Amrit Banaspati equity shareholders & unsecured creditors approve Scheme of Arrangement

Amrit Banaspati Company Ltd has announced that the equity shareholders and unsecured creditors of the Company at their court convened meeting held on December 27, 2006, have unanimously approved the Scheme of Arrangement which inter-alia provides for demerger of Paper Business of the Company to ABC Paper Ltd, transfer of Edible Oil Brands (excluding "Gagan") of the Company to Amrit Enterprises Ltd and demerger of Edible Oil Business of the Company to Amrit Enterprises Ltd, subject to the said Scheme being sanctioned by the Hon’ble High Court of Allahabad, Hon’ble High Court of Punjab & Haryana at Chandigarh and Hon’ble High Court of Delhi at New Delhi, subject to necessary provisions and approvals.

Source : Equity Bulls

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