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| Exchange Disseminated Time | Jindal Photo Ltd has informed BSE that the Hon'ble High Court of Uttaranchal of Nainital has sanctioned the Scheme of Arrangement for the demerger of the photographic business of the Company, filed under Section 391 to 394 of the Companies Act 1956 into Consolidated Photo Products Ltd. The judgment sanctioning the Scheme was pronounced in the Court on October 28, 2004 and the copy of the Order followed by the formal order is expected to be received in a few days time. On receipt of the formal order, the process of implementation of the Scheme will commence and the Company will declare the effective date and fix the record date thereupon.
The main features of the scheme are as under:
1. The photographic business of the Company shall be hived off and transferred to Consolidated Photo Products Ltd (the Transferee Company) with effect from April 01, 2004 (Appointed Date).
2. The Shareholders of the Company will get Equity Shares of Rs 10 each fully paid-up in the transferee Company in proportion of their shareholding in the ratio of 24:100.
The Equity Shares issued by the transferee Company in pursuance of this Scheme would also be listed on the same Stock Exchanges where the shares of the Company are listed.
In proportion to the issue of Equity Shares by the Transferee Company, the paid up value of the shares held in the Company will get reduced and will be reorganized into Equity shares of Rs 10 each fully paid up in the ratio of 76:100, as per the details provided in the Scheme.
3. The Scheme also envisages change of name of the Company to Consolidated Finvest & Holdings Ltd and simultaneously the name of the transferee Company shall also be changed to Jindal Photo Ltd.
4. The Other matters consequential or otherwise integrally connected to the de-merger and / or reorganization of capital is provided in the Scheme. |
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