Permanent Magnets to amalgamate Taparia Magnetics and few other companies

Permanent Magnets Ltd has announced that the Board of Directors of the Company at its meeting held on September 16, 2006, has approved, in principle the proposal of amalgamation under section 391 to 394 of the Companies Act, 1956 of the Taparia Magnetics Pvt Ltd., Sampada Capital Services Ltd and Suyog Agencies Ltd with the Company and Arrangement under Section 391 to 394 of the Companies Act, 1956 with the existing Preference Shareholders of the Company for issue of equity shares in lieu of and in exchange for Preference shares held by them, subject to approval of the same by the shareholders, respective High Courts and such other approvals as may be required.

The Board also appointed Valuer for determination of the Share Exchange Ratio.

Source : Equity Bulls

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