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| Exchange Disseminated Time | Peninsula Land Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 28, 2010, has considered and approved the Scheme of Amalgamation and Arrangement of Topstar Mercantile Pvt. Ltd (Topstar) with the Company and their respective shareholders and creditors (‘the Scheme’) under Sections 391 to 394 read with Sections 100 - 103 of the Companies Act, 1956 wherein Topstar would be merged with the Company. The salient features of the Scheme are as under:
1. Topstar is a closely held promoter Company holding 41.86% of the equity share capital of the Company. Pursuant to the Scheme, the shares held by Topstar in the Company shall be cancelled and equivalent number of shares will be issued to shareholders of Topstar. There will be no impact on the financials and shareholding pattern of the Company pursuant to the implementation of the Scheme.
2. The Scheme is subject to requisite consent, approval of the requisite majority of the shareholders, lenders and creditors of the Company and Topstar, all the relevant stock exchanges, the Bombay High Court, or any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme. |
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