Heavy denim fabrics maker Arvind Mills Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 27, 2006 has approved Composite Scheme of Arrangement.
Subject to this receipt of necessary approvals including the approvals of the High Court of Gujarat under Section 391 to 394 read with 78, 100 to 103 of the Companies Act, 1956 a Composite Scheme of Arrangement for demerger of Garment Business Division of Arvind Brands Ltd and Amalgamation of Arvind Fashions Ltd (wholly owned subsidiaries of the Company) with the Company and consequential Reduction and Restructuring of Share Capital of Arvind Brands Ltd and the Company with effect from Appointed Date i.e. April 01, 2006.
The whole of the undertaking of the Garment Business Division of Arvind Brands Ltd and the entire undertaking of Arvind Fashions Ltd shall, under the provisions of Sections 391 to 394 of the Companies Act, 1956 without any further act or deed, be transferred to and vested in and / or deemed be transferred to and vested in the Company with effect from the Appointed Date as at April 01, 2006.
Since both Arvind Brands Ltd and Arvind Fashions Ltd are wholly owned subsidiaries of the Company, no shares shall be required to be issued by the Company pursuant to above Scheme of Arrangement.
Arvind Mills Ltd offer ready-made clothing, knitted fabrics and bottomweights. Forevision and Technology has brought Arvind to be one of the top three producers of Denim in the world, and on its way becoming the Global Textile Conglomerate.
Bombay Stock Exchange Limited
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