|
| Exchange Disseminated Time | Saraswati Commercial India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 09, 2016, being commenced at 11.30 a.m. and concluded at 12.40 p.m. inter alia, considered and approved the following:
1. Based on the recommendations made by the audit committee of the company on the draft scheme of amalgamation, considered and approved the draft Scheme of Amalgamation of Aroni Commercials Limited with Saraswati Commercial (India) Limited under Sections 391 to 394 and other applicable provisions, if any, of the Companies Act, 1956, and other applicable and notified provisions of the Companies Act, 2013, along with rules and regulations issued thereunder, including, any statutory modifications, re-enactments or amendments made thereto from time to time.
2. Considered and approved valuation report prepared by M/s. Raghu Iyer Associates, Chartered Accountants on the share entitlement ratio. The share entitlement ratio will be 9:1 (i.e. every Nine share held in Aroni Commercials Limited will be entitled for One share of Saraswati Commercial (India) Limited).
3. Considered and approved Fairness Opinion issued by KJMC Corporate Advisors (India) Limited, Merchant Banker on the said share entitlement ratio. |
|
|