Veritas board greenlights subsidiary asset transfer, shareholders to vote

Veritas (India) Limited announced on December 3, 2025, that its board of directors has in-principally approved the transfer and disposal of certain assets and liabilities of its material subsidiary, Verasco FZE. The transaction involves assets valued at $130 million and liabilities of $80 million. The base consideration for this deal is $50 million.

The assets and liabilities will be transferred to Inergy FZE, Sharjah, UAE. This board approval is contingent upon the approval of Veritas (India) shareholders, which will be sought through a special resolution via postal ballot.

The transaction's finalization is subject to the execution of definitive agreements, completion of regulatory and statutory requirements, and potential value revisions based on mutual discussions with Inergy. The postal ballot notice is dated December 3, 2025, and includes an agenda for the appointment of Mr. Sunil Sehgal as a non-executive non-independent director.