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| Exchange Disseminated Time | Jayaswal Neco Industries Ltd has informed BSE that the High Court of Bombay, Bench at Nagpur, Nagpur, has passed orders all dated November 13, 2009 sanctioning all the 3 Schemes of Arrangement between the Company and Inertia Iron and Steel Industries Pvt. Ltd. (IISIPL), Abhijeet Infrastructure Ltd. (AIL), and Corporate Ispat Alloys Ltd. (CIAL). Certified true copies of the orders were received on November 21, 2009 and the same have been filed with Registrar of Companies.
In terms of above Schemes of Arrangement:
1) All the Assets, Liabilities and entire business of IISIPL stand transferred to and vested in the Company w.e.f. the Appointed date namely, March 31, 2008.
2) All the Assets, Liabilities and entire business relating to the Demerged undertaking of AIL stand transferred to and vested in the Company w.e.f. the Appointed date namely April 01, 2008.
3) All the Assets, Liabilities and entire business relating to the Demerged undertaking of CIAL stand transferred to and vested in the Company w.e.f. the Appointed date namely April 01, 2008.
Further the Board of Directors of the Company at its meetings held on November 24, 2009 approved the Audited Financial Statements for the year ended March 31, 2009 after taking into consideration the effect of the above Schemes of Arrangement. |
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