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Friday, June 18, 2010

Bajaj Hindusthan Sugar & Industries' board approves scheme of amalgamation

The board of Bajaj Hindusthan Sugar & Industries in its meeting on 17 June 2010 has approved a scheme of amalgamation of the company with Bajaj Hindusthan (BHL), the holding company pursuant to Sections 391 to 394 of the Companies Act, 1956 subject to various approvals of the shareholders and creditors of the respective companies, the High Court of Judicature at Mumbai, Stock Exchanges and other concerned authorities.

The appointed date of Amalgamation is proposed to be 01 April 2010. The scheme of amalgamation envisages a share exchange ratio of one equity share of BHL of Re 1 each fully paid up for every five equity shares of the company of Re 1 each.

Further, the board has also accorded its approval for withdrawal of the scheme of merger of Phenil Sugars Pvt Ltd with itself which was approved by the board earlier at its meeting held on 20 September 2008.

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