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| Exchange Disseminated Time | Peninsula Land Ltd has informed BSE that the Board of Directors of the Company vide Resolution dated May 27, 2013 had formed a ‘Restructuring Committee’ to in principally consider restructuring / merger of wholly owned subsidiaries. The Company has now informed that, the ‘Restructuring Committee’ of the Company vide Resolution dated July 03, 2013, had approved the Composite Scheme of Arrangement and Amalgamation of City Parks Private Limited and Peninsula Crossroads Private Limited and Peninsula Mega Township Developers Private Limited and RR Mega Property Developers Private Limited and Wismore Real Estate Private Limited with Peninsula Land Limited (the 'Scheme'), and their respective shareholders and creditors, under Sections 391 to 394, and other applicable provisions, if any of the Companies Act, 1956. No shares are proposed to be issued pursuant to the proposed scheme.
The merger being of a 100% subsidiary company or 100% step-down subsidiary company of Peninsula Land Limited, a specific dispensation will be sought from the Hon’ble High Court of Judicature at Bombay from filing the application / petition by Peninsula Land Limited and accordingly, Peninsula Land Limited will not be required to file a petition with any High Court. The Scheme is subject to sanction of High Court of Judicature at Bombay. |
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