Simbhaoli Sugar says Court approves merger of spirits unit with company

Accordingly, the Board has formed a Committee of Directors comprising of Independent Directors and the Chairman of the Company to fix the Record Date for shares swap as per the Order passed by the Hon'ble High Court, subject to the final approval of the Stock Exchanges.

Simbhaoli Sugars Ltd has informed BSE that The Hon'ble High Court of Judicature at Allahabad (the Court) has sanctioned the Scheme of Amalgamation of Simbhaoli Sugars Limited with Simbhaoli Spirits Limited (the Scheme) on September 09, 2015. The order sanctioning the Scheme was uploaded at the Court's website on Oct 1, 2015.

Therefore, the Board of Directors of the Company in its meeting held on Oct 10, 2015 has taken note of the said order. The Court also directed its Registry to issue a formal order, which shall be filed before the Registrar of Companies, Kanpur, UP, Ministry of Corporate Affairs (ROC), within the permissible time. On filling of said order with ROC, the Company shall stand dissolved in terms of the Scheme and be amalgamated with Simbhaoli Spirits Limited without being wound up.

Accordingly, the Board has formed a Committee of Directors comprising of Independent Directors and the Chairman of the Company to fix the Record Date for shares swap as per the Order passed by the Hon'ble High Court, subject to the final approval of the Stock Exchanges.

The proposed Record Date and closure of Register of Members and Share Transfer Books shall be fixed by the said Committee in consultation with the Stock Exchanges and other steps will be taken up for the share exchange formalities and listing of equity shares of amalgamated entity as per the directions of the Court and the Stock Exchanges.