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Vardhman Textiles Board approves hiving off sewing thread business

01
Mar '07
Vardhman Textiles Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 26, 2007, has approved a proposal for vesting of the sewing thread undertaking of the Company comprising of thread units located at Hoshiarpur & Ludhiana (Punjab), Perundurai (Tamil Nadu) alongwith the spinning unit at Hoshiarpur, including all assets and liabilities associated with the said undertaking in its subsidiary, Vardhman Yarns & Threads Ltd ("VYTL").

The proposal also envisages demerger of the threads undertaking of M/s. Vardhman Threads Ltd (VTL) including all assets and liabilities associated with such undertaking and its vesting in VYTL.

The said proposal is to be carried out through a scheme of arrangement, reorganisation and demerger (the "Scheme") amongst the Company, VTL and VYTL and their respective shareholders and creditors in accordance with Sections 391-394 of the Companies Act, 1956.

The salient features of the Scheme are as follows:

(i) Vesting of the threads undertaking of the Company comprising of thread units located at Hoshiarpur & Ludhiana (Punjab), Perundurai (Tamil Nadu) alongwith the spinning unit at Hoshiarpur, in VYTL, as a going concern on a slump sale basis together with all other assets and liabilities associated with the undertaking for a lumpsum consideration of Rs 260 crores based on the valuation done by independent valuer, M/s. ICICI Securities Ltd. The appointed date for vesting of the threads undertaking of the Company will be the effective date of the Scheme.


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