Network

BSE Announcements on Network

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Price when posted : [Network - BSE:Rs. 31.70 NSE:Rs. when posted]

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Network Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 30, 2008, inter alia, has considered and approved the following:

1. Subject to the approval of Shareholders, Honble High Court of Delhi, Stock Exchange and other Regulatory Authorities and compliance of other applicable regulations, the Board has approved the following:

i) the draft Scheme of Arrangement for (a) Amalgamation of PPS Towers Pvt Ltd, Lorgan Consultants Pvt Ltd and Shrigan Investment Consultants Pvt Ltd with Network Ltd; (b) De-merger of retail business of Network Ltd into Network Retail Ltd, pursuant to this, Network Retail Ltd shall issue and allot 54,40,900 Equity Shares of the face value of Rs 10/- each to the Company and (c) the debit balance of Profit and Loss account of Network Ltd as on March 31, 2008 to the extent of Rs 44,08,22,014 (Rupees Forty Four Crore Eight Lac Twenty Two Thousand & Fourteen only) will be adjusted and written off against the aggregate amount of Securities Premium account of the Company after amalgamation (inclusive of the Transferor Companies). The proposed Reduction will not have any effect on the share capital of the Company.

ii) The Board took note of the valuation report of M/s. Khandelia & Sharma, Chartered Accountants, New Delhi, & approved the swap ratio for aforesaid amalgamation as follows:-

a) 2 (two) Equity Shares of Rs 10 each of Network Ltd for every 1 (one) Equity Share of Rs 10 each held in the PPS Towers Pvt Ltd.

b) 1 (one) Equity Share of Rs 10 each of Network Ltd for every 17 (seventeen) Equity Shares of Rs 10 each held in Lorgan Consultants Pvt Ltd.

c) 1 (one) Equity Share of Rs 10 each of Network Limited for every 18 (eighteen) Equity Shares of Rs 10 each held in Shrigan Investment Consultants Pvt Ltd....

BSE Announcements on Network

Posted by : MMB Messenger
Price when posted : [Network - BSE:Rs. 29.60 NSE:Rs. when posted]

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Network Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 30, 2008, inter alia, to consider and approve the swap ratio & draft scheme of arrangement of (a) Amalgamation of PPS Towers Pvt Ltd, Lorgan Consultants Pvt Ltd and Shrigan Investment Consultants Pvt Ltd with Network Ltd; (b) De-merger of retail business of Network Ltd into Network Retail Ltd; and (c) write off losses against securities premium in accordance with section 100 of the Companies Act, 1956....

BSE Announcements on Network

Posted by : MMB Messenger
Price when posted : [Network - BSE:Rs. 29.00 NSE:Rs. when posted]

View full thread (1 messages)

Tracked by: 0 Boarder

Network Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 22, 2008, inter alia, has considered & approved the following :

1. The share exchange ratio in respect of in-principle merger of PPS Towers Pvt Ltd, Lorgan Consultants Pvt Ltd and Shrigan Investment Consultants Pvt Ltd with Network Ltd, is expected to be received shortly, from the valuer appointed for the said purpose. The Company has further informed that a Board Meeting will be held shortly to consider and approve the said draft scheme of arrangement & swap ratio....