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| Exchange Disseminated Time | Celebrity Fashions Ltd has informed BSE that the Board of Directors at their meeting held on November 03, 2009 have accorded their inprinciple approval for the proposal of separating the various divisions of the Company into separate Companies.
The Company had appointed PricewaterhouseCoopers Pvt. Ltd., Bangalore and SBI Capital Markets Ltd., Mumbai to advise the Company with regard to the structure of the proposed separation to maximize the enterprise value.
SBI Capital Markets Ltd., Mumbai have submitted their report in consultation with State Bank of India and HDFC Bank Ltd. and in this connection, the Company has informed that another meeting of the Board of Directors of the Company is proposed to be held on March 03, 2010, to consider the following:
To take on record the report submitted by SBI Capital Markets Ltd. regarding the Scheme/structure of separating divisions into separate Companies after considering the Inputs from Pricewaterhousecoopers Ltd. with regard to the taxation and other regulatory aspects for aforesaid separation. The scheme/structure is subject to approval by the various regulatory authorities like Stock Exchanges, Madras High Court, Registrar of Companies, Shareholders and Creditors. |
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