Cyril Amarchand Mangaldas acted as legal counsel to Strides Shasun Limited (SSL) and SSL Pharma Sciences Limited (SSL Pharma) on a composite scheme of arrangement (Scheme) between SSL, SSL Pharma, and SeQuent Scientific Limited (SeQuent) for the following:
(i) the demerger of SSL’s commodity active pharmaceutical ingredients (API) business into SSL Pharma on a going concern basis in consideration for shares to be issued by SSL Pharma to shareholders of SSL; and
(ii) the demerger of the human health API business of SeQuent into SSL Pharma on a going concern basis in consideration for shares to be issued by SSL Pharma to shareholders of SeQuent.
The transaction is subject to customary conditions precedent and applicable regulatory approvals, including the approval of the Competition Commission of India (CCI) and the Mumbai Bench of the National Company Law Tribunal (NCLT).
This is the first transaction under circular no. CFD/DIL3/CIR/2017/21 dated March 10, 2017 issued by the Securities and Exchange Board of India (SEBI Scheme Circular), wherein shares of the resulting company, SSL Pharma, are proposed to be listed on the BSE Limited and National Stock Exchange of India Limited in terms of the SEBI Scheme Circular.
The Cyril Amarchand Mangaldas team was led by Bangalore-based Partners Nivedita Rao and Arjun Lall with legal due diligence, and listing was done by Bangalore-based Partner Reuben George Chacko. Mumbai-based Partners Bharat Budholia and Sharad Mathkar advised on competition law aspects and litigation aspects of the transaction, respectively.
The Boards of Directors of SSL, SSL Pharma, and SeQuent approved the Scheme on March 23, 2017, and the closing of the transaction will occur after receipt of relevant regulatory approvals.
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