Arvind Products has received an approval for the composite scheme of arrangement between Arvind, Arvind Products and Asman Investments in the nature of amalgamation of Arvind Products with Arvind and de-merger of investment division of Asman Investments in Arvind. The company has received an approval at its board meeting held on May 20, 2011.
The above scheme of arrangement will be effective pursuant to Section 391 to 394 and other relevant provisions of the Companies Act, 1956 subject to approval of the High Court of Gujarat and other necessary approvals, if any, with effective from January 01, 2011 being the appointed date.
On the scheme becoming effective, all assets and liabilities of Arvind Products shall vest in Arvind and investment division of Asman Investments will be demerged into Arvind from the appointed date as aforesaid.
Further, the equity shareholders of Arvind Products shall be issued equity shares in Arvind in the ratio of one equity share of Rs 10 each fully paid of Arvind for every eleven equity shares of Rs 10 each held in Arvind Products or on such other basis as may be approved by the High Court of Gujarat.
| Company Name | CMP |
|---|---|
| Welspun Living | 132.40 |
| Vardhman Textiles | 560.40 |
| Arvind | 390.50 |
| K.P.R. Mill | 922.70 |
| Page Industries | 37966.05 |
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