DMC International Ltd has informed BSE that the Court convened meeting of the Equity shareholders of the Company held on May 24, 2008 have unanimously approved the Scheme of arrangement for amalgamation of Swen Realty & Media Ltd with DMC International Ltd and reduction of capital of the Transferee Company - DMC International Ltd.
With reference to the earlier announcement dated April 08, 2008 about the Hon’ble Delhi High Court order regarding the Shareholders meeting of both the Companies, DMC International Ltd has informed BSE that Hon’ble Delhi High Court vide its order dated April 23, 2008, has reschedule the Shareholders meeting of both Transferee and Transferor Company on May 24, 2008 under the supervision of Chairman appointed by the High Court in this regard.
DMC International Ltd has informed BSE that Hon’ble Delhi High Court has kindly admitted the first motion joint application filed by the Company and M/s. Swen Realty & Media Ltd (The Company under process of Merger with DMC International Ltd) for direction from the court for convening and dispensing the meeting, which are statutorily required. Accordingly the Hon’ble High Court directed to convene the Shareholders meeting of both Transferee and Transferor Company on May 10, 2008 under the supervision of Chairman appointed by the High Court in this regard. The Hon’ble Court also allowed the Company’s prayer for dispensation of holding the creditors meetings of both Transferor and Transferee Company.
DMC International Ltd has informed BSE that Swen Realty & Media Ltd (A Group Company of DMC International Ltd) has entered into an agreement with M/s. Global Infocom Ltd, a Company registered under Companies Act, 1956 to acquire its online portal “Jaaydaad.com”, a leading real estate network in the Country.
Swen Realty & Media Ltd is proposed to be amalgamated with the Company - DMC International Ltd pursuant to the Scheme of Arrangement for Amalgamation of Swen Realty & Media Ltd with DMC International Ltd and Reduction of Capital of DMC International Ltd, subject to the approval of the High Court and other statutory approvals.