Financial Daily from THE HINDU group of publications
Saturday, Apr 24, 2004

Cross Currency

Group Sites

Corporate - Restructuring

Court nod for L&T cement demerger

Our Bureau

Mumbai , April 23

LARSEN & Toubro's scheme of arrangement for demerger of its cement business undertaking today obtained sanction from the High Court in Mumbai, after nearly a month of the Court commencing hearing on the case.

The scheme of arrangement, filed under Sections 391 to Section 394 of the Companies Act, provides for demerger of the cement division into a new company called Ultra Tech Cemco Ltd.

Larsen & Toubro, in a statement issued today, said the process of implementation of the scheme will commence on receipt of the court Order after which the company will fix and declare the Effective Date.

The judgement today consisted of the operative part of the Order; the detailed Order is expected in a few days' time.

At a court-convened meeting of shareholders of L&T on February 3 this year, L&T had obtained shareholder approval for the scheme of demerger and the subsequent sale of a stake in the demerged cement company to Grasim Industries Ltd.

When the company approached the Court for approval of its scheme, two individual shareholders had objected to its petition.

More Stories on : Restructuring | Courts/Legal Issues | Cement

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Vizag Steel in talks to buy coal mines abroad

PSL bags $198-m Sudanese order
Shanthi Gears orders cross Rs 100-cr mark
BHEL bags order
Tata Tele (Maha) board okays FCCB issue
Leela Goa gets Imperial Mark
The `comfort' factor for auditors from public issues
Bharti Tele: Powered by mobile biz
Greaves Cotton posts Q3 net loss
Tata Power debt rating downgraded
Core promoter subscribes to Leyland's bond issue
Philips to sell lamp unit to Videocon group co
Court nod for L&T cement demerger
IT Microsystems to enter hotel biz
CESC resolutions passed
IOC plans to set up ethylene cracker at Paradip refinery
Asahi to invest Rs 180 cr in Chennai plant
Gateway Distriparks plans greenfield project in Vizag
`Go slow' at MRF plant on wage talks
Tommy Hilfiger set for Indian summer
Rajasthan Spinning mulls foray into readymade garments
STC aims at Rs 10,000-cr turnover
Strong Q1 sales not sustainable: GSK Pharma
Tata Ryerson earns Rs 300 cr in 2003-04

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line