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| Exchange Disseminated Time | Asian Hotels (East) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 23, 2013, inter alia, has transacted the following :
"1. As informed earlier, a Scheme of Amalgamation of Forex Finance Private Limited (FFPL), a Promoter Body Corporate with the Company from April 01, 2012 (the Appointed Date) was approved by the Board of the Company on November 26, 2012.
There were various issues under consideration. In the meantime SEBI issued its Circular dated February 04, 2013 revising the requirements for Schemes of Arrangement. An updated Scheme was reviewed by the Board at their meeting held on May 23, 2013, In accordance with the revised requirements.
The Board confirmed their approval to the Scheme providing for amalgamation of FFPL with the Company as aforesaid, including consideration for the scheme In the same exchange ratio of 1 Equity Share of Rs. 10/- each in the Company, credited as fully paid up for every 14 Equity Shares of Rs. 10/- each in FFPL to be Issued to the shareholders of FFPL.
As stated earlier, the Scheme is subject to and conditional upon the requisite approvals being received therefore. The same are being sought.
2. Appointed Mr. A. C. Chakrabortti, Chartered Accountant as an Additional Director of the Company with effect from the day. Mr. Chakrabortti has been appointed in the capacity of an Independent Director of the Company." |
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