VARDHMAN TEXTILES LTD. - 502986 - Announcement under Regulation 30 (LODR)-Scheme of Arrangement
Pursuant to Regulation 30 of the Listing Regulations, we are pleased to inform you that the board of directors of Vardhman Textiles Limited ('Company"), at its meeting held on August 13, 2019, considered and approved the scheme of arrangement amongst VMT Spinning Company Limited, VTL Investments Limited, Vardhman Nisshinbo Garments Company Limited, Vardhman Acrylics Limited ('Transferor Companies'), and the Company, and their respective shareholders and creditors, in relation to the merger of the Transferor Companies with and into the Company ('Scheme'). The Scheme is subject to the necessary approvals from the shareholders and creditors of the Transferor Companies and the Company and other statutory and regulatory approvals under applicable laws, including the approval from the National Company Law Tribunal, Chandigarh Bench ('NCLT') and approvals from the Stock Exchanges and the SEBI in accordance with the Listing Regulations and SEBI circulars.14-08-2019