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| Exchange Disseminated Time | With reference to the earlier announcement about the Court Convened Meetings of the Shareholders, Secured Creditors and Unsecured Creditors which were required to be held on October 23, 2010 pursuant to the Order of the Hon'ble Punjab & Haryana High Court at Chandigarh dated September 08, 2010, Vardhman Textiles Ltd has now informed BSE that pursuant to the approval to the Scheme by the Shareholders, Secured Creditors and Unsecured Creditors, a Confirmatory Petition was filed in the Hon'ble Punjab & Haryana High Court at Chandigarh for its approval which was finally heard and an Order was passed by the Hon'ble Punjab & Haryana High Court on January 12, 2011 approving the Scheme. A certified copy of the said Order dated January 12, 2011, however, was received on March 11, 2011 by the Company. The Copy of the Order has been filed with the Registrar of Companies at Chandigarh on March 15, 2011 and the Scheme has become effective. As per the Scheme, the Steel Business Undertaking of the Company stands vested in Vardhman Special Steels Limited w.e.f. the Appointed Date i.e. January 01, 2011.
As per Clause 5.1 of the Scheme, the shareholders of Vardhman Textiles Limited would be allotted 1 share of Vardhman Special Steels Limited for every 5 shares held in Vardhman Textiles Limited whose names are registered in the register of members of Vardhman Textiles Limited as on the Record Date to be fixed for the purpose.
In this regard attention of the Exchange and the Shareholders of the Company is also brought to Clause 5.4 of the Scheme which provides that all those shareholders who hold shares of the Company in physical form shall also have the option to receive the Equity Shares in dematerialized form provided, the details of their account with the Depository Participant are intimated in writing to the Company and / or its Registrar before the Record Date. Otherwise, they would be issued Equity Shares, in physical form. |
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