Dispute of minority shareholders of TBI resoloved
TTK Prestige (TTKPL) announced that a Scheme of Arrangement was entered into between TTKPL (Transferee) and Triveni Bialetti Industries (TBI) (Transferor) for the purpose of vesting the kitchen appliances division of TBI into TTKPL by way of de-merger. The appointed date of this Scheme is 01 April 2012.The above Scheme was subject to the approval of the Honourable High Court of Madras, being the jurisdictional Court of the Transferee and the Honourable High Court of Mumbai, being the jurisdictional Court of the Transferor. The Honourable High Court of Madras had already sanctioned the scheme in December 2013.
The Honourable High Court of Mumbai approved the Scheme on 28 January 2016 but the operation of the same was stayed pursuant to the dispute raised by the minority shareholders of the TBI. The stay has ceased as of 21 December 2016 and therefore steps have been taken to give effect to the Scheme. Pursuant the above Scheme, TTKPL is allotting 9979 equity shares of TTKPL to the shareholders of TBI.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
