Mumbai, July 10: McDowell and Company will amalgamate Shaw Wallace Distilleries, Herbertsons Limited and six other group companies with itself and demerge its investment business into McDowell India Spirits Limited.

The six other operating companies are Phipson Distillery, United Spirits, Triumph Distilleries and Vintners Private Limited, Baramati Grape Industries Limited, United Distillers India Limited and McDowell International Brands Limited.

The Vijay Mallya-controlled company had mooted the amalgamation scheme last September. On February 6, McDowell and company shareholders and creditors had approved the composite scheme of arrangement with requisite majority.

The company today informed the Bombay Stock Exchange that it has proposed a composite scheme of arrangement for its amalgamation and demerger plans and has filed applications in the high courts of Karnataka and Mumbai.

Karnataka High Court has already approved the application in its order dated June 23. The composite scheme of arrangement would be effective only from the date the other petitions filed before the high courts are approved.

Moreover, the company had proposed to amalgamate its non-operative overseas wholly owned subsidiaries, Asian Opportunities and Investments in Mauritius and Zelinka in Cyprus, with itself. However, due to business needs, the board decided to withdraw the scheme of amalgamation and the Karnataka High Court has, by its order dated July 7, permitted the withdrawal.