Amrit Banaspati Updates on Scheme of Arrangement

Amrit Banaspati Company Ltd has announced that the Scheme of Arrangement between the Company and ABC Paper Ltd (ABC Paper) and Amrit Enterprises Ltd (AEL) and their respective Shareholders under Section 391-394 of the Companies Act, has already been approved by the Hon'ble High Court of Judicature at Allahabad and Hon’ble High Court of Punjab & Haryana at Chandigarh.

The Hon'ble High Court at Delhi has yet to approve the Scheme, the next date of which has been fixed for May 08, 2007. Since this is a composite Scheme of Arrangement between the Company and M/s. ABC Paper Ltd and M/s. Amrit Enterprises Ltd., the implementation of the Scheme would commence only after all the three High Courts have approved the Scheme, as the approval of the Scheme by Allahabad and Chandigarh High Courts is also subject to approval of the Scheme by the Delhi High Court. It is hoped that the Scheme will be approved by the Hon'ble Delhi High Court in May, 2007.

Therefore, the Company will be publishing the Audited Financial Results for the quarter and year ended March 31, 2007 by the end of May 2007.

The stock was trading at Rs.62.75, up by Re.0.65 or 1.05%. The stock hit an intraday high of Rs.62.90 and low of Rs.61.25. The total traded quantity was 757 compared to 2 week average of 10115.

Source : Equity Bulls

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