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SURYAVANSHI SPINNING MILLS LTD. - Updates on Scheme of Arrangement
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22 Aug 2014
Suryavanshi Spinning Mills Ltd has informed BSE that as per Scheme of Arrangement under Sections 391 to 394 and other applicable provisions of the Companies Act, 1956 (Act), Suryavanshi spinning mills ltd proposed to demerge and transfer of Yarn Unit at Bhongir together with 4 acres of land together with temporary structures in Survey Nos 558 and 560 situated at Aliabad village, Medchal Taluq, Shameerpet Mandal, Rangareddy District, Telangana state hereinafter referred to as Undertaking -1 of Suryavanshi Spinning Mills Limited into Aananda Lakshmi Spinning Mills Limited (Resulting Company-1) (ALSML) and Yarn Unit at Rajna, Madhya Pradesh and Garment Units at Aliabad and Bhongir, Telangana state hereinafter referred to as Undertaking - 2 of Suryavanshi Spinning Mills Limited into Sheshadri Industries Limited (Resulting Company-2) (SIL).&lt;br/&gt;&lt;br/&gt;And Suryavanshi spinning mills ltd shall retain the existing yarn and Medical textile unit at Aliabad village, Shameerpet Mandal, Medchal Taluq, Ranga Reddy District, Telangana state.&lt;br/&gt;&lt;br/&gt;Pursuant to the Scheme of Arrangement between Suryavanshi Spinning Mills Limited (SVSML) and Aananda Lakshmi Spinning Mills Limited (ALSM) and Sheshadri Industries Limited (SIL) and their respective shareholders, sanctioned by the Honble High Court of Andhra Pradesh vide its Order dated July 30, 2014 the paid up share capital of Suryavanshi Spinning Mills Limited has been restructured and new shares will be allotted to the shareholders of Suryavanshi Spinning Mills Limited, whose names appeared on the Record Date, the shareholder will be issued and allotted the equity shares of Rs. 10/- each fully paid in the following manner in lieu of the existing 100 (hundred) shares held by him in the existing Demerged Company i.e. Suryavanshi Spinning Mills Ltd as on the Record Date&lt;br/&gt;&lt;br/&gt;i. 26 (Twenty Six) equity shares of Resulting Company-1 i.e. Aananda Lakshmi Spinning Mills Ltd&lt;br/&gt;&lt;br/&gt;ii. 37 (Thirty Seven) equity shares of Resulting Company-2 i.e. Sheshadri Industries ltd&lt;br/&gt;&lt;br/&gt;- Reorganization of Share Capital&lt;br/&gt;&lt;br/&gt;Upon the Scheme coming into effect and also upon issuance of shares by the Resulting Companies as referred above the issued, subscribed and paid up equity share capital of Suryavanshi shall be reduced from Rs. 13,26,64,230 divided into 1,32,66,423 equity shares of Rs. 10/- each to Rs. 4,90,85,760 divided into 1,32,66,423 equity shares of Rs. 3.70/- each. Upon such reduction of share capita! taking effect 1,32, 66,423 equity shares of Rs. 3.70/- each shall be consolidated to Rs. 10/- per equity share and accordingly the paid up capital of Suryavanshi post capital reduction shall be Rs. 4,90,85,760 divided into 49,08,576 equity shares of Rs. 10/- each. Every member of Suryavanshi whose name is borne in the Register of members and records of the Registrar and Share Transfer Agent on the record date shall receive 37 new equity shares of Rs. 10/- each in lieu of 100 existing equity shares of Rs. 10/- each in Suryavanshi.&lt;br/&gt;&lt;br/&gt;Any member holding shares in Suryavanshi Spinning Mills ltd in such that the member becomes entitled to a fraction of equity in Aananda Lakshmi Spinning Mills ltd (ALSML) Sheshadri Industries ltd (SIL) and in Suryavanshi spinning mills ltd (SVSML), the ALSML, SIL and SVSML shall not issue fractional share certificates to such member but shall consolidate such fractions and issue consolidated equity shares to the respective trustees nominated by the ALSML, SIL and SVSML in that behalf, who shall sell such shares and distribute the net sale proceeds (after deduction of the expenses incurred) to the members entitled to the same in proportion to the fractional entitlements.
View all announcements for SURYAVANSHI SPINNING MILLS LTD. Source: BSE India