Financial Daily from THE HINDU group of publications
Wednesday, Jan 30, 2002
Financial Daily from THE HINDU group of publications Wednesday, Jan 30, 2002 |
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Corporate
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Mergers & Acquisitions M&M gets nod for merger of arms Our Bureau MUMBAI: THE board of directors of Mahindra & Mahindra Ltd (M&M) has approved a scheme of amalgamation of its subsidiaries e-Mahindra Solutions Ltd, Mahindra Auto Specialties Ltd and Mahindra Alternative Technologies Ltd with itself from March 31, 2002. In the process of amalgamation, investments held by the amalgamating companies would be restated in their respective net asset values, M&M said in a release. The surplus expected to be generated would be retained to create a provision for diminution in value of investments of the company. The company also proposes to net-off balance of its deferred revenue expenditure against the share premium account. This scheme of amalgamation would result in financially more efficient holding structure, restatement of investments at realistic values, better reflection of profits from operations of the company and improvement in earnings per share (EPS). The company will continue to review operations of its subsidiaries with a view to simplify and streamline the holding structure, M&M said.
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