Aristocrat Luggage approves merger ratio for amalgamation with VIP Industries

Aristocrat Luggage Ltd has announced that the Board of Directors of the Company at its meeting held on June 29, 2007, inter alia, has:

1. Considered and approved the Valuation Report for the purpose of determining the share exchange ratio, submitted by M/s. PricewaterhouseCoopers Pvt Ltd and M/s. Suresh Surana & Associates, Chartered Accountants.

2. Considered and approved the draft of the Scheme of Amalgamation for the proposed amalgamation of the Company and Quality Plastics Ltd with VIP Industries Ltd pursuant to the provisions of Section 391 and 394 of the Companies Act, 1956, and other applicable provisions.

3. Approved that under the proposed Scheme of Amalgamation, 1 (One) fully paid up equity share of Rs 10/- each of VIP Industries Ltd be issued for ever 2 (Two) equity shares of Rs 10/- each of the Company.

4. Approved that the Appointed date of the proposed Scheme of Amalgamation shall be April 01, 2007.

The matters as approved by the Board shall be subject to the approval of the Members, the Hon'ble High Court of Judicature at Bombay and / other required approvals.

Source : Equity Bulls

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