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ETC Networks Ltd acquisition of 100% equity stake in Cornershop Entertainment Company Pvt. Ltd.,
ETC Networks Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 17, 2009, has considered and approved acquisition of 100% equity stake in Cornershop Entertainment Company Pvt. Ltd., which is into the animation business. Further, post such acquisition the Board of Directors of the Company has also considered and approved a Scheme of Amalgamation under Section 391-394 of the Companies Act, 1956 of Cornershop Entertainment Company Pvt. Ltd., together with its wholly owned subsidiaries i.e. Cornershop Animation Company Pvt. Ltd., Digital Media Convergence Ltd. and Re-Med Services Pvt. Ltd. with the Company as on the appointed date January 01, 2010. Since all the above amalgamating Companies are direct / indirect wholly owned subsidiaries of the Company, no shares would be issued by the Company pursuant to the scheme of Amalgamation. The said Scheme of Amalgamation shall be subject to the approval of the shareholders of the transferor Companies, the approval of jurisdictional High Court(s) and requisite consent and approval of the statutory and regulatory authorities as may be required for the implementation of the Scheme.
ETC Networks Ltd acquisition of 100% equity stake in Cornershop Entertainment Company Pvt. Ltd.,
ETC Networks Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 17, 2009, has considered and approved acquisition of 100% equity stake in Cornershop Entertainment Company Pvt. Ltd., which is into the animation business. Further, post such acquisition the Board of Directors of the Company has also considered and approved a Scheme of Amalgamation under Section 391-394 of the Companies Act, 1956 of Cornershop Entertainment Company Pvt. Ltd., together with its wholly owned subsidiaries i.e. Cornershop Animation Company Pvt. Ltd., Digital Media Convergence Ltd. and Re-Med Services Pvt. Ltd. with the Company as on the appointed date January 01, 2010. Since all the above amalgamating Companies are direct / indirect wholly owned subsidiaries of the Company, no shares would be issued by the Company pursuant to the scheme of Amalgamation. The said Scheme of Amalgamation shall be subject to the approval of the shareholders of the transferor Companies, the approval of jurisdictional High Court(s) and requisite consent and approval of the statutory and regulatory authorities as may be required for the implementation of the Scheme.
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