Strides application rejected by FIPB since Scheme of Amalgamation yet to be approved High Courts

Company says its proposed to make representation to FIPB

Strides Arcolab Limited today said that its application, to issue equity shares to non-resident shareholders of Shasun Pharmaceuticals Limited, was rejected since the company is yet to get nod from the Courts for its Scheme of Amalgamation.

The company had sought FIPB's approval for issuing equity shares to non-resident shareholders of Chennai-based Shasun Pharmaceuticals Limited. Strides Arcolab today informed Bombay Stock Exchange (BSE) that since the competent High Courts in India yet to approve the proposed Scheme of Amalgamation FIPB has rejected the application.

The application was considered by the FIPB at their meeting held on May 28, 2015. The Press Information Bureau issued a press release dated June 17, 2015 on the outcome of the Foreign FIPB which stated the company application has been rejected.

 

Strides Arcolab Limited today informed exchange that "our application has not been approved on the grounds that the Scheme of Amalgamation is yet to be approved by the competent High Courts in India".

The Company is proposing to make a representation to FIPB, said in the announcement