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| Exchange Disseminated Time | FAG Bearings India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 11, 2015, inter alia, have considered and approved the proposal for amalgamation of FAG Roller Bearings Private Limited (“FRB" or “Transferor Company”), a wholly owned subsidiary, with FAG Bearings India Limited (“the Company” or “FAG India” or "Transferee Company”) and their Shareholders and Creditors under the provisions of Sections 391 to 394 and other applicable provisions of the Companies Act, 1956 (including any statutory modification or re-enactment or amendment thereof) as per terms and conditions mentioned in the Scheme of Amalgamation placed before the Board.
The salient features of the proposed Scheme are as under:
1. FRB would be amalgamated with the Company.
2. The Appointed Date of the Scheme is January 01, 2015.
3. No shares of the Company will be issued on amalgamation of FRB as it is a wholly owned subsidiary of the Company.
4. The Scheme will be subject to the approval from Hon’ble High Court of Bombay and shareholders and creditors of Transferor Company and Transferee Company, if applicable. |
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