Pantaloon Retail (India) Ltd has informed BSE that the transfer of assets pertaining to the Value Retail Business of Pantaloon Retail (India) Limited ('PRIL' or the 'Company' or 'the Transferor Company') to its wholly owned subsidiary company, Future Value Retail Limited ('FVRL' or 'the Transferee Company') with effect from January 01, 2010 has been given effect to pursuant to the resolution passed by the Board of Directors at its meeting held on October 30, 2009, and by the members resolution passed by postal ballot on December 15, 2009. Further to the said transfer the brands pertaining to Value Retail Business were pending to be transferred and pursuant to the authority given by the above referred resolutions, the Committee of Directors of the Company at its meeting held on September 15, 2010, considered and approved the Schema of Arrangement between PRIL and FVRL and their respective Shareholders and Creditors ('Scheme') for transfer of products and format brands of Value Retail Business from PRIL to FVRL. The salient features of the Scheme are as under: 1. the Appointed Date of the Scheme is January 01, 2010. 2. Transfer and vesting of product and format Brands pertaining to the Value Retail Business from the PRIL into FVRL. 3. FVRL is a wholly owned subsidiary of PRIL and the Scheme is mode of transfer of the brands pertaining to Value Retail Business, which has already been transferred to FVRL w.e.f. January 01, 2010. Accordingly, FVRL shall not be required to pay any consideration to the Company or to anyone else. The Scheme is subject to consent, approval of requisite majority of shareholders and creditors of the Company and FVRL, the sanction of the Hon'ble High Court of Judicature at Bombay and all other statutory and regulatory approvals as may be necessary for the implementation of the Scheme. Pantaloon Retail (India) Ltd has informed BSE that, in accordance with the directions of the Hon'ble High Court of Judicature at Bombay in Company Summons for Direction No. 658 of 2010, the meeting of Members (Equity Shareholders including Class B (Series 1) Shareholders) was convened and held on November 03, 2010 and the Members present have approved the Scheme of Arrangement between Pantaloon Retail (India) Ltd and Future Value Retail Ltd and their respective Shareholders ('the Scheme ') unanimously. (As Per BSE Announcement Dated on 04.10.2010) Pantaloon Retail (India) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 09, 2012, inter alia, has taken the following decisions: Approval of merger of Future Value Retail Limited, a wholly owned subsidiary with the Company. The merger shall be achieved by way of a separate scheme of Amalgamation pursuant to Sections 391-394 of the Companies Act, 1956 as per the draft Scheme tabled before the Meeting. (As per BSE Announcement Dated on 10.09.2012)