The Hindu Business Line : Matrix Labs gets more time to hold AGM

KEEPING in view the time expected for obtaining the approvals of the Andhra Pradesh High Court for the proposed scheme of amalgamation of four companies with itself, Matrix Laboratories Ltd (MLL) has sought and obtained three months extension for holding the annual general meeting.

As per the approval obtained under Section 166 of the Companies Act, 1956, the company can now convene the AGM anytime till December 31, 2004.

Disclosing this to stock exchanges on Tuesday, MLL said its board and shareholders at their meetings held on March 29 and July 23, respectively approved the scheme of arrangement for amalgamation of Vera Laboratories Ltd, Fine Drugs and Chemicals Ltd, Medikon Laboratories Ltd and Calibre Engineering Pvt Ltd with the company.

In terms of this, the company had filed petition on August 2 with the AP High Court.

The merger petition has to be confirmed by the Court and the company expects it to take two to three months.

Hence the extension for holding AGM was obtained.

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