Veedol Corporation Limited (formerly Tide Water Oil Company India Ltd.) has announced the official closure of its German subsidiary, Veedol Deutschland GmbH, following the completion of liquidation proceedings.
The company informed both the National Stock Exchange of India and BSE Limited that the liquidation has been formally entered in the German commercial register, marking the final step in a process that began in May 2024. The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
According to the official filing signed by Company Secretary and Head Legal Abhijit Tikekar, the closure of the wholly owned subsidiary will not affect Veedol Corporation's business operations. The German entity contributed nil turnover, revenue, income, and networth to the parent company during the last financial year.
The transaction does not constitute a sale or disposal, as it represents the voluntary winding down of a subsidiary company. Consequently, standard disclosure requirements related to buyers, consideration amounts, and related party transactions were marked as not applicable in the regulatory filing.
Veedol Corporation's shares trade on the NSE under the scrip ID VEEDOL and on BSE under scrip code 590005. The company submitted the disclosure to both exchanges for information and record purposes, ensuring compliance with Indian securities regulations governing listed entities.