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| Exchange Disseminated Time | Jindal Photo Ltd has informed BSE that the Board of Directors at its meeting held today (April 30, 2004) have discussed and approved the Scheme of Arrangement for demerger of its photographic business into a new Company, subject to the approval of members and creditors and the Hon'ble High Court of Uttaranchal at Nainital.
The main features of the proposed scheme are as under:
1. The photographic business of the Company (the Demerged undertaking as defined in the Scheme) shall be hived off and transferred to Consolidated Photo Products Ltd (a wholly owned subsidiary of the Company, hereinafter referred as the Transferee Company) with effect from April 01, 2004 (Appointed Date).
2. The Shareholders of the Company will get Equity Shares of Rs 10 each fully paid-up in the transferee Company in proportion of their shareholding in the ratio of 24:100.
In proportion to the issue of Equity Shares by the Transferee Company, the paid up value of the shares held in the Company will get reduced and will be reorganized into Equity shares of Rs 10 each fully paid up in the ratio of 76:100, as per the details provided in the Scheme.
3. The Scheme envisages change of name of the Company to Consolidated Finvest & Holdings Ltd and simultaneously the name of the transferee Company shall also be changed to Jindal Photo Ltd.
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