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MAHINDRA and MAHINDRA FINANCIAL SERVICES LTD. - Outcome of Board Meeting
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22 Oct 2014
Mahindra and Mahindra Financial Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 22, 2014, inter alia, has considered and approved the proposal for amalgamation of Mahindra Business and Consulting Services Private Limited (&quot;MBCSPL&quot;), a wholly-owned subsidiary, with Mahindra and Mahindra Financial Services Limited (&quot;the Company&quot;) and their Shareholders and Creditors under the provisions of Sections 391 to 394 and other applicable provisions of the Companies Act, 1956 (including any statutory modification or re-enactment or amendment thereof) as per terms and conditions mentioned in the Scheme of Amalgamation placed before the Board.&lt;br/&gt;&lt;br/&gt;The salient features of the proposed Scheme are as under:&lt;br/&gt;&lt;br/&gt;1. MBCSPL would be amalgamated with the Company.&lt;br/&gt;&lt;br/&gt;2. The Appointed Date of the Scheme will be April 01, 2014.&lt;br/&gt;&lt;br/&gt;3. All assets and liabilities of MBCSPL to be transferred to and recorded by the Company at book values.&lt;br/&gt;&lt;br/&gt;4. No shares of the Company will be issued on amalgamation of MBCSPL as it is a wholly-owned subsidiary of the Company.&lt;br/&gt;&lt;br/&gt;5. The Scheme will be subject to the approval from the Hon&apos;ble High Court of Bombay and shareholders and creditors of Transferor Company and Transferee Company, if applicable.
View all announcements for MAHINDRA and MAHINDRA FINANCIAL SERVICES LTD. Source: BSE India