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Anant Raj announced that the Board of Directors of the Company at its meeting held on 19 July 2016, has considered and approved the composite scheme of arrangement comprising of the following: -
1. Demerger of Real Estate Division (Demerged Undertaking 1) of Anant Raj Agencies Private (ARAPL/ Demerged Company 1/Amalgamating Company) into Tauras Promoters & Developers (TPDPL/ Resulting Company 1) and subsequent amalgamation of Remaining ARAPL with the Company.
2. Demerger of Project Division (Demerged Undertaking 2) of the Company into Anant Raj Global (ARGL/ Resulting Company 2) (a WOS of the Company, under incorporation) and subsequent listing of ARGL at BSE (BSE) and National Stock Exchange of India (NSE).
The above provisions of the Scheme shall be effected in accordance with the provisions of Section 391 -394 of the Companies Act, 1956 or the corresponding provisions of the Companies Act, 2013.
The above scheme of arrangement shall be subject to the approval of High Court (s), Shareholders and Creditors of all the Companies. The Listing of ARGL is subject to exemption from SEBI in terms of Rule 19(2)(b) of Securities Contract (Regulations) Rules, 1957.
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