Outcome of Board Meeting

| Updated on January 28, 2014 Published on January 28, 2014

Dhunseri Petrochem & Tea Ltd has informed BSE that the Board of Directors of Dhunseri Petrochem & Tea Limited ("DPTL") at their meeting held on January 28, 2014 approved a Scheme of Arrangement between DPTL, Dhunseri Services Limited ("DSL") and Dhanurveda Infrastructure Private Limited ("DIPL") and their respective shareholders. The Scheme provides for demerger and reorganisation as under:

i. Demerger of Tea Division of DPTL to DSL from April 01, 2014 ("Appointed Date") in consideration of issue and allotment of Equity Shares in DSL to the shareholders of DPTL in the share entitlement ratio of issue and allotment of 1 Equity Share(s) of Rs. 10/- each in DSL credited as fully paid up to the Equity Shareholders of DPTL for every 5 Equity Share of Rs. 10/- each held by them in DPTL.

ii. Reorganisation of IT SEZ Division of DPTL by its transfer to DIPL in consideration of issue and allotment of 50,00,000 Equity Shares of Rs. 10/- each credited as fully paid up in DIPL to DPTL.

The Scheme is subject to and conditional upon approval of shareholders and sanction of the Honble High Court at Calcutta pursuant to Section 391 of the Companies Act, 1956. Accordingly, the Scheme although operative from the Appointed Date shall come into effect on the Effective Date, being the date or last of the dates on which certified copies of the orders sanctioning the Scheme are filed by the Transferor Company and the Transferee Company with the Registrar of Companies. The names of the companies will be changed suitably pursuant to the Scheme.

Source : BSE - >www.bseindia.com

Published on January 28, 2014
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