Nahar Spinning – Hon’ble High Court of Punjab & Haryana sanctions Scheme of Demerger & Arrangement
Nahar Spinning Mills Ltd has informed BSE that the Hon’ble Punjab & Haryana High Court at Chandigarh vide its Order dated December 21, 2006 has sanctioned the Scheme of Demerger and Arrangement between the Company and Nahar Exports Ltd. The appointed date of the said demerger and arrangement as approved by the Hon’ble Court is April 01, 2006.
Further the Company has informed that, as per the Scheme of Demerger and Arrangement sanctioned by the Hon’ble High Court, upon demerger and transfer of investment business aggregating to Rs 34576.54 lacs of the Company to Nahar Capital and Financial Services Ltd, the equity share holders of the Company shall be entitled for:
1. 1 fully paid up equity share of Rs 5/- each of Nahar Capital and Financial Services Ltd for every 1 fully paid equity shares of Rs 10/- each in the Company, on the record date to be fixed by the Board for the purpose.
2. Upon such allotment of shares, the paid value of each existing equity shares of Rs 10/- each of the Company shall stand reduced to Rs 5/- paid up and Rs 5/- will be represented by fully paid up equity shares of Rs 5/- each of Nahar Capital and Financial Services Ltd.
Likewise upon demerger and transfer of textile undertaking of Nahar Exports Ltd to the Company, the equity shareholders of Nahar Exports Ltd shall be entitled for:
1. 55 fully paid equity shares of Rs 5/- each of the Company (post investment business) for every 100 Fully paid up equity shares of Rs 10/- each of Nahar Exports Ltd on the record date to be fixed by the Board.
2. Upon such allotment of shares, the paid up value of each existing equity share of Nahar Exports Ltd shall stand reduced from Rs 10/- each to Rs 3.50 per equity share which would be reorganised into the nominal value of Rs 5/- per equity share, as per scheme.
Thus every shareholders of Nahar Exports Ltd holding 100 Fully paid up equity share of Rs 10/- each on the record date, shall be entitled for 55 fully paid equity shares of Rs 5/- each of the Company (post investment business) and 70 Equity shares of Rs 5/ each of Nahar Exports Ltd.
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