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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 January 29, 2010, have considered and approved the Composite Scheme of Arrangement comprising merger of Harrisons Malayalam Financial Services Ltd. (‘HMFSL’), Harrisons Rubber Products Ltd. and Harrisons Agro-Products Ltd. (`HAPL'), the 100% subsidiaries into Harrisons Malayalam Ltd. (`HML’ or `the Company’) and demerger of Investment Undertaking into Sentinel Tea and Exports Ltd. (‘STEL’).
The Scheme provides for merger of HMFSL, HRPL and HAPL into HML with effect from April 01, 2009. Further, as a part of the same Scheme, Investment Undertaking of HML will be demerged into STEL with effect from April 02, 2009. STEL is also a wholly owned subsidiary of HML. Pursuant to demerger, 1(One) fully paid up equity share of Rs. 10 each of STEL shall be issued and allotted for every 1(One) equity share of Rs. 10 each held in the Company.
The Scheme is subject to requisite consent or approval of the requisite majority as the case may be of the shareholders, the Hon'ble High Court of Kerela at Ernakulam, 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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