Pioneer Embroideries to amalgamate Crystal Lace India Ltd

Pioneer Embroideries Ltd has announced that the Board of Directors of the Company at its meeting held on November 07, 2006 has accorded in-principle approval for amalgamation of Crystal Lace (India) Ltd with the Company subject to the approval of Hon’ble High Court, Shareholders and other authorities as may be necessary.

Further the Company has informed that, the Amalgamation Committee as formed by the Board of Directors, inter alia, shall adopt and approve the Scheme of Amalgamation on behalf of the Board of Directors for amalgamation of Crystal Lace (India) Ltd with the Company.

Source : Equity Bulls

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