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Maharaja Shree Umaid Mills` board approves scheme of arrangement

The board of Maharaja Shree Umaid Mills in its meeting on 14 August 2012 has approved a scheme of arrangement under section 391 to 394 of the Companies Act, 1956 for demerger of investment division of the company through transfer of investment division to Kiran Vyapar, a wholly owned subsidiary of the company after sanction of the scheme from the concerned authorities.

The scheme also postulates and provides that Kiran Vyapar shall issue and allot to every equity shareholder of the demerged company whose name is recorded in the register of members of the demerged company on the record date, 1 equity share of Rs 10 each credited as fully paid-up for every 1 equity share of Rs 10 each fully paid-up held by such equity shareholder in the demerged company.

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