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Tube Investments of India Ltd.
(504973; 604973)
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28/08/2017
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As per the Scheme of Arrangement sanctioned by the Hon’ble National Company Law Tribunal, Chennai Bench, between Tube Investments of India Ltd (“TIIL”) and TI Financial Holdings Ltd (“TIFHL”) : -
(1) Demerger:
A) Upon the Scheme becoming effective and in consideration of the demerger of Manufacturing Business Undertaking of Tube Investments of India Ltd., into TI Financial Holdings Ltd., TIFHL shall issue and allot to the equity shareholders of TIIL, 01 equity share of Re. 1 /-each of TIFHL for every 01 equity share held by the equity shareholder of Rs. 2 /-each of TIIL.
(2) Reduction of share capital: Upon the scheme coming into effect, the face value of Tube Investments of India Ltd (TIIL) shall be reduced from Rs. 2/- each to Re. 1/- each. Accordingly issued, subscribed and paid up equity capital of Tube Investments of India Ltd (the Demerged Company) shall be Rs. 18,74,10,623 consisting of 18,74,10,623 of Re.1/- each. Accordingly, the shareholders of the Demerged Company shall be issued 1 (ONE) new equity share of the Demerged Company for every 1 (ONE) equity share held by shareholders in the Demerged Company.
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24/08/2017
DR-101/2017-2018
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