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| Exchange Disseminated Time | Sundaram Clayton Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 13, 2010, has approved the following proposals:
1. Acquiring by the Company, the entire paid up capital of Rs. 5 lakhs of Sundaram Investment Ltd. (SIL);
2. Demerger of non automotive related business of the Company into SIL;
3. Merger of TVS Investments Ltd, Wholly owned Subsidiary (WoS) of the Company with SIL; and
4. Merger of Anusha Investments Ltd., another WoS, with the Company.
The above proposals are subject to such regulatory approvals as required under sections 391-394 of the Companies Act, 1956, and other 'Securities Laws' as defined under the Listing Agreement.
On finalisation of the Composite Scheme of Arrangement, to implement the above proposals, the Company will file the Scheme with the Stock Exchanges and seek their in principle approval, as required by the Listing Agreement before filing the same with the Hon’ble high Court of Madras. |
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