This Article is From Nov 23, 2011

Sequent Scientific Ltd - Outcome of Board Meeting

Sequent Scientific Ltd - Outcome of Board Meeting
Sequent Scientific Ltd has informed BSE that a meeting of Board of Directors of the Company was at held on October 29, 2010, whereat Board has considered and approved a scheme of Amalgamation of M/s. Fraxis Life Sciences Ltd ('Fraxis' or the 'Transferor Company') into Sequent scientific Limited ('Sequent'). The salient features of the Scheme are as follows:  - The Appointed Date for the Scheme of Arrangement will be the Effective Date i.e. the date of which the High Court Order approving the Scheme of amalgamation is filed with the Registrar of Companies.  - The investment held by Fraxis in the equity share capital of Sequent shall stand cancelled and accordingly, the share capital of Sequent shall stand reduced to the extent of face value of shares held by Fraxis in Sequent.  - Upon merger, Sequent shall issue and allot 14,865,000 number of equity shares to the shareholders of Fraxis in proportion of their shareholding in Fraxis.  - The Scheme is subject to requisite consent, approval of the requisite majority of the shareholders, lenders and creditors of the companies, the Hon'ble High Court of Judicature at Bombay, the permission or approval of any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.