|
| Exchange Disseminated Time | Karma Energy Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 11, 2011, considered and approved the Scheme of Amalgamation ('Scheme') of Avirodh Financial Services Ltd. ('AFSL') with Karma Energy Ltd. ('KEL') which inter-alia involves the following;
1. Amalgamation of AFSL (Transferor Company) with KEL (Transferee Company)
- The Amalgamation Appointed Date will be opening hours of business on April 01, 2011.
- In respect of the Amalgamation of AFSL with KEL, 1 fully paid up equity share of Rs. 10 each of KEL shall be allotted to the holders of every 18 equity shares of Rs. 10 each in AFSL.
- The above share exchange ratio has been determined based on the valuation report of M/s. Shyam C. Agarwal & Co., Chartered Accountants and fairness opinion by Aryaman Financial Services Ltd.
The Scheme is subject to requisite consent/approval of the requisite majority of the shareholders, lenders, creditors of the companies, the Hon’ble High Court of Bombay, the permission or approval of the Central Government or any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme. |
|
|