Home / Knowledge / News / Fashion / CFL to demerge Indian Terrain Fashions
CFL to demerge Indian Terrain Fashions
09
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

Japan’s JICA promoting energy-saving devices in Bangladesh

Apparel/Garments | On 21st Feb 2018

Japan’s JICA promoting energy-saving devices in Bangladesh

The Japan International Cooperation Agency (JICA) is promoting use of ...

China’s JD.com announces financing pacts for JD Logistics

Textiles | On 21st Feb 2018

China’s JD.com announces financing pacts for JD Logistics

China’s largest retailer JD.com Inc recently announced it has entered ...

Courtesy: Indorama Ventures

Textiles | On 21st Feb 2018

IVL 2017 revenue up 17% y-o-y to $8,438 million

Indorama Ventures Public Company Limited (IVL) has reported revenue...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Johan Berlin
InvestKonsult Sweden AB

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

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Pranav Mishra
Huemn

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

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

February 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search