Outcome of Deccan Chronicle board meeting
Deccan Chronicle Holdings Ltd. has informed BSE that the Board of Directors of the company has approved a scheme of amalgamation for merger of company's wholly owned subsidiaries.
Deccan Chronicle Holdings Ltd. has informed BSE that the Board of Directors of the company at its meeting held on January 24, 2011, inter-alia, has approved a scheme of amalgamation ('the scheme') for merger of company's wholly owned subsidiaries viz., Deccan Chargers Sporting Ventures Ltd and Odyssey India Ltd. with itself under the provisions of Sections 391 to 394 of the Companies Act, 1956.
The appointed date of the amalgamation is April 01, 2011 and the scheme is subject to the sanction of Hon'ble High Court of Andhra Pradesh, Hyderabad. The transferor companies being wholly owned subsidiaries no fresh shares will be issued by the company upon coming into effect of the scheme.
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