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| Exchange Disseminated Time 07/02/2017 10:14:00 | With reference to the earlier announcement dated on December 26, 2016, Jasch Industries Ltd has now informed BSE that the following:
"We have obtained certified copies of reports, as filed by the respective Court-appointed Chairmen with the Hon'ble High Court of Punjab & Haryana. As per these reports, the Scheme of Demerger had been approved by 100% of the unsecured creditors present and voting and by 99.98% of the equity shareholders present and voting.
Further inform that the only secured creditor of the Company (namely HDFC Bank) having already previously granted its “No Objection” to the Scheme, the requirement of holding meeting of secured creditors had been dispensed by the Hon'ble Court.
Similarly, in the case of Jasch Automation Ltd (“JAL”a wholly owned subsidiary of the Company), there was only one equity shareholder, who also happened to be the only creditor (namely, Jasch Industries Ltd - 'JIL”). JIL having previously granted it's No Objection to the Scheme, the Hon'ble Court had dispensed with the requirement of holding meetings of creditors and equity shareholders of JAL.
Both the Companies (JIL and JAL) are now in the process of preparing second motion petitions with the NCLT/High Court for approval of the Scheme." |
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