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| Exchange Disseminated Time | Shyam Telecom Ltd has informed BSE that the Hon'ble High Court of Rajasthan has approved the Scheme of Arrangement u/s 391 and 394 of the Companies Act, 1956 filed earlier by the Company without any modification.
1. Shyam Telecom Manufacturing Ltd, a wholly owned subsidiary of the Company involved in manufacturing of telecom / transmission equipments amalgamates with the Company (amalgamated company).
2. Transfer of liabilities of the amalgamated company to the tune of Rs 2000 million and in lieu their of transfer of investments in equity shares of Shyam Telelink Ltd to Shyam Basic Infrastructure Projects (P) Ltd.
3. Distribution of residual investment of amalgamated company in equity share of Shyam Telelink Ltd to the share holders of the company, in terms of the Scheme approved by Hon’ble High Court.
4. Reduction of share capital and reserves of the company and reorganization there of the Company (amalgamated company).
5. Listing of Shyam Telelink Ltd.
The court has also given an extension for holding the Annual General Meeting and laying the annual account for the year ended March 31, 2005 for 3 months from the date of order. |
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