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| Exchange Disseminated Time 02/06/2016 08:08:39 | Tree House Education & Accessories Ltd has informed BSE that the Company has received a communication from the Merger Evaluation Committee of Zee Learn Limited (ZLL-MEC) (authorize by their Board), informing that ZLL has decided to keep on hold the Scheme of Amalgamation of the Company with currently agreed share exchange ratio.
In the light of the decision of ZLL to hold the amalgamation, the Board of Directors of the Company at its meeting held on June 02, 2016, has decided:
1. To authorize Amalgamation Committee (AC), to suggest the way forward to salvage the deal of Amalgamation and ensure the consolidation of the business in best interest of the shareholders.
2. To authorize the AC to take necessary decisions with regard to the Scheme of Amalgamation including but not limited to appointing advisors as may be required.
3. The Board has accepted the resignation of Mr. T. S. Sarangpani as an Independent, Non-Executive Director from the Audit Committee & the Board, with effect from June 02, 2016 and the Board wishes to place on record his contribution & support to the Company.
4. The Board has reconstituted the Audit Committee of the Company, with the induction of Mr. Ram Kumar Gupta as the Chairman of the Audit Committee in place of Mr. T. S. Sarangpani with effect from June 02, 2016.
5. The Board has reconstituted its Composition, with the induction of Mr. Ram Kumar Gupta as the Chairman of the Board in place of Mr. T. S. Sarangpani with effect from June 02, 2016.
The meeting of the Board of Directors of the Company commenced at 7.00 a.m. and concluded at 7.45 a.m. |
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