Shipping Corporation of India Land & Assets Ltd Company Summary

Shipping Corporation of India Land & Assets Ltd Summary

Shipping Corporation of India Land and Assets Limited (SCILAL), a Schedule C Public Sector Enterprise of Government of India, was incorporated on November 10, 2021 as a Wholly owned Subsidiary of Shipping Corporation of India Limited (SCI). The Company has been incorporated with the object of holding and disposing the Non-core Assets of SCI distinct from the disinvestment transaction initiated by the Government of India.The demerger order transferring SCIs non-core assets into SCILAL was issued by MCA on 22nd February, 2023. Further, the Ministry of Corporate Affairs vide its order dated 22nd February, 2023, approved the Scheme of Arrangement for Demerger of Non-Core Assets of Shipping Corporation of India Limited (SCI) into the Company and the Scheme of Demerger became effective from March 14, 2023. Consequent upon the Demerger, all Non-Core assets including the Real-Estate Properties of Shipping Corporation of India Limited got demerged and transferred into the Company. Thereafter, the Company had issued and allotted 465,799,010 equity shares at Rs 10/- each on 06.04.2023 to the eligible Shareholders of Shipping Corporation of India Limited and the said shares got listed on the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) on 25.05.2023.