TTK PRESTIGE LTD. - Updates on Scheme of Arrangement between TTK Prestige Limited (TTKPL) and Triveni Bialetti Industries Limited (TBI)
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| 22 Dec 2016 | |
| TTK Prestige Ltd has informed BSE that a Scheme of Arrangement was entered into between TTKPL (Transferee) and TBI (Transferor) for the purpose of vesting the kitchen appliances division of TBI into TTKPL by way of de-merger. The appointed date of this Scheme is April 01, 2012.<BR><BR>The above Scheme was subject to the approval of the Honourable High Court of Madras, being the jurisdictional Court of the Transferee and the Honourable High Court of Mumbai, being the jurisdictional Court of the Transferor. The Honourable High Court of Madras had already sanctioned the scheme in December 2013.<BR><BR>The Honourable High Court of Mumbai approved the Scheme on January 28, 2016 but the operation of the same was stayed pursuant to the dispute raised by the minority shareholders of the TBI. The stay has ceased as of December 21, 2016 and therefore steps have been taken to give effect to the Scheme. Pursuant the above Scheme, TTKPL is allotting 9979 equity shares of TTKPL to the shareholders of TBI. | |
| View all announcements for TTK PRESTIGE LTD. | Source: BSE India |
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