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Jul 20, 2013, 05.40 PM IST | Source: Moneycontrol.com

JK Enviro-tech to transfer Lime Kiln Undertaking to JK Paper

JK Paper has informed BSE that the Board of Directors of the Company at its meeting held on July 19, 2013, inter alia, has accorded its consent to the Scheme of Arrangement for transfer and vesting of Lime Kiln Undertaking of JK Enviro-tech Limited to the Company as per terms and conditions mentioned, in the Scheme of Arrangement

JK Paper Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 19, 2013, inter alia, has accorded its consent to the Scheme of Arrangement for transfer and vesting of Lime Kiln Undertaking of JK Enviro-tech Limited to the Company as per terms and conditions mentioned, in the Scheme of Arrangement ("the Scheme") under Sections 391 to 394 of the Companies Act, 1956. As on date, the Company owns 49 lac fully paid equity shares. of Rs. 10/- each in JK Enviro-tech Limited representing 98.98% of the issued, subscribed and paid-up share capital of JK Enviro-tech Limited.The salient Features of the Scheme are as under:- The Appointed Date for the Scheme is April 01, 2013- In consideration of the acquisition on slump sale basis of the Undertaking of JK Enviro-tech Limited by the Company, the Company will pay a lump sum purchase consideration of Rs. 1.59 crore to JK Enviro-tech Limited.- The Scheme is subject to requisite consent, approval of the requisite majority of the shareholders, lenders, creditors of the Company, the Gujarat High Court, and the permission or approval of any other statutory, state or regulatory authorities, which by law may be necessary for the implementation of the Scheme.Source : BSE

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