Home / Knowledge / News / Fashion / CFL to demerge Indian Terrain Fashions
CFL to demerge Indian Terrain Fashions
Mar '10
Celebrity Fashions Ltd has informed that the Board of Directors of the Company at its meeting held on March 03, 2010, approved the demerger of the domestic business of the Company into Indian Terrain Fashions Ltd. (ITFL). The Board also accorded their approval for hiving off the Company's Bottoms Division to Celebrity Clothing Ltd. (CCL), a subsidiary of Celebrity Fashions Ltd. (CFL) by way of Slump Sale on a going concern basis.

The demerger and hiving off would be in accordance with Scheme of Arrangement under Sections 391 to 394 of the Companies Act, 1956 (the Scheme). The Scheme is subject to necessary approvals / sanction of the concerned authorities including Stock Exchanges, Hon'ble High Court of Madras, Registrar of Companies, Shareholders and Creditors.

The Scheme further envisages the following:

1. Fair valuation of the assets of CFL as on March 31, 2010 (subject to approval of High Court)

2. Write off of accumulated losses in CFL against the Securities Premium Account to the extent available and / or against the General Reserves / Capital Reserves (if any).

Pursuant to the Scheme, the existing shareholders of CFL will be issued 2 (Two) new equity shares of Rs. 10/- each of ITFL, for every 7 (Seven) shares of Rs. 10/- each in CFL, in addition to their existing shareholding in CFL.

CCL, a subsidiary of CFL, upon hiving-off will issue 1,00,00,000 (1 Crore) equity Shares of Rs. 10/- each to CFL as net consideration for the transfer of assets and liabilities.

The Appointed Date for the transaction is January 1, 2010 subject to the approval of High Court.

Upon the Scheme becoming effective (on approval of the High Court), the shares of ITFL will be listed in BSE and NSE.

CCL will remain unlisted and a subsidiary of CFL.

Celebrity Fashions Ltd

Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Hannah Lane

Encouragement from brands will motivate supply chains to become more...

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Sonia Agarwal

‘The terms eco-friendly and organic are common but everyone perceives them ...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Urmil Arya

Sushila International, a well established textile organisation established ...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Ashok Desai
Bombay Textile Research Association

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

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Amiben Shroff

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

June 2018

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

news category

Related Categories:

Advanced Search