Sujana Metal – Updates on Scheme of Arrangement & Amalgamation
Sujana Metal Products Ltd has informed BSE that the Scheme of Arrangement between the Company and Sujana Towers Ltd (STL) and the Amalgamation of M/s. Sujana Steels Ltd (SSL) with the Company has been approved by the requisite majority of the Shareholders of the Company and SSL in their respective meetings held on December 28, 2006 as per the Order of the Hon’ble High Court of Andhra Pradesh.
While approving the Scheme of Arrangement between the Company and STL, IDBI Bank Ltd, one of the secured creditors of the Company, suggested some modification in the Scheme subject to which they voted in favour of the Scheme.
The Committee of Board of Directors of the Company in its meeting held on December 28, 2006 took note of the above suggestions / modifications made by IDBI Bank Ltd.
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