Vijay Mallya-controlled Mcdowell & Company Ltd on Thursday said it would not proceed with the merger of its wholly owned subsidiaries, Asian Opportunities and Investments Ltd and Zelinka Ltd with itself, due to business needs.
The board has decided to withdraw the schemes of amalgamation and steps are being taken with the Karnataka High Court to call off the shareholders meeting scheduled for July 13, Mcdowell informed the Bombay Stock Exchange.
The meeting was to consider and approve merging Asian Opportunities with Mcdowell & Company, it said.
The scheme of amalgamation of Zelinka with the company has not been filed with the Karnataka High Court, the UB group company added.
The company's board of directors had earlier approved the above schemes at the meeting held in September last year.
Shares of Mcdowell & Company were down 0.42 per cent at Rs 422.50 on the BSE on Thursday.