamle mein.
- Customs Duty Dispute: December 2025 mein Ennature Bio-Pharma ko customs duty ka ₹32.95 lakh ka demand order mila hai, saath mein utni hi penalty. Company appeal karne wali hai.
- Tax Appeal Outcome: Haalat ye hai ki December 2025 mein ITAT ne ₹5.06 crore ke tax demand mein company ke favour mein order diya, jo ek achhi baat hai. Aur ₹1.92 crore ke Transitional Input Tax Credit wale order ko bhi set aside kar diya gaya.
Toh basically, company ko ek taraf se split karna hai business ko unlock karne ke liye, aur doosri taraf ye saare pending legal aur tax cases manage karne hain. Agar koi adverse judgment aata hai, toh paison ka nuksan ho sakta hai. Isliye investors ko bade dhyan se dekhna hoga ki ye cases kaise resolve hote hain.