A Scheme of Arrangement was entered into between Shyam Telecom Ltd., (STL) Shyam Telecom Manufacturing Ltd.(STML), Shyam Telelink Ltd. (STLL) and Shyam Basic Infrastructure Projects Pvt. Ltd. (SBIPL) The Scheme had provided the following:
a. Amalgamation of STML with STL;
b. Transfer of liabilities of the Amalgamated Company to SBIPL to the tune of Rs. 200 crores out of the outstanding liabilities as on Transfer Date and in lieu thereof transfer of investment of STL in the equity shares of STLL to SBIPL at par value of Rs. 200 crores consisting of 20,00,00,000 (Twenty Crores) equity shares of Rs. 10/ each;
c. Distribution of residual investment of the Amalgamated Company in the equity shares of STLL to the shareholders of STL in terms of the Scheme;
d. Consequential reduction of share capital and reserves of STL and reorganization thereof;
e. Listing of shares of STLL.
This scheme was approved by the company on 15.06.06.
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