Punjab and Haryana HC ratifies Vardhman scheme

Punjab-based textile unit Vardhman Textile Limited, in a release issued today, has maintained the scheme of arrangement and demerger of Vardhman Textile Limited and Vardhman Special Steel Limited has been confirmed by the Punjab and Haryana High Court. The steel business undertaking of Vardhman Textiles Limited stands vested in Vardhman Special Steels Limited with effect from the appointed date mentioned in the scheme January 1, 2011.

According to the release, the copy of the scheme has been filed with the Registrar of Companies (Chandigarh) on March 15 and the scheme becomes effective from the date.

According to the scheme, shareholders of Vardhman Textile Limited would be allotted one share of Vardhman Special steel Limited for every five share held in Vardhman Textile Limited.