Pantaloon Retail (India) Ltd (PRIL) has announced that the board of directors of the company at its meeting held on April 23, 2010, inter alia, has approved the scheme of arrangement between PRIL and its 100 per cent direct subsidiary (the subsidiary) and a 100 per cent subsidiary of the subsidiary (step down subsidiary) and their respective shareholders and creditors (scheme).
The appointed date of the scheme is April 1, 2010. The demerger of mall management business and project management business into the subsidiary of the company and mall asset management business and food services businesses into the step down subsidiary of the company.
Based on the report on share entitlement ratio submitted by independent valuers, the board approved the share entitlement ratio as, one fully paid equity shares of Rs.10 each of the subsidiary company shall be issued and allotted for every 20 equity shares of two rupees each held in the company.
The scheme is subject to consent, approval of requisite majority of shareholders and creditors of the company and the subsidiary and the step down subsidiary company, sanction of the high court of judicature at Mumbai and all other regulatory approvals as may be necessary for the implementation of the scheme.
The board also authorised committee of directors to finalise the scheme in consultation with company’s advisors and take necessary actions for completing the requirements in this regard and to do all acts and deeds as may be necessary.
— IndiaRetailing Bureau