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Our Bureau

Mumbai , Jan. 16

MORARJEE Goculdas Spinning & Weaving Company Ltd has informed the Bombay Stock Exchange that the court convened meeting for approval of the scheme of arrangement between the company and Canere Actives & Fine Chemicals Pvt Ltd, for demerger and transfer of the company's tools division to Canere, was held on Thursday. The said scheme has been approved by the company's shareholders.

Further, at the company's extraordinary general meeting, held immediately after the conclusion of the aforesaid court convened meeting, the following were approved: The debiting of the Share Premium Account with the difference between the book value of the assets and liabilities of the tools division of the company consequent to its demerger and transfer to Canere under the said scheme; and, the appointment of Mr Jaydev Mody as the company's Managing Director for five years, with effect from November 2003.

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