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| Exchange Disseminated Time | Shyam Telecom Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 15, 2005, has approved the Scheme of Arrangement subject to the approval of members / creditors and approval of High Court of Judicature of Rajasthan or such authority which provides for:
1. Amalgamation of Shyam Telecom Manufacturing Ltd with the Company.
2. Transfer of liabilities of the Company to Shyam Basic Infrastructure Projects Ltd to the tune of Rs 2000 million out of outstanding liabilities as on Transfer date along with shares of Shyam Telelink Ltd (owned by the Company) at par value of Rs 2000 million (Average cost of Investment Rs 1719.60 million).
3. Distribution of residual investment in the equity shares of Shyam Telelink Ltd worth of Rs 2559.50 million to the shareholders of the Company.
4. Consequential reduction of Share Capital & Reserves of the Company & reorganization thereof.
5. Listing of shares of Shyam Telelink Ltd. |
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