Notice No20230420-43Notice Date20 Apr 2023
CategoryCorporate ActionsSegmentEquity
SubjectResolution Plan- Extinguishment of entire Equity Share Capital of SIP INDUSTRIES LTD (Scrip Code: 523164)
Content

 

Trading members of the Exchange are hereby informed that, SIP INDUSTRIES LTD has fixed Record Date for the purpose of the Extinguishment of entire Equity Shareholding of the Company as per the Resolution Plan approved vide Order passed by the Hon’ble National Company Law Tribunal, Division Bench – II, Chennai :-       

                               

COMPANY NAME & CODE

RECORD DATE

PURPOSE

 

SIP INDUSTRIES LTD

 

(523164)

 

24/04/2023

 

As per the Resolution Plan approved by Hon’ble National Company Law Tribunal, Division Bench – II, Chennai :-

Extinguishment of Entire Shareholding of the Company:-

 

(1)  The entire existing Equity Shareholding of the Company shall stand extinguished

and

(2)   Fresh shares will be issued in the following manner :-

            (a)  95% of the share capital shall be issued to the Resolution Applicants and his nominees.

        (b)     The other 5% of the shares will be issued to the existing public shareholders on a pro-rata basis (Public Shareholders shall mean Non-Promoters or Non-Promoter related shareholders)

  

Trading Members of the Exchange are requested to take note that Trading in the Equity Shares of the Company is currently under suspension.

 

  

Marian Dsouza

Senior Manager –Listing Operations (CRD)

April 20, 2023