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| Exchange Disseminated Time | McNally Bharat Engineering Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 31, 2016, has considered and approved, after recommendation of the Audit Committee of McNally Bharat, a scheme of amalgamation amongst EMC Limited (“EMC”), McNally Bharat, McNally Sayaji Engineering Limited (“McNally Sayaji”) and Kilburn Engineering Limited (“Kilburn”) and their respective shareholders in terms of Sections 391-394 of the Companies Act, 1956 and other applicable provisions, if any, of the Companies Act, 1956 and Companies Act, 2013 (“Scheme”).
Currently, EMC and Kilburn hold 28.24% and 1.69% of the paid up share capital of McNally Bharat. Further, McNally Bharat holds 74.86% of the paid up share capital of McNally Sayaji.
The Scheme involves, inter-alia, amalgamation of EMC, Kilburn and McNally Sayaji (“Transferor Companies”) with Kilburn (“Transferee Company”) including change of Kilburn’s name to "McNally Bharat Engineering Limited”, (collectively referred to as “Proposed Restructuring”).
The Board of Directors of EMC, Kilburn and McNally Sayaji in their respective meetings held on March 31, 2016, have also approved the Scheme. The Scheme shall be subject to the approval of the shareholders, stock exchanges, High Court(s) and other authorities as may be required under applicable law. |
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