Areva T&D awaits High Courts approval for amalgamation

Areva T&D India Ltd has announced that the proposed Scheme of amalgamation of the AREVA T&D Systems India Ltd, AREVA T&D Instrument Transformers India Pvt Ltd and AREVA T&D Lightning Arresters Pvt Ltd with the Company is now pending in the High Courts at Chennai, Calcutta and Delhi for receipt of the 'NOCs' from the Regional Directors and further hearing in the matter. The next hearing dates are as under:

Calcutta High Court : July 02, 2007
Madras High Court : June 11, 2007
Delhi High Court : August 14, 2007

Since the "Appointed Date" under the Scheme is January 01, 2006, it is proposed to prepare and submit the consolidated Balance Sheet and Profit and Loss Account to the shareholders of the Company, i.e. the Transferee Company, for the year ended December 31, 2006.

From the Courts schedule mentioned above, it will be seen that the Scheme may get sanctioned only during August / September. Thereafter, certified copies of the High Court Orders will have to be received and filed with the respective Registrars of Companies.

In view of this, the Company has sought and obtained extension of time from the Registrar of Companies, West Bengal, Kolkata upto October 31, 2007 for holding the next Annual General Meeting (AGM) of the Company.

Therefore, for the year ended December 31, 2006, the AGM will be held on or before October 31, 2007. The exact date of the AGM will be communicated in due course immediately after the amalgamation process in completed.

Source : Equity Bulls

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