Asian Hotels - Updates on Scheme of Arrangement & De-merger
With reference to the earlier announcement dated May 12, 2008, Asian Hotels Ltd has informed BSE regarding the Scheme of Arrangement and De-merger between Asian Hotels Ltd, Chillwinds Hotels Ltd and Vardhman Hotels Ltd (the Scheme) as under:
“Clause 6.12 of the sanctioned Scheme, which states that the Scheme shall become effective on the 16th day from the receipt of approval of the West Bengal Government for vesting of the leasehold property belonging to the Kolkata Undertaking, or the date on which the certified copy of the orders of the Hon’ble High Court sanctioning this Scheme is filed by Asian Hotels Ltd (AHL), Chillwinds Hotels Ltd (Transferee Company-I) and Vardhman Hotels Ltd (Transferee Company-II) with the Registrar of Companies, National Capital Territory of Delhi and Haryana, whichever is later.
Though the Company as well as the Transferee Company -I and Transferee Company-II have filed the certified copy of the orders sanctioning the Scheme with the Registrar of Companies, National Capital Territory of Delhi and Haryana, we still await the approval of the Government of West Bengal for vesting of the leasehold property belonging to the Kolkata Undertaking.
In view of the above, the “Effective Date” in terms of Clause 6.12 of the Scheme has not been determined so far, and accordingly, the Scheme has yet to take effect. We will inform you as soon as the approval of the Government of West Bengal for vesting of the leasehold property belonging to the Kolkata Undertaking, is received by us, and accordingly, also the date on which the Scheme shall become effective.”
Tags: Asian Hotels