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Stock Report
Hon'ble High Courts of Allahabad, Delhi & Chandigarh sanctions Scheme of Arrangement of Amrit Banaspati
Posted On : 2007-06-29 02:57:05( TIMEZONE : IST )
Amrit Banaspati Company Ltd has announced that the Scheme of Arrangement ('The Scheme') between the Company and ABC Paper Ltd (ABC Paper) and Amrit Enterprises Ltd (AEL) has been sanctioned by the Hon'ble High Courts of Allahabad, Delhi and Chandigarh. The orders of the High Courts have been filed with the concerned Registrar of Companies for all the three Companies on June 23, 2007 and, therefore, the 'Effective Date' of the Scheme is June 23, 2007.
The Scheme inter alia provides for allotment of shares by the Transferee Companies i.e. ABC Paper and AEL and re-organization of the share capital by the Company as under:
1. In consideration of the demerger and vesting of the Paper Undertaking in ABC Paper Ltd. (ABC Paper), ABC Paper shall without any further application or deed, issue and allot to the equity shareholders of the Company as on the Record Date, two (2) Equity Shares of the face value of Rs 10/- each credited as fully paid-up for every four (4) Equity Shares of the face value of Rs 10/- each of the Company.
2. In consideration of the demerger and vesting of the Edible Oils Undertaking in Amrit Enterprises Ltd. (AEL), AEL shall without any further application or deed, issue and allot to the equity shareholders of the Company as on the Record Date, one (1) Equity Shares of the face value of Rs 10/- each credited as fully paid-up for every four (4) Equity Shares of the face value of Rs 10/- each of the Company.
3. Upon vesting in and transfer of the Paper Undertaking and Edible Oils Undertaking to ABC Paper and AEL respectively, the Company shall, for every four (4) fully paid-up Equity Shares of Rs 10/- each held by the equity shareholders on the Record Date, without any further application or deed, reduce and cancel two (2) fully paid-up Equity Shares of the face value of Rs 10/- each against the allotment and issuance of Equity Shares by ABC Paper and one (1) fully paid-up Equity Share of the face value of Rs 10/- each against the allotment and issuance of Equity Shares by AEL under the Scheme.
