Karma Energy has received an approval for the proposed scheme of amalgamation of Avirodh Financial Services (AFSL) with Karma Energy (KEL). The company has received an approval at its board meeting held on August 11, 2011. The amalgamation appointed date will be opening hours of business on April 01, 2011.
Also, in respect of the amalgamation of AFSL with KEL, 1 fully paid up equity share of Rs 10 each of KEL shall be allotted to the holders of every 18 equity shares of Rs 10 each in AFSL. The above share exchange ratio has been determined based on the valuation report of Shyam C. Agarwal & Co., Chartered Accountants and fairness opinion by Aryaman Financial Services.
Further, the scheme is subject to requisite consent/approval of the requisite majority of the shareholders, lenders, creditors of the companies, the High Court of Bombay, the permission or approval of the Central Government or any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.
