HUL Gets NCLT Nod To Hold Shareholder Meet On Kwality Wall’s Demerger

The Mumbai bench of the National Company Law Tribunal has directed Hindustan Unilever Ltd. to convene a meeting of its shareholders on August 12 to approve the demerger of its ice-cream business into a separate entity – Kwality Wall’s (India) Ltd., the company said in a filing Wednesday.

The meeting of equity shareholders will be chaired by Ferdino Rebello, former chief justice of the Allahabad High Court, and the scrutiniser will be Ashwini Ramakant Gupta, a company secretary, the tribunal said.

The board had cleared the demerger in January. Kwality Wall’s will focus on manufacturing and selling ice cream, frozen desserts, and other frozen food products. It will be listed separately, and shareholders of HUL will get one share of Kwality Wall’s for every share they hold in the parent company.

Hindustan Unilever said the demerger would unlock value in a high-growth segment, supported by brands like Kwality Wall’s, Cornetto, and Magnum.