Era Financial withdraws plan to merge three units with itself

The board of Delhi-based non-banking financial company Era Financial has decided to withdraw its plan to merge three units, ARK Vidhyut Urja Ltd, ARK Transmission & Distribution Ltd and Era Power Ltd, with itself. The company made the announcement today following the board meeting yesterday.

It was in November last year that Era's board had approved the merger of the units with itself. It had at that time also approved the demerger of the multiplex/cineplex to a wholly owned subsidiary Silverline Cinemas.