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| Exchange Disseminated Time | Styrolution ABS (India) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 03, 2015, has considered and approved the Scheme of Amalgamation ("Scheme") under Sections 391 to 394 of the Companies Act, 1956, envisaging, inter alia, amalgamation of Styrolution India Private Limited, Vadodara (SIN) (Transferor Company) with the Company with the appointed date being April 01, 2015. SIN is Wholly-owned subsidiary of the Company.
Styrolution South East Asia Pte Ltd. (Promoter) currently holds 75% of the equity share capital of the Company and the Scheme has a mechanism to ensure that the public shareholding i.e. 25% will be maintained at all times pursuant to the requirement of the listing agreement.
The proposed Scheme is however, subject to the requisite approvals of the respective shareholders / creditors of the Company and the Transferor Company, other statutory / regulatory authorities In the respective jurisdictions and subject to the sanction / confirmation by the concerned High Courts and / or any other appropriate authority as may be necessary. |
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