At meeting held on 25 September 2014
INOX Leisure announced that the Board of Directors of the Company at its meeting held on 25 September 2014, has considered and unanimously approved the "Scheme of Amalgamation" under Section 391-394 of the Companies Act, 1956 (the Scheme) for amalgamation of Satyam Cineplexes (SCL), a wholly-owned subsidiary of the Company, with the Company.SCL being a wholly-owned subsidiary of the Company, no shares are proposed to be issued on amalgamation of SCL with the Company and the shareholding of the Company in SCL will stand cancelled under the Scheme.
The effectiveness of the Scheme is subject to various approvals inter alia, of the Stock Exchanges, Securities and Exchange Board of India, Shareholders and Creditors of respective Companies, the High Courts, and other concerned authorities.
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