Nod for Aspinwall group cos merger
The High Court of Kerala has approved the scheme of amalgamation among the Aspinwall Group companies. As per the scheme, Aspinwall Investments Ltd, the Pullangode Rubber and Produce Company and Aspinwall and Company (Travancore) will be amalgamated with Aspinwall and Company Ltd.
Similarly, the call centre business division of Aspinwall Technologies will be demerged from Aspinwall and Company Ltd. As a result of this amalgamation/arrangement process, Aspinwall Investments Ltd, Pullangode Rubber and Produce Ltd and Aspinwall and Company Ltd (Travancore) stand dissolved without winding up, a press release from the company said.
The members of Pullangode Rubber and Products and Aspinwall and Company (Travancore) are being allotted shares in Aspinwall and Company Ltd in the ratio prescribed in the scheme. Consequent to the amalgamation, the paid-up capital of Aspinwall and Company has gone up to Rs 3.90 crore (Rs 2.87 crore), while the reserves has gone up to Rs 17.59 crore (Rs 6.27 crore). The business activities of Aspinwall and Company has expanded both in terms of size and activities and now include plantations, coir and IT related business, apart from the existing business of coffee, shipping and logistics.
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