NEW DELHI, September 1, 2026: India Glycols Limited has fixed September 1, 2026, as the effective date for its approved demerger scheme, paving the way for the separation of its businesses into Ennature Bio Pharma Limited and IGL Spirits Limited. The company has also fixed September 2, 2026, as the record date for allotment of shares to eligible existing shareholders.
The decision was approved by the Board of Directors through a resolution passed by circulation on August 21, 2026, following receipt of the certified true copy of the National Company Law Tribunal (NCLT) order on August 20. The Allahabad Bench of the NCLT had sanctioned the arrangement on July 17, 2026. The appointed date for the demerger remains April 1, 2026.
Under the approved scheme, the biopharma undertaking of India Glycols will be transferred to Ennature Bio Pharma Limited, while the spirits and biofuel undertaking will be transferred to IGL Spirits Limited. Existing shareholders will receive one share of Ennature Bio Pharma for every three India Glycols shares held, while one share of IGL Spirits will be allotted for every one existing India Glycols share.
Shares held by India Glycols in the resulting companies will be cancelled once the scheme becomes effective. The remaining business, assets and liabilities of India Glycols Limited will continue to remain with the company.
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As part of the restructuring, IGL Spirits Limited has finalised a seven-member board, subject to shareholder approval. U.S. Bhartia has been appointed Chairman and Managing Director for a five-year term. The other proposed directors include Vedant Jhaver, Shirish Rajendra Barwale, Samrat Banerjee, Raj Kishore Singh, Vimal Bhandari and Nidhi Jagat Killawala. The appointments bring experience across business management, technology, economics, oil and gas, financial services and corporate law.
Ennature Bio Pharma Limited has also finalised a seven-member board. Pragya Bhartia Barwale has been appointed Managing Director and Key Managerial Personnel for five years. The proposed board also includes U.S. Bhartia, Pooja Jhaver, Malay Memani, Shukla Wassan, Bharati Agarwal and Shilpa Divekar Nirula, subject to shareholder approval. Pragya Bhartia Barwale has more than 18 years of experience and has led the Ennature Biopharma division to revenue exceeding âš200 crore.
The NCLT-approved demerger provides for the respective undertakings to transfer to the new entities as going concerns, along with their associated rights, benefits, interests and obligations. This includes pending legal proceedings and tax liabilities linked to the businesses being transferred.
The scheme also contains provisions relating to tax obligations. The Income Tax Department retains its right to recover existing and future liabilities of the demerged company in relation to assets transferred under the arrangement. The petitioner companies are also required to file modified income tax returns under Section 314(1) of the Income Tax Act, 2025, within six months from the end of the month in which the NCLT order was passed.
The demerger had already received overwhelming approval from India Glycols shareholders before the final NCLT sanction. Of the 4,42,48,626 votes cast by equity shareholders, 4,42,48,625 were in favour of the scheme and only one vote was against it. The arrangement also received unanimous consent from participating unsecured creditors, with all 36 creditors voting in favour by value.
The restructuring marks a significant corporate reorganisation for India Glycols, creating separate entities for its biopharma and spirits and biofuel businesses. With the September 1 effective date and September 2 record date now established, the demerger has moved into its implementation phase.
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