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| Exchange Disseminated Time | PCS Technology Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 10, 2012, considered and approved the Scheme of Arrangement (hereinafter referred to as "the Scheme") between PCS Technology Ltd. ("PCS" or "the Company") and its shareholders and creditors under Sections 391 to 394 read with Sections 78, 100 to 104 and other applicable provisions of the Companies Act, 1956 ("the Scheme").
The salient features of the Scheme are:
a. The Appointed Date for the Scheme will be March 31, 2012.
b. The Scheme envisages financial restructuring by utilizing the balance in Reserves & Surplus as on the Appointed Date in the financial statements.
c. There would be no change in the promoter and public shareholding of PCS.
d. The Scheme neither envisages issue of further shares nor cancellation / reduction of existing paid-up share capital.
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. |
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