Financial Daily from THE HINDU group of publications
Tuesday, May 24, 2005
Financial Daily from THE HINDU group of publications Tuesday, May 24, 2005 |
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Corporate
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Restructuring GTN Textiles to finalise demerger on June 4 G.K. Nair
Kochi , May 23 GTN Textiles Ltd would finalise the proposed demerger of business activities of its Aluva unit along with investment in Patspin India Ltd to the extent of 39.07 per cent of the equity share capital of that company at its board meeting scheduled for June 4 here. Senior company sources told Business Line on Monday that the independent committee, constituted to do the valuation and suggest the modalities for the demerger, would submit its recommendations to the board based on which the demerger would be finalised. However, details about the demerger schemes would be known only after the board meeting, they said. The members of the committee are independent directors, Mr B.L. Singhal, Mr R. Rajagopalan, and Mr Siby Antony, they said. GTN Textiles Ltd had informed the National Stock Exchange that its board on May 17 had approved in-principle, a proposal for the demerger of the business activities of its Aluva unit along with its investment in Patspin India Ltd to a new company, that is GTN Industries Ltd. This is pursuant to a scheme of arrangement under Section 391 to 394 of the Companies Act, 1956, inter alia providing for inter-change of name i.e. GTN Textiles Ltd to GTN Industries Ltd and GTN Industries Ltd to GTN Textiles Ltd. A special business committee has also been constituted to periodically review and monitor progress of the demerger process, to take all appropriate decisions and to carry out effective steps as may be required in this connection, they added.
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