UltraTech Cement Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 11, 2013 approved the acquisition of the Cement Unit of Jaypee Cement Corporation Limited (JCCL) located in Gujarat, by way of demerger through a Scheme of Arrangement between JCCL and the Company. JCCL is a wholly-owned subsidiary of Jaiprakash Associates Limited (JAL). The proposed transaction is subject to the approval of shareholders and creditors, sanction of the Scheme of Arrangement by the High Courts, approval of the Competition Commission of India and all other statutory approvals.
In this regard, the Company has issued a Press Release dated September 11, 2013 titled 'UltraTech Cement Limited to acquire the Gujarat Cement Unit of 4.8mtpa of Jaypee Cement Corporation Limited in Gujarat'.
With reference to the earlier announcement dated September 11, 2013 regarding the execution of the agreement on September 11, 2013 by Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of Jaiprakash Associates Limited with UltraTech Limited for sale of its Gujarat Cement Plant comprising an integrated 2.4 MTPA Cement Plant at Kutch and a 2.4 MTPA Cement Grinding Unit at Wanakbori, through a Scheme of Arrangement pursuant to Section 391-394 of the Companies Act, 1956.
In this regard, Jaiprakash Associates Ltd has now informed BSE that pursuant to the orders of the Hon'ble High Court of Judicature at Allahabad dated October 31, 2013, the Secured and Unsecured Creditors of JCCL have in their respective meetings held on December 07, 2013, approved the Scheme of Arrangement, without any modification.
Further note that the Hon'ble High Court had in its said order dispensed with the holding of the meeting of the shareholders (both Equity and Preference) of JCCL.
(As per BSE Announcement Dated on 09.12.2013)
With reference to the earlier announcement dated September 11, 2013 about the approval granted by the Board of Directors of the Company to the acquisition of the Cement Unit of Jaypee Cement Corporation Limited, (JCCL) located in Gujarat with the
Company, UltraTech Cement Ltd has now informed BSE that the Competition Commission of India has by an order dated December 20, 2013 (received by the Company on December 23, 2013), passed under section 31(1) of the Competition Act, 2002 approved the proposed combination.
Further, court convened meetings of the equity shareholders, secured and unsecured creditors of the Company will be held on January 20, 2014 seeking their approval to the Scheme of Arrangement.
(As per BSE Announcement Dated on 23.12.2013)
UltraTech Cement Ltd has informed BSE that The Scheme between Jaypee Cement Corporation Limited (JCCL) and the Company and its respective shareholders and creditors, for the acquisition of the cement unit of JCCL in Gujarat, comprising of an integrated cement unit at Sewagram and grinding unit at Wanakbori has been approved by the Hon'ble High Court at Bombay and the Hon'ble High Court of Allahabad. The Scheme has also been approved by the Securities and Exchange
Board of India (SEBI) in terms of the SEBI Circular No.CIR/CFD/DIL/5/2013 dated February 04, 2013 and Circular No. CIR/CFD/DIL/8/2013 dated May 21, 2013.
The Demerger Implementation Committee constituted by the Board of Directors to exercise all powers and discharge all functions of the Board for effecting the demerger in terms of the Scheme, at its meeting held on June 12, 2014, declared the Scheme effective from June 12, 2014, which is the Effective Date.
Further, the Demerger Implementation Committee has also allotted 114,382 equity shares of the Company of Rs.10/- each credited as fully paid-up to the equity and preference share holders of JCCL in terms of the Scheme.
(As Per BSE Announcement Dated on 12.06.2014)
In continuation to our letter dated 24th October, 2016, we wish to inform you that Hon'ble National Company Law Tribunal, Allahabad Bench has sanctioned the Scheme of Arrangement whereby the Company proposes to transfer identified cement plants owned by the Company and its wholly owned subsidiary, M/s Jaypee Cement Corporation Limited, to M/s UltraTech Cement Limited on slump exchange basis. Kindly take the above information on record.
(As per BSE Announcement dated on 06.03.2017)
Sub: Intimation of Close of Scheme of Arrangement for sale of Identified Cement Plants of the Company.
Dear Sir,
This is in continuation of our various disclosures dated 28th February 2016, 29th February 2016, 31st March 2016 and the disclosure dated 4th July 2016 given pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Circular dated 9th September 2015 on Continuous Disclosure Requirements issued by SEBI in connection with Company's ongoing Scheme of Arrangement ('Scheme') among the Company, Jaiprakash Associates Limited ('JAL'), Jaypee Cement Corporation Limited ('JCCL'), the wholly owned subsidiary of JAL, and UltraTech Cement Limited ('UTCL') and their respective shareholders and creditors, for sale of Company's certain identified cement plants.
(As Per BSE Announcement Dated on 29.06.2017) | Powered by Capital Market - Live News |
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