Lifestyle Fabrics updates on scheme of arrangement

Lifestyle Fabrics Ltd has announced that the Board of Directors of the Company at its meeting held on March 08, 2007, has approved, subject to the approvals of the High Court of Gujarat and of such majority of the members and creditors as may be required, a draft Scheme of arrangement for Amalgamation of The Anup Engineering Ltd (Transferor Company) with the Company (Transferee Company) pursuant to Sections 391 to 394 and Reduction and Restructuring of Share Capital of the amalgamated Company pursuant to Sections 78, 100 to 103 and other relevant provisions of the Companies Act, 1956.

On the Scheme becoming effective, all assets and liabilities of the Transferor Company shall vest in the Transferee Company from April 01, 2006 i.e. the Appointed Date.

The Equity Shareholders of the Transferor Company shall be entitled for 90 Equity Shares each of Rs 10/- of the Company for every 1 Equity Share each of Rs 100/- of The Anup Engineering Ltd (AEL) each and pursuant to the Reduction and Restructuring of the share capital of the amalgamated Company, the equity capital of would be reduced to Rs 3.62 Crores divided into equity share of Rs 2/- each of face value of Rs 2 each credited as fully paid-up held by the equity shareholders whose names are recorded in the Register of Members on the record date or on such other basis as may be approved by the High Court of Gujarat. The said equity shares of Rs 2 each shall be consolidated into equity share of 10 each as fully paid up on the scheme becoming effective and accordingly the ultimate paid up equity capital of the Company (Transferee Company) on the scheme becoming effective would be consisting of 36,20,000 equity shares of Rs 10 each as fully paid up.

Source : Equity Bulls

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