IPCL - Hon'ble High Court, Gujarat approve Scheme of Amalgamation

Indian Petrochemicals Corporation Ltd (IPCL) has announced that Hon’ble High Court of Gujarat at Ahmedabad has approved the Scheme of Amalgamation of the six Polyester Companies viz Appollo Fibres Ltd (AFL), Central India Polyesters Ltd (CIPL), India Polyfibres Ltd (IPL), Orissa Polyfibres Ltd (OPL), Recron Synthetics Ltd (RSL) and Silvassa Industries Pvt Ltd (SIPL) with the Company vide its Order dated August 18, 2006, which was received by the Company on September 26, 2006.

The certified copy of the Order of the Hon’ble High Court of Judicature of Gujarat at Ahmedabad has been filed with the Registrar of Companies on September 27, 2006 and hence the Scheme has become effective from this date.

In accordance with the Scheme of Amalgamation as sanctioned by the Court, the Company will issue and allot fully paid up Equity Shares of Rs 10/- each of the Company to the shareholders of all the six Transferor Companies in the ratio(s) as mentioned in the Scheme.

Further the Company has informed that the Board of Directors of the Company has fixed October 12, 2006 as Record Date for the purpose of determining the shareholders of all the six transferor Companies viz. AFL, CIPL, IPL, OPL, RSL and SIPL who will entitled to receive Equity Shares of the Company in terms of the Scheme.

Source : Equity Bulls

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