GL Hotels Updates on Scheme of Arrangement

GL Hotels Ltd has announced that the Board of Directors of the Company at its meeting held on January 16, 2007 has considered and approved the Scheme of Arrangement between Mayfair Banquets Pvt Ltd and the Company and their Respective Shareholders (the ‘Scheme’).

The Scheme of Arrangement envisages the following:

- Amalgamation of Mayfair Banquets Pvt Ltd with the Company.

- The Appointed Date for the merger would be April 01, 2006.

- Pursuant to the Scheme, the Company shall issue and allot 53 Equity Shares of the face value of Rs 10/- each credited as fully paid up in the share capital of the Company for every 1 equity shares of Rs 100/- each in MBPL.

- Adjustment of Securities Premium Account against debit balance in Profit & Loss Account and Miscellaneous Expenditure Account as on March 31, 2006.

Further the Company has informed that, the Scheme is subject to requisite consent, approval of the requisite majority of the shareholders, lenders, creditors of the Companies, the Hon'ble High Court of the Judicature at 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.

Source : Equity Bulls

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