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| Exchange Disseminated Time | Nahar Exports Ltd has informed BSE that the Hon‘ble Punjab & Haryana High Court at Chandigarh vide its Order dated December 21, 2006 has sanctioned the Scheme of Demerger and Arrangement between Nahar Spinning Mills Ltd and the Company. The appointed date of the said demerger and arrangement as approved by the Hon’ble Court is April 01, 2006.
Further the Company has informed that as per the Scheme of Demerger and Arrangement sanctioned by the Hon’ble High Court, upon demerger and transfer of textile undertaking of the Company to Nahar Spinning Mills Ltd, the equity shareholders of the Company shall be entitled for:-
1. 55 fully paid equity shares of Rs 5/- each of Nahar Spinning Mills Ltd (post investment business) for every 100 Fully paid up equity shares of Rs 10/- each of the Company on the record date to be fixed by the Board.
2. Upon such allotment of shares, the paid up value of each existing equity share of the Company shall stand reduced from Rs 10/- each to Rs 3.50 per equity share which would be reorganised into the nominal value of Rs 5/- per equity share, as per scheme.
Thus every shareholders of the Company holding 100 Fully paid up equity share of Rs 10/- each on the record date, shall be entitled for 55 fully paid equity shares of Rs 5/- each of Nahar Spinning Mills Ltd (post investment business) and 70 Equity shares of Rs 5/- each of the Company. |
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