Merger Updates

Merger Updates

In order to enable other operational and synergetic benefits, the Board of Directors at its meeting held on February 3, 2018 has proposed to merge SURCOT TRADING PRIVATE LIMITED and UMIYA REAL ESTATE PRIVATE LIMITED (Transferor Companies) with STANROSE MAFATLAL INVESTMENTS AND FINANCE LIMITED (Transferee Company).

In the meeting held on February 3, 2018, the Board has decided not to provide any consideration to the shareholders of the Transferor Companies on the basis of  recommendation of the Audit Committee and the Valuation Report issued by M/s Manubhai & Shah LLP and Fairness Opinion provided by M/s Vivro Financial Services Pvt. Ltd.. The Board has also approved the Draft Scheme of Amalgamation and will undertake necessary actions to implement the draft Scheme.

The Company has filed application to BSE Limited for obtaining no objection certificate.