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Konark Synthetic approves scheme of amalgamation
31 Jul '07
1 min read
Konark Synthetic Ltd has informed that the Board of Directors of the Company at its meeting held on July 30, 2007, inter alia, has resolved the following:
1) Approved the scheme of amalgamation pursuant to Section 391 to 394 of the Companies Act, 1956 of Excel Synthetic Pvt Ltd (ESPL) and Konark Silk Mills Pvt Ltd (KSMPL) with the Company subject to approval and sanction of Hon'ble High Court, Bombay and various authorities.
The details of the scheme of amalgamation is as follows:
a) The appointed date for the scheme of amalgamation is April 01, 2007.
b) Under the terms of scheme of amalgamation in case of:
i) ESPL, its shareholders will receive 9 Equity shares of Rs 10/- each fully paid up of the Company for every 5 Equity shares held by them in Excel.
ii) KSMPL, its shareholders will receive 21 Equity shares of Rs 10/- each of the Company for every 10 Equity shares held by them in KSMPL.
c) ESPL and KSMPL are engaged in the business of manufacturing of Yarn & Garments and Yarn & Fabrics respectively.
d) the post merger share capital of the Company shall increase from Rs 2.31 Crores to Rs 5.85 Crores.
1) Approved the scheme of amalgamation pursuant to Section 391 to 394 of the Companies Act, 1956 of Excel Synthetic Pvt Ltd (ESPL) and Konark Silk Mills Pvt Ltd (KSMPL) with the Company subject to approval and sanction of Hon'ble High Court, Bombay and various authorities.
The details of the scheme of amalgamation is as follows:
a) The appointed date for the scheme of amalgamation is April 01, 2007.
b) Under the terms of scheme of amalgamation in case of:
i) ESPL, its shareholders will receive 9 Equity shares of Rs 10/- each fully paid up of the Company for every 5 Equity shares held by them in Excel.
ii) KSMPL, its shareholders will receive 21 Equity shares of Rs 10/- each of the Company for every 10 Equity shares held by them in KSMPL.
c) ESPL and KSMPL are engaged in the business of manufacturing of Yarn & Garments and Yarn & Fabrics respectively.
d) the post merger share capital of the Company shall increase from Rs 2.31 Crores to Rs 5.85 Crores.
Konark Synthetic Ltd
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