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| Exchange Disseminated Time | Sarthak Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 15, 2010, has considered and approved the merger of Gloryshine Property Developers Pvt. Ltd ("GPDPL") with the Company under sections 391 to 394 of the Companies Act, 1956.
The salient Features of the Scheme are as under:
- The Appointed Date for the merger is April 01, 2010.
- The share exchange ratio for the merger has been determined by independent valuers i.e. Ernst & Young Pvt. Ltd. The share capital of the Company comprises of 55,68,850 equity shares of Rs. 10/- each whereas the share capital of GPDPL comprises of 10,000 equity shares of Rs. 10/- each. Based on the recommendation of the independent valuers, every shareholders of GPDPL holding 1 (One) equity shares will be issued 140 (One Hundred Forty) equity shares of Rs. 10/- of the Company (Sarthak Industries Ltd).
- The Merger Scheme is subject to requisite consent, approval of the requisite majority of the shareholders, lenders, creditors of the Company, the Bombay High Court, and the permission or approval of any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.
Further, Shri. Virendra Kumar Gupta, Director and/ or Amit Jain, Company Secretary of the Company has been severally authorized to file applications and other documents for approval of the Scheme with the Stock Exchange Ltd, Madhya Pradesh Stock Exchange Ltd, High Court of Judicatures at Bombay and other regulatory Authorities as may be required. |
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