CROMPTON GREAVES LTD. - Updates

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CROMPTON GREAVES LTD. - Updates

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04 Feb 2016
Crompton Greaves Ltd has informed BSE as under :<BR><BR>"As communicated earlier, pursuant to the Scheme of Arrangement sanctioned by the Honble High Court of Judicature Mumbai vide order dated November 20, 2015, the erstwhile consumer business of the Company stands vested with Crompton Greaves Consumer Electricals Limited, (CGCEL) with effect from the Appointed Date i.e. October 01, 2015. The sanctioned Scheme has been filed with the Registrar of the Companies upon which the Scheme is effective. In terms of the sanctioned scheme, CGCEL will issue and allot to the shareholders of the Company one (1) fully paid-up equity share of Rs. 2/- each for every one (1) equity share held in the Company on the record date to be fixed by the Company upon completion of requisite formalities and the said shares shall be listed on the stock exchanges.<BR><BR>The Company had on February 02, 2015 published its unaudited financial results for the quarter and nine months ended December 31, 2015 without consolidation of the results of CGCEL for the quarter in view of CGCEL ceasing to be a wholly owned subsidiary in terms of the sanctioned Scheme.<BR><BR>We wish to inform you that the Company has received intimation from CGCEL informing that a meeting of Board of Directors of CGCEL is scheduled to be held on February 09, 2016 to review and approve inter-alia the financial performance of CGCEL for the quarter ended December 31st, 2015.<BR><BR>Since the shareholders of the Company are entitled to receive equity shares in CGCEL, as stated above and the Company having released its results without consolidating the results of the CGCEL as stated above, the Company considers it prudent to report the upcoming un-audited results of the CGCEL in view of the materiality of the information to the shareholders."
View all announcements for CROMPTON GREAVES LTD.	Source: BSE India

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