Home / Knowledge / News / Apparel/Garments / TPG, Shriram buy Vishal Retail Limited
TPG, Shriram buy Vishal Retail Limited
16
Mar '11
Vishal Retail Ltd has announced regarding "Completion of the Slump Sale of the Wholesale Undertaking and the Retail Undertaking of the Vishal Retail Ltd.

Pursuant to Clause 36 of the Listing Agreement, please be informed that pursuant to the terms of the definitive slump sale agreements entered into by the Company, the approved CDR Package of the Company and the receipt of all requisite approvals.

Including (i) the approval of the Board of Directors of the Company at its board meeting held on September 10, 2010. (ii) the approval of the Shareholders of the Company, obtained on October 25, 2010, by way of the postal ballot conducted by the Company, and (iii) the modification of the stay orders issued by the Hon'ble Delhi High Court, the Company has March 14, 2011 completed the sale and transfer, on a slump sale basis, of

(a) the retail trading undertaking of the Company ("Retail Undertaking") to Airplaza Retail Holdings Private Limited (a company owned by the Shriram Group) ("Airplaza Retail"), together with all rights. assets and interests pertaining to the Retail Undertaking (including but not limited to fixed and movable assets. inventory. stock-in trade. cash and cash equivalents. store leases. leasehold improvements and fit-outs. and contractual entitlements of the Retail Undertaking) and certain identified liabilities pertaining to the Retail Undertaking;

(b) the wholesale trading, institutional sales and franchise operations undertaking of the Com pan) ("'Wholesale Undertaking") to TPG Wholesale Private Limited (Indian subsidiary of TPG YW. Limited), together with all rights. assets and interests pertaining to the Wholesale Undertaking (including but not limited to fixed and movable assets, inventory, stock-in trade, cash and cash equivalents, warehouse and distribution centre leases. leasehold improvements and fit-outs. information technology systems. rights to all trademarks and intellectual property used and/or owned by the Company and/or its Promoters (including but not limited to the name and style "Vishal"'. "Vishal Retail". "Vishal Megamart" and "Vishal Fashion Mart" (including any derivatives thereof)) and contractual entitlements of the Wholesale Undertaking) and certain identified liabilities pertaining to the Wholesale Undertaking.

Pursuant to the transfer of the Retail Undertaking to Airplaza Retail and the Wholesale Undertaking to the Wholesale Company on a slump sale basis for a lump sum consideration, the Company will receive an aggregate cash consideration of Rs. 700 million from Airplaza Retail and the Wholesale Company,

Please also be informed that consequent to slump sale of the undertakings, on and from March 14, 2011:

(a) barring a few identified employees of the Company, most employees of the Retail Undertaking and the Wholesale Undertaking have obtained fresh employment with the Retail Company and the Wholesale Company respectively and such employees will cease to be employed by the Company; and

(b) except in the case of the corporate name of the Company (and that too for a limited period of five months), the Company, its promoters and their respective affiliates have ceased trading and conducting business operations under inter alia the name and style "Vishal", "Vishal Retail", "Vishal Megamart' and "Vishal Fashion Mart" (including any derivatives thereof); and

(c) the Company has ceased all trading operations from the store locations from where it conducted its retail trading activities, and pursuant to the transfer of the Retail Undertaking to Airplaza Retail, only Airplaza Retail may conduct trading operations from the store locations from where the Company currently conducts its retail trading activities.

Vishal Retail Limited

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 23rd Jan 2017

US textile industry eager to work with President Trump

The US textile industry is eager to work with President Donald Trump...

Textiles | On 23rd Jan 2017

China’s cotton imports down 39% in 2016

China’s total cotton imports declined by 39.1 per cent to ...tons in...

Courtesy: ZDHC

Textiles | On 23rd Jan 2017

Oeko-Tex joins ZDHC programme for sustainability

Oeko-Tex, an independent textile testing institute working for the...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search