On 10 October 2021
Forbes & Company has received a letter dated 08 October 2021 from the promoter i.e., Shapoorji Pallonji and Company (SPCPL), seeking specific modifications, for the reasons stated in the said Letter, to the Composite Scheme of Arrangement between Aquaignis Technologies, Euro Forbes Financial Services, Eureka Forbes (EFL) , the Company (FCL) and Forbes Enviro Solutions (FESL) and their respective shareholders (Composite Scheme).The Board vide its resolution passed on 10 October 2021 has approved amendment of draft of the Composite Scheme of Arrangement inter alia, providing for certain identified investments of EFL which shall not be demerged as a part of the Demerged Undertaking (as defined in the Composite Scheme) from FCL to FESL.
The Company would be seeking specific consent to the amendments to the Composite Scheme from BSE and SEBI. FCL would also intimate the National Company Law Tribunal and would be seeking approval of the shareholders and creditors on the Modified Composite Scheme.
The aforementioned modifications in the Scheme should not impact the share entitlement ratio since all the shareholders of FCL are the ultimate beneficial owners of FESL and upon demerger, they will become shareholders of FESL in the same ratio (inter se) as they hold in FCL.
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