At meeting held on 13 June 2015
APL Apollo Tubes announced that the Board of Directors of the Company at its meeting held on 13 June 2015, inter alia, has considered and approved the following:1. The Scheme of Amalgamation of a subsidiary Company viz. M/s. Lloyd Line Pipes (Transferor Company) with M/s. APL Apollo Tubes (Transferee Company) along with the relevant documents including fairness opinion.
The proposed amalgamation will be undertaken through a court approved Scheme of Amalgamation under the provisions of Sections 391 to 394 and other applicable provisions of the Companies Act, 1956 (applicable as on date) or any corresponding provisions of the Companies Act, 2013. The amalgamation shall strengthen the operations of the Company, and bring synergy in the operations since both the Companies operate in the same segment.
The Scheme is subject to the approval of Shareholders and Creditors of the Companies, if applicable, and also subject to the sanction of Hon'ble High Court of Delhi.
2. "APL APOLLO EMPLOYEE STOCK OPTION PLAN- 2015" and the Notice of Postal Ballot to be sent to Shareholders for their approval in this regard.
3. Issue of rated, listed, secured, redeemable, non-cumulative, taxable, non-convertible debentures upto Rs. 200 crore.
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