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| Exchange Disseminated Time | Cinemax India Ltd has informed BSE that the Hon’ble High Court of Judicature at Bombay has sanctioned the Scheme of demerger i.e. Composite Scheme of Arrangement between the Company and Cinemax Exhibition India Limited and their respective Shareholders and Creditors under Sections 391 to 394 read with Sections 78, 100 to 103 of the Companies Act, 1956. Accordingly, the Hon’ble High Court has interalia sanctioned the following:
1. The demerger of Exhibition of Films business into separate entity viz., Cinemax Exhibition India Limited.
2. The reduction of the issued, subscribed and paid up equity share capital of the Company, effected by reducing the face value of the equity shares from Rs. 10/- to Rs. 5/- per share, fully paid up and thereby reducing the aggregate issued, subscribed and paid-up capital of the Company from Rs. 28.00 crores to 14.00 crores.
Further the Company has informed that, on April 20, 2012 the Company have filed the aforesaid High Court Order with the Registrar of Companies, Maharashtra and accordingly, April 20, 2012 is the effective date of the Scheme. |
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