AksharChem India has announced a scheme which envisages demerger of Pigment Green Division of Asahi Songwon Colors Limited to AksharChem (India) Limited having an appointed date as April 1, 2014.
AksharChem India Ltd has informed BSE that the Board of Directors of the company at its meeting held on December 19, 2013, has considered and approved Scheme of Arrangement between Asahi Songwon Colors Limited and AksharChem (India) Limited and their respective shareholders and creditors (‘Scheme’) under sections 391 to 394 of the Companies Act, 1956 subject to the requisite approvals of the shareholders and the creditors of the respective companies and the sanction of the High Court of Gujarat at Ahmedabad or such other competent authority and other necessary statutory approvals.
As per the scheme, the share exchange ratio has been fixed as 5 equity shares of AksharChem (India) Limited of Rs 10 each fully paid up for every 26 equity shares of Asahi Songwon Colors Limited of Rs 10 each fully paid up.
AksharChem India Ltd has informed BSE that the Board of Directors of the company at its meeting held on December 19, 2013, has considered and approved Scheme of Arrangement between Asahi Songwon Colors Limited and AksharChem (India) Limited and their respective shareholders and creditors (‘Scheme’) under sections 391 to 394 of the Companies Act, 1956 subject to the requisite approvals of the shareholders and the creditors of the respective companies and the sanction of the High Court of Gujarat at Ahmedabad or such other competent authority and other necessary statutory approvals.
As per the scheme, the share exchange ratio has been fixed as 5 equity shares of AksharChem (India) Limited of Rs 10 each fully paid up for every 26 equity shares of Asahi Songwon Colors Limited of Rs 10 each fully paid up.