Lifestyle Fabrics withdraws scheme of arrangement

Lifestyle Fabrics Ltd has announced that the Board of Directors of the Company in consultations with Board of Directors of Transferor Company, The Anup Engineering Ltd have decided not to proceed in the matter of proposed Amalgamation since. The Anup Engineering Ltd would like to focus first on implementation of its revised scheme as directed by the Board for Industrial and Financial Reconstruction (BIFR). Accordingly, the Board of Directors of the Company has decided in its meeting held on June 11, 2007 not to proceed with the said Composite Scheme of Arrangement in the nature of Amalgamation filed on March 20, 2007 with the Stock Exchange for approval.

Further the Company has informed that, in view of the decision of the Board, the Company hereby withdraw the said Scheme of Arrangement.

Source : Equity Bulls

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