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| Exchange Disseminated Time | Morarjee Textiles Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 28, 2010, inter alia, have also considered and approved the Scheme of Amalgamation between Integra Apparels and Textiles Ltd. (IATL) (a 100% subsidiary of the Company) and the Company and their respective shareholders ('the Scheme') under sections 391 to 394 of the Companies Act, 1956. The salient features of the Scheme are as under:
1. Appointed date for amalgamation is January 01, 2010;
2. No shares are proposed to be issued pursuant to the Scheme since IATL is a wholly owned subsidiary of the Company.
The Scheme is subject to consent of the requisite majority of the shareholders, lenders and creditors of IATL and Bangalore High Court.
The merger being of a 100% subsidiary, the Company will not be required to file a petition with any High Court. |
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