(21-Oct-2011 Hours IST)
Akzo Nobel India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 21, 2011, has approved the following: Approved a scheme of arrangement (the scheme) involving amalgamation of Akzo Nobel Coatings India Private Ltd., Akzo Nobel Car Refinishes India Private Ltd. and Akzo Nobel Chemicals (India) Ltd. with the Company, subject to necessary statutory and other approvals. The appointed date as per the above scheme would be April 01, 2011. The combined Net Sales of the Companies proposed to be merged, as per the last audited accounts for the year ended March 31, 2011, was Rs. 5684 million and PAT was Rs. 247 million. As per the proposed swap ratio, on completion of the merger process, a total of about 11.1 million shares of the Company will be issued to the existing shareholders of these Companies. With reference to the earlier announcement dated February 08, 2012, Akzo Nobel India Ltd has now informed BSE that: 1. The Hon'ble High Court at Calcutta vide its order dated April 24, 2012 has approved the Scheme of Amalgamation of the following companies: a. Akzo Nobel Car Refinishes India Private Limited b. Akzo Nobel Coatings India Private Limited, and c. Akzo Nobel Chemicals (India) Limited with Akzo Nobel India Ltd. 2. The Company also have been advised that Karnataka High Court at Banglore has already approved the Scheme on application of Akzo Nobel Car Refinishes India Private Limited and Akzo Nobel Coatings India Private Limited - formal order is awaited. 3. The application of Akzo Nobel Chemicals (India) Limited is pending hearing by Bombay High Court. The effective date of amalgamation will be determined after receipt of all approvals as aforesaid and on completion of necessary formalities. (As Per BSE Announcement Dated on 30.04.2012) With reference to the earlier announcement dated April 30, 2012, Akzo Nobel India Ltd has informed BSE that the Company have received copies of all the court orders and necessary filings have been done on May 18, 2012. Accordingly, the merger of Akzo Nobel Car Refinishes India Private Limited, Akzo Nobel Coatings India Private Limited and Akzo Nobel Chemicals (India) Limited with Akzo Nobel India Limited has become effective. (As Per BSE Announcement Dated on 18.05.2012)
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