Corporate Announcement
Security Code : 506480    Company : GOCLCORP    
 
Outcome of Board MeetingDownload PDF
  Exchange Disseminated Time     
Gulf Oil Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held August 07, 2013, inter alia, inter-alia, the following proposals were considered and approved:

Demerger of the Lubricants Division of Gulf Oil Corporation Limited (“GOCL”) and transfer to Hinduja Infrastructure Limited (name under change)(HIIL), a wholly owned subsidiary of the Company, followed by restructuring of share capital of the Demerged Company (GOCL) and the Resulting Company (HIL) by way of Scheme of Arrangement (“the Scheme”) in accordance with Sections 391 to 394 read with Section 78, 100 to 104 and other applicable provisions of the Companies Act, 1956. The Equity Shares of the Resulting Company (HIL) are also proposed to be listed on the stock exchanges.

The “Appointed Date” for the proposed Scheme will be April 01, 2014 and the proposed share exchange ratio is 1 equity share each (FV Rs. 2) of the Demerged Company (GOCL) and the Resulting Company (HIL) for every 2 equity shares held in the Demerged Company (GOCL).

The draft of the Scheme as recommended by the Audit Committee in terms of the Circulars dated February 04, 2013 and May 21, 2013 on “Scheme of Arrangement under the Companies Act, 1956 - Revised requirements for the Stock Exchanges and Listed Companies” issued by the Securities and Exchange Board of India (SEBI) was also approved by the Board of Directors.

The Board further issued authority in favour of officials of the company to take all necessary steps to finalize the Scheme in the light of all the approvals of the regulatory and statutory authorities and to do all such acts, deeds and things as may be required to obtain requisite approvals to the Scheme and implementation of the Scheme.
 

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