INOX Leisure to merge Calcutta Cine Pvt Ltd with the Company

INOX Leisure Ltd has announced that with respect to the proposed acquisition of Calcutta Cine Pvt Ltd ("CCPL"), at the meeting of the Board of Directors of the Company and CCPL, on September 19, 2006, the Board of Directors of both the Companies have approved the valuation report submitted by M/s. N M Raiji & Co., Chartered Accountants, with respect to amalgamation of CCPL with the Company.

Subject to the provision of section 391 to 394 and other applicable provisions, if any of the Company's Act, 1956 and subject to the requisite approval of the creditors / members of the respective Companies and also subject to the sanction of the respective High Courts, the Board of Directors of the Company and CCPL have approved issue of 33 equity shares of Rs 10/- each of the Company for every 1 equity share of Rs 1,000/- of CCPL.

Further the Company has informed that, the Board of Directors of the Company and CCPL, have approved the Merger Agreement and Scheme of Amalgamation. Accordingly the Merger Agreement has been executed by both the Companies.

Source : Equity Bulls

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