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| Exchange Disseminated Time | Enkei Castalloy Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 30, 2009, inter alia, has approved the Scheme of Arrangement between the Company (proposed Demerged Company) and Enkei Wheels (India) Ltd (proposed Resulting Company) for demerger of Wheel business of the Company into Enkei Wheels (India) Ltd under Section 391 to 394 and other relevant Sections of the Companies Act, 1956 subject to the approval of the Stock Exchanges, Company's shareholders and Hon'ble High Court of Mumbai and the necessary approvals under various statutes. The Appointed Date for the demerger shall be April 01, 2009.
Further Board has also taken on record the following:
(1) The Valuation Report of M/s. Haresh Upendra & Co., Chartered Accountants, Pune, recommending exchange ratio of 1 Equity Share of Rs 5/- each of Enkei Wheels (India) Ltd for every 1 Equity Share of Rs 5/- each held by the shareholders in the Company.
(2) "Fairness Option" of Fortress Capital Management Services Pvt. Ltd. |
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