Monnet Ispat Ltd has informed BSE that with the approval of scheme of merger of Mounteverest Trading & Investment Ltd (MTIL) into Monnet Ispat & Energy Ltd (MIEL) by the order of Hon''ble High Court of Chhattisgarh, the said order has been filed with Registrar of Companies (RoC). December 07, 2010 has been fixed as record date for suspension of trading in shares of that Company. Thereupon, the post merger formalities to be completed by Monnet Ispat & Energy Ltd shall take place and the requisite announcement will be made wherever necessary.
With regard to issue of shares to the shareholders of Mounteverest Trading & Investment Ltd (MTIL) in the Share Capital of Monnet Ispat & Energy Ltd. (MIEL). The Scheme provides as follows:
"MIEL shall (without further application, act or deed) issue and allot to each of the shareholders of MTIL, Equity shares in proportion of 40 (Forty) Equity shares of Rs. 10/- (Rupees Ten) each in MIEL for every 100 (Hundred) Equity shares of Rs. 10/- (Rupees Ten) each held by them in MTIL pursuant to this proposed Amalgamation. The holders of outstanding Fully Convertible Warrants and Fully Convertible Debentures (including their bonus entitlements) have vested rights to receive equal number of equity shares in MTIL hence they would have pari passu rights with the existing equity shareholders of MTIL under the scheme, subject to payments, if any under the terms of their allotment."