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| Exchange Disseminated Time | Harrisons Malayalam Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 10, 2012 have considered and approved a Scheme of Arrangement in accordance with sections 391 to 394 and other relevant provisions of the Companies Act, 1956. The Scheme provides for the demerger and vesting of Venture. Isfield, Koney, Lahai, Kaliyar and Palapilly rubber estates and Achoor, Chundale, Sentinel Rock, Touramulla, Arrapetta, Mayfield and Upper Surinalle tea estates, of the Company into Harmony Plantations limited (HPL) either directly or indirectly with effect from April 01, 2012.
Pursuant to the sanction of the scheme, the shareholders of the Company will be entitled to shares in HPL in the same proportion as their current shareholding in the Company. For every 1 (one) fully paid up equity share of Rs. 10 each held by shareholders in the Company, 1 (one) equity share of Rs. 5 each will be issued and allotted in HPL.
The Scheme is subject to the consent or approval of the requisite majority of the shareholders, the Hon'ble High Court of Kerala at Ernakulam and other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme. |
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