India, April 17 -- The Board of CRISIL at its meeting held on 17 April 2019 has approved a Scheme of Arrangement ('Scheme') for transfer of its Ratings business to a Wholly Owned Subsidiary (to be incorporated) ("Transferee Company") of the Company. The Ratings business along with the assets, liabilities, contracts, deeds, obligations etc. shall be transferred and vested with such Transferee Company, as a going concern by way of a slump sale, on the terms and conditions mentioned in the Scheme.
The Scheme would be subject to the requisite statutory /regulatory approvals and other conditions including the approval of the National Company Law Tribunal (Mumbai Bench) under sections 230-232 of the Companies Act, 2013.
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