GMR Industries Updates on Scheme of Arrangement

GMR Industries Ltd has announced that the Company has filed an application in the Hon'ble High Court of Andhra Pradesh on December 06, 2006. As informed, the said Scheme of Arrangement between Bharat Sugar Mills Ltd, the Company, GMR Ferro Alloys & Industries Ltd and their respective shareholders comprises:

Section A - deals with the amalgamation of Bharat Sugar Mills Ltd (Transferor Company) with the Company (Transferee Company) by the transfer and vesting of the undertaking of the Transferor Company with the Transferee Company, pursuant to Section 391 and Section 394 of the Companies Act, 1956.

Section B - deals with the demerger of the Ferro Alloys Undertaking of the Company (Transferee / Demerged Company) to GMR Ferro Alloys & Industries Ltd (Resulting Company) and in consideration thereof issue of equity shares by the Resulting Company to the shareholders of the Demerged Company on a proportionate basis, pursuant to Section 391 and Section 394 of the Companies Act, 1956.

Further the Company has informed that, the other participating Companies in Scheme of Arrangement have also filed the applications with the Hon'ble High Court of Andhra Pradesh, separately, on December 06, 2006.

Source : Equity Bulls

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