In accordance with sections 391 to 394 of the companies act, Kinetic a name to be reckoned with in the area of automobiles and related technology completed its restructuring plan that brought together Kinetic Motor Company Limited and Kinetic Engineering Limited under a single roof.
The Bombay high Court has approved of this merger and according to the agreement, stake of promoters in kinetic engineering would stand at 53% from its current 57%. Balance shares will be held by the public and financial sector. The restricting plan thus completed will aim at strengthening ties between the Kinetic Group and thereby resolve issues which would make it easier for the brand to focus on its Powertrain systems in addition to its automobile and automotive technologies.
KEL will be entitled to hold shares in Mahindra Two Wheelers Limited worth Rs. 61 crores. Mr. Harjit Bhatia has been appointed by KEL as an additional director on the board of directors.