25th March 2005: CLC Global Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 24, 2005, have approved the draft Scheme of Amalgamation as per the following details:
1. The appointed date is April 01, 2004.
2. The Swap Ratio is 1:1.
3. The Record date will be fixed by the Board of Directors after getting approval of Scheme from the concerned court(s).
4. All Assets & Liabilities, Reserves / Authorised Share Capital of the Company stand transferred to Spentex Industries Ltd on approval of the Scheme of Amalgamation.
5. All Contracts, deeds, agreement, Bonds to which the Company is a party shall remain in full force and effect against or in favour of Spentex Industries Ltd.
6.All suits, claims, action and Proceeding by or against the Company shall be enforced by or against Spentex Industries Ltd as the same has been instituted by or against Spentex Industries Ltd.
7. The Spentex Industries Ltd will allot / issue One equity share of Rs 10/- each credited as fully paid-up for every One equity share of Rs 10/- each fully paid-up held by such member of the Company.
8. All employees of the Company who are in employment on the effective date of the scheme become the employees of Spentex Industries Ltd without interrupting their services.
9. On the scheme becoming effective the Company, shall be dissolved without going through the process of winding up.