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| Exchange Disseminated Time | Mawana Sugars Ltd has informed BSE that Usha International Ltd., a promoter of the Company vide its letter dated July 27, 2010 has informed the Company that the Hon'ble High Court of Delhi vide its order dated July 19, 2010 has sanctioned a Scheme of Arrangement of amalgamation (Scheme) of Usha International Ltd. (UIL) whereby 1,24,88,109 equity shares of Rs. 10/- each fully paid up held by Greenfields Commercial Pvt. Ltd. and 50,35,071 equity shares of Rs. 10/- each fully paid up held by Siel Holdings Ltd. in the equity paid up capital of Mawana Sugars Ltd. (MSL) has now devolved and vested in UIL.
The Scheme has become effective w.e.f. July 26, 2010.
UIL presently holds 43,83,561 (12.54%) equity shares of Rs. 10/- each fully paid up in MSL and with the above devolvement, UIL will hold 2,19,06,741 (62.67%) equity shares of Rs. 10/- each fully paid up in the total equity capital of MSL.
As a result, MSL has become a subsidiary of UIL in terms of the provisions of Section 4 (1)(b)(ii) of the Companies Act, 1956. |
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