Amber Enterprises India has informed that EVER became the subsidiary of the company in terms of section 2 (87) of the Companies Act, 2013 by securing the right to appoint majority of directors on the board of EVER vide Letter Agreement dated 1st October 2018 and simultaneously exercising the right to appoint majority of the directors on the board of EVER. In this regard, the Company has informed that Promoters of EVER has requested for extension of time limit for completing the Conditions Precedent to enable Amber to acquire balance 51% of stake of total Share Capital of EVER. The Company so far hold only 19% stake in the share capital of EVER. Considering the request, Company has extended the timeline to complete the acquisition of balance stake of 51% by 31st March 2019 in one or more tranches.
The above information is a part of company’s filings submitted to BSE.
