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Jay Shree Tea & Industries Ltd. - Clarification

By Religare

The exchange had sought clarification from Jayshree Tea & Industries Ltd with respect to an announcement submitted dated August 04, 2015 that : "The Board of Directors of the company in their meeting held on August 4, 2015, has approved the Scheme of Arrangement to demerge the Sugar Division of the company situated at Bihar into Majhaulia Sugar Industries Private Ltd and Jay Shree Beneficiary Trust Unit, holding shares in the company for the benefit of its shareholders into Jayantika Investment & Finance Ltd (Formerly Parvati Tea Company Ltd), both subsidiary companies w.e.f. October 1, 2015, subject to necessary approval."In this regard, Exchange have advised the Company to provide clarification on the above announcement: a) Brief details of the division to be demerged; b) Turnover of the demerged division and as percentage to the total turnover of the listed c) Entity in the immediately preceding financial year / based on financials of the last financial year; d) Rationale for demerger; e) Brief details of change in shareholding pattern (if any)of all entities; f) In case of cash consideration amount or otherwise share exchange ratio; g) Whether listing would be sought for the resulting entity; The reply from the Company is awaited.

Story first published: Thursday, August 6, 2015, 12:20 [IST]
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