Sundaram Clayton Ltd has informed BSE that the Scheme of Amalgamation with regard to the amalgamation of M/s. Auto (India) Engineering Ltd (AIEL), a wholly owned subsidiary of the Company with the Company has been sanctioned by the Hon’ble High Court of Madras vide its order dated July 01, 2009.
The Company had in turn filed the said order with the Registrar of Companies, (ROC) Chennai on July 06, 2009.
Further, in terms of clause 7 of the said Scheme of Amalgamation, the wholly owned subsidiary, AIEL now stands dissolved effective July 06, 2009 without the process of being wound up. As envisaged in terms of clause 6 of the said Scheme of Amalgamation sanctioned by the Hon’ble High Court of Madras, there is no fresh issue of share capital by the Company.
All the other assets and liabilities of the AIEL stood now vested in the Company effective October 01, 2008 in terms of the aforesaid Scheme sanctioned by the Hon’ble High of Madras.
Source: Bseindia.com