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MRT to amalgamate with Mahalaxmi Fabric Mills
20
Feb '08
Mahalaxmi Rubtech Ltd (MRT) has informed that the Board of Directors of the Company at its meeting held on February 19, 2008, inter alia, has considered and approved the scheme of Arrangement in the nature of Amalgamation (the Scheme) pursuant to provisions of the Companies Act, 1956 and subject to other necessary approvals, clearances and modifications, to amalgamate Mahalaxmi Fabric Mills Pvt Ltd (MFMPL) with the Company.

The salient features are as under:
1. The appointed date is April 01, 2007.

2. All Assets & Liabilities, reserves, losses and capital of MFMPL shall stand transferred to the Company on approval of the Scheme of Amalgamation.

3. All Contracts, deeds, agreement, Bonds, rights, claims and obligations to which MFMPL is a party shall remain in full force and effect against or in favour of the Company.

4. The Company will allot / issue 43 Shares of Rs 10/- each credited as fully paid-up against every 1 share of Rs 100/- each fully paid-up held by the members of MFMPL.

The Shares to be issued shall be ranking pari passu in all respects including for dividend with the existing shares of the Company.

5. All employees of MFMPL who are in employment on the effective date of the Scheme will, become the employees of the Company without interrupting their services.

6. On the scheme becoming effective MFMPL shall be dissolved without going through the process of winding up.

The Board has also discussed and appraised the business activities of the Company.

Mahalaxmi Rubtech Ltd

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