Bang Overseas (BOL) has received an approval from the High Court of Bombay for the proposed scheme of arrangement between BOL and Thomas Scott (India) (TSIL) and their respective shareholders involving demerger of the retail division of BOL into TSIL vide order dated on July 22, 2011.
The shareholders of the company had, earlier at the High Court convened meeting of the company held on April 01, 2011, approved the scheme unanimously. The scheme envisages issue of one equity shares of face value of Rs 10 each as fully paid up of TSIL for every four equity shares of face value of Rs 10 each, fully paid up held in BOL. PricewaterhouseCoopers are the advisers of this restructuring.
Earlier, BOL had received its board’s approval for the scheme of arrangement between the company and Thomas Scott (India) during the meeting held on December 23, 2010.
BOL is one of the leading manufacturers and exporters of men's wear. It also deals in providing rare services like concept development, designing, manufacturing to logistic and marketing. Headquartered in Mumbai, the fast growing company was established in the year 1992.
