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Shipping Corporation of India Land and Assets Limited (SCILAL) was incorporated as a public limited company under the Companies Act, 2013, in Maharashtra, India, under the name of Shipping Corporation of India Land and Assets Limited pursuant to a certificate of incorporation dated November 10, 2021 issued by the Registrar of Companies, Mumbai, at Mumbai. It has been incorporated as a wholly owned subsidiary of The Shipping Corporation of India Limited (SCI) with the object of holding and disposing the Non-Core Assets of SCI distinct from the disinvestment transaction.
Pursuant to the Ministry of Corporate Affairs (MCA) order dated February 22, 2023 approving the demerger scheme and effective date being March 14, 2023, SCILAL will now be listed on stock exchange for which it is required to float an Information memorandum in the market consisting of information about the Company which includes restated financials giving effect of demerger. The appointed date of SCILAL demerger is April 01, 2021 and accordingly the Company is a Govt Company as per section 2(45) of the Companies Act, 2013 and from this date it has ceased to be subsidiary of SCI.
Business area of the company
The company has been incorporated with the object of holding and disposing the Non-core Assets of Shipping Corporation of India distinct from the disinvestment transaction.
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