INOX Leisure Ltd Update on Merger of Satyam Cineplexes Limited with itself

The Second Motion Company Petition being C.P. No. 195 of 2015 connected with C. A. (M) No. 29 of 2015 has been heard by the Hon'ble Judge of the Delhi High Court and the order has been reserved.

Clause 18 of the Scheme of Amalgamation of Satyam Cineplexes Limited with INOX Leisure Ltd, provided that in the event of Scheme not being sanctioned by the High Court, and/or the order or orders not being passed as aforesaid on or before the 31st December 2015 or within such further period or periods as may be agreed upon between Satyam and Inox through their respective Board of Directors, the Scheme shall become null and void and each party shall bear and pay its respective costs, charges and expenses for and/or in connection with the Scheme.

Accordingly, the Board of Directors of Inox Leisure Limited and Satyam Cineplexes Limited have passed a Resolution for amending the Clause 18 of the Scheme of Amalgamation in order to extend the date of validity of the Scheme from 31st December 2015 to 31st December 2016. There are no other material changes in the Scheme.

Shares of INOX LEISURE LTD. was last trading in BSE at Rs.244.2 as compared to the previous close of Rs. 245.8. The total number of shares traded during the day was 37479 in over 1389 trades.

The stock hit an intraday high of Rs. 249.95 and intraday low of 243.25. The net turnover during the day was Rs. 9241257.

Source : Equity Bulls

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