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| Exchange Disseminated Time | Dynacons Systems & Solutions Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 31, 2009, inter alia, has considered the following:
1. The Board has considered and approved the Scheme of Arrangement between Dynacons Systems & Solutions Ltd & Dynacons Technologies Ltd under the provisions of Sections 391-394 of the Companies Act, 1956. The salient features of the Scheme of Arrangement are as follows:
a. The transfer by way of a Demerger of the Marketing, Distribution and Manufacturing Business of Dynacons Systems & Solutions Ltd into Dynacons Technologies Ltd.
b. Based on the Recommendation Report submitted by M/s. SSPA & Co., Chartered Accountants, Mumbai, the Board decided the ratio of 3 Equity Shares of Rupee 1/- each of Dynacons Technologies Ltd for every 10 Equity Shares of Rupees 2/- each held in the Company as a consideration for the transfer of business as above.
c. Reorganization of Capital of Dynacons Systems & Solutions Ltd- Equity Share Capital shall stand reduced from Rupees 296,154,000 divided into 148,077,000 fully paid up Equity Shares of Rupees 2/- each to Rupees 59,230,800 divided into 59,230,800 Equity Shares fully paid up of Rupee 1/- each. Accordingly, every member holding 10 shares of Rupees 2/- each shall hold 4 shares of Rupee 1/- each.
The above proposals are subject to the satisfaction of various conditions, including obtaining necessary approvals from the stakeholders and the creditors and regulatory authorities including those of Stock Exchanges, sanction of the Scheme by the High Court and other necessary approvals. |
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