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| Exchange Disseminated Time | Manaksia Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 27, 2012,
inter-alia, has approved, subject to such approvals, orders and permissions as may be required, the restructuring plan of the Company wherein the below mentioned undertakings will be demerged on a going concern basis with effect from April 01, 2013 into its wholly owned subsidiary companies ("Transferee Companies”) through a Scheme of Arrangement (“Scheme”) under Sections 391 to 394 of the Companies Act, 1956
(a) Aluminium Undertaking into Manaksia Aluminium Company Ltd.
(h) Steel Undertaking into Manaksia Steels Ltd.
(C) Packaging Undertaking into Manaksia Industries Ltd.
(d) Coated Metal & Mosquito Coil Undertakings into Manaksia Coated Metals & Industries Ltd.
Pursuant to the Scheme, shares held by Manaksia Ltd. in the Transferee Companies will be cancelled and each of the Transferee Companies will issue one equity share of face value of Re. 1/- each to the shareholders of Manaksia Ltd. for every share of the face value of Rs. 2/- each held by them on the record date, to be decided and fixed at a later date, after all necessary approvals, orders and permissions. The shares of the Transferee Companies are proposed to be listed on all the Stock Exchanges at which the shares of Manaksia Ltd are presently listed.
The Scheme and the Share Allocation Ratio have been approved by the Board of Directors of the Company and each of the Transferee Companies.
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