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Jul 15, 2013, 04.45 PM IST | Source: Moneycontrol.com

SRS: Outcome of board meeting

SRS at its meeting held on July 15, 2013, has considered the proposal for demerger of Cinema Division and Retail Division of the Company and consequently amalgamate the same with its wholly owned subsidiaries, namely SRS Cinemas & Entertainment and SRS Modern Retail, respectively, which shall also be listed at the Stock Exchange(s).

SRS Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 15, 2013, inter alia, has taken the following decisions:- The Board considered the proposal for demerger of Cinema Division and Retail Division of the Company and consequently amalgamate the same with its wholly owned subsidiaries, namely SRS Cinemas & Entertainment Limited and SRS Modern Retail Limited, respectively, which shall also be listed at the Stock Exchange(s) in accordance with the terms of the provisions of Sections 391 to 394 and other applicable provisions of the Companies Act, 1956, subject to necessary regulatory approval.The Company in reference to above has appointed advisors and other intermediaries for formulating the Structure, Valuations, etc.Source : BSE

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