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| Exchange Disseminated Time | Kriti Industries India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 20, 2007 has considered the Advisory report submitted by M/s. S S Kothari Mehta & Co., Chartered Accountants, and Draft Scheme of Arrangement submitted by M/s. Resource Management Group, Advocates & Legal Consultants on the above mentioned subject. After detailed deliberation, the Board has approved the following:
1. The Solvent Division of the Company be demerged into Kriti Nutrients Pvt Ltd pursuant to Section 391 to 394A and other applicable provisions, if any, of the Companies Act, 1956.
2. The Engineering Moulding Division of the Company be hived off to Krit Auto &
Engineering Plastics Pvt Ltd, a 100% subsidiary of the Company, pursuant to Sections 391 to 394 and other applicable provisions, if any, of the Companies Act, 1956.
The above proposals are subject to requisite approvals from Stock exchanges, Banks and Financial Institutions and subject to any changes or modifications required by them and as accepted by the Board of Directors. |
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