Precision Camshafts Limited has announced its decision to dispose of 100% shareholding in its material subsidiary by initiating insolvency proceedings. This move was decided during a board meeting held on September 8, 2025.
The decision is pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The resolution involves the disposal of the company’s 100% shareholding in its material step-down subsidiary, MFT Motoren und Fahrzeugtechnik GmbH, Germany.
The remote e-voting will commence on September 16, 2025 (9:00 AM IST) and shall end on October 15, 2025 (5:00 PM IST). The results of the postal ballot will be announced on or before October 17, 2025.
The Postal Ballot results will be available on the company website www.pclindia.in, and will be intimated to National Stock Exchange of India Limited and BSE Limited and will be available at www.nseindia.com and www.bseindia.com, respectively.
The board has authorized initiating insolvency proceedings for MFT under German laws and appointed an insolvency professional in Germany to carry out the process.
The board also acknowledged recording the cessation of control over MFT upon completion of insolvency/liquidation and authorized actions in compliance with Indian and foreign laws.
The resolution is for the disposal of the Company’s 100% shareholding in its material step-down subsidiary, MFT Motoren und Fahrzeugtechnik GmbH, Germany.
The board recommends passing the Special Resolution as set out in Item No. 1 of this Notice, which, inter alia, seeks Members’ approval to authorize the Board of Directors of the Company and/or the Board of Directors of the respective subsidiary and material subsidiary of the Company to initiate insolvency proceedings of MFT under the prevailing laws of Germany.
The board has also authorized the Board to appoint and empower an insolvency professional in Germany to carry out the process, acknowledge and record the cessation of control over MFT upon completion of insolvency/liquidation, and authorize the Board (and its committees) to undertake all necessary filings, disclosures, and incidental actions in compliance with Indian and foreign laws.
Source: Other