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Indiabulls Power gets shareholders’ nod for scheme of arrangement

01 Jul 2011 Evaluate

Indiabulls Power has received its shareholders’ approval for scheme of arrangement between the company, Indiabulls Real Estate, Indiabulls Infrastructure and Power, Indiabulls Builders Limited, Poena Power Supply and their respective shareholders and creditors.

The company’s shareholders gave their approval at the meeting held on June 30, 2011.The said Scheme of Arrangement is now subject to the final approval by the High Court of Delhi at New Delhi.

The company posted a fall of 74.39% in its net profit of Rs 9.66 crore for the year ended March 31, 2011 as compared to Rs 37.72 crore for the year ended March 31, 2010. Total income decreased by 57.07% to Rs 30.40 crore for the year ended March 31, 2011 from Rs 70.82 crore for the year ended March 31, 2010.

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