Simbhaoli Spirits Limited entered into a scheme of amalgamation to acquire Simbhaoli Sugars Limited (BSE:539742) from a group of investors on October 8, 2015. Simbhaoli Spirits will issue 117 equity shares for every 100 Simbhaoli Sugars shares and Simbhaoli Spirits will issue 139 equity shares for every 100 Simbhaoli Sugars redeemable preferred shares. The investor group comprises of Dholadhar Investments Pvt Ltd, Gurmit Singh Mann, Gurpal Singh, Gursimran Kaur Mann, Govind Singh Sandhu, Jai Inder Kaur, Angad Singh, Pritam Singh Sandhu Associates Pvt Ltd and others. Simbhaoli Spirits Limited name will change to Simbhaoli Sugars Limited. All staff, workmen and employees of Simbhaoli Sugars Limited will become staff, workmen and employees of Simbhaoli Spirits Limited. The transaction is subject to approval from creditors of Simbhaoli Sugars Limited, regulatory, statutory and central government approval. The transaction was approved by the Board of Directors of Simbhaoli Sugars Limited and Allahabad High Court. Simbhaoli Spirits Limited cancelled the acquisition of Simbhaoli Sugars Limited (BSE:539742) from a group of investors on January 27, 2017.