Board of L T Foods approves scheme of arrangement and consolidation
At meeting held on 13 December 2019
The Board of Directors of L T Foods at their meeting held on 13 December 2019 approved a Scheme of Arrangement and Consolidation between L T Foods (transferor company) and L T Foods Holdings BV (transferee company).The Scheme provides for integration and consolidation of the Specified Investment Undertaking of the transferor company as a going concern under the transferee company.
Specified Investment Undertaking comprises of the transferor company's overseas direct investments (i.e. equity instruments) in: (i) Sona Global (UAE), (ii) LT Overseas North America Inc. (US) and its underlying subsidiaries.
Post the transfer and consolidation, the transferor company (i.e. L T Foods) will continue to have 100% control over the transferee Ccmpany (i.e. L T Foods Holding BV) and thereby ultimate control over the Specified Investment Undertaking.
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First Published: Dec 13 2019 | 2:18 PM IST