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Moneycontrol.com >> Messageboard >> Stocks >> Electrotherm >> NSE Announcements on Electrotherm
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NSE Announcements on Electrotherm (1)   29-Dec-08 17:00Track this thread   Tracked by (0)  
Posted by:   MMB Messenger on ( 29-Dec-08 17:00 )
Price : [Electrotherm - BSE:Rs. 107.00 NSE:Rs. 104.85 when posted]
Electrotherm (India) Ltd. has informed the Exchange that The Board of Directors of the Company at its meeting held on December 29, 2008 has: (1) Accepted the resignation of Mr. Siddharth Bhandari w.e.f. December 29, 2008. (2) Approved a Scheme of Arrangement for demerger of the Engineering Business of the Company into Electrotherm Engineering & Projects Limited, a wholly owned subsidiary of the Company and the share entitlement ratios. (3) Based on the Recommendation Report submitted by SSPA & Co., Chartered Accountants, Mumbai, the Board decided the ratio of 1 equity shares in Electrotherm Engineering & Projects Limited for every 3 equity shares held in the Company, as a consideration for the demerger of the Engineering Business. (4) The Scheme will be subject to requisite consent and approval as may be required. (5) The Board accepted the appointment of Singhi & Co., Advocates, Solicitor & Notary, Ahmedabad as the legal advisor. Further KPMG India Pvt. Ltd. has been appointed as the advisors to this restructuring.
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