Scheme of merger envisages dissolution of Island, Salfi and Tata Energy

May 04, 2020 (MLN): The amalgamation of Island, Salfi and Tata Energy with and into Tata Textile, and the transfer of Assets and Liabilities under the Scheme of the arrangement shall result in the immediate dissolution without winding up of Island, Salfi and Tata Energy without any further act or deed and its name shall be struck off the register of companies maintained by the SECP.

According to the notification, Tata Textile Mills Limited has submitted the following documents and information to PSX

1. Draft Scheme of amalgamation/merger approved by the Board of Directors of the company.

2. Complete report on Valuation and Swap Ratio which forms its basis

3. Disclosure of material information posted on PUCARS dated April 02, 2020 which includes the following information;

a.  Disclosure of Material Information

b.  Extract of the Resolutions passed by the Board of Directors

c.  KPMG Share Swap Ratio Letter

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