Usha International Ltd has informed that the Scheme of Arrangement between Usha International Ltd (UIL) and Shriram Fuel Injection Industries Ltd (SFIL) with The Jay Engineering Works Ltd (JEW) and their respective Shareholders and Creditors under section 391 to 394 of the Companies Act, 1956 has been approved by the Honble High Court of Delhi vide its order dated May 26, 2008 and the said order has been filed with the Registrar of Companies on June 02, 2008.
Further, with reference to Point No. 6 of the said Scheme, wherein it was decided that:
a) 44 Exchange equity shares of Rs 10 each fully paid up in The Jay Engineering Works Ltd (Transferee Company) for every one equity share of Rs 10 each fully paid up held in Usha International Ltd (Transferor Company No 1 i.e. UIL); and
b) 31 Exchange equity shares of Rs 10 each fully paid up in The Jay Engineering Works Ltd (Transferee Company) for every ten equity share of Rs 10 each fully paid up held in Shriram Fuel Injection Industries Ltd (Transferor Company No. 2 i.e. SFIIL).
Further as per Point No. 6.3 of the said scheme where it is mentioned that upon coming into effect of this Scheme and after the reduction of the capital the transferee Company shall issue and allot to the Equity Shareholders of the Transferor Companies and the Transferee Company whose name would appear in the Register of Members as on the record date i.e. June 23, 2008 New Equity Shares in the following ratio:
1. 44 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 10 equity shares of Rs 10 each fully paid up held in Transferor Company No. 1 i.e. UIL.
2. 31 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 100 equity shares of Rs 10 each fully paid up held in Transferor Company No. 2 i.e. SFIIL.
3. 1 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 10 equity shares of Rs 10 each fully paid up held in Transferee Company.
Further, with reference to Point No. 6 of the said Scheme, wherein it was decided that:
a) 44 Exchange equity shares of Rs 10 each fully paid up in The Jay Engineering Works Ltd (Transferee Company) for every one equity share of Rs 10 each fully paid up held in Usha International Ltd (Transferor Company No 1 i.e. UIL); and
b) 31 Exchange equity shares of Rs 10 each fully paid up in The Jay Engineering Works Ltd (Transferee Company) for every ten equity share of Rs 10 each fully paid up held in Shriram Fuel Injection Industries Ltd (Transferor Company No. 2 i.e. SFIIL).
Further as per Point No. 6.3 of the said scheme where it is mentioned that upon coming into effect of this Scheme and after the reduction of the capital the transferee Company shall issue and allot to the Equity Shareholders of the Transferor Companies and the Transferee Company whose name would appear in the Register of Members as on the record date i.e. June 23, 2008 New Equity Shares in the following ratio:
1. 44 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 10 equity shares of Rs 10 each fully paid up held in Transferor Company No. 1 i.e. UIL.
2. 31 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 100 equity shares of Rs 10 each fully paid up held in Transferor Company No. 2 i.e. SFIIL.
3. 1 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 10 equity shares of Rs 10 each fully paid up held in Transferee Company.
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