Modern Food Industries Limited to be merged with HLL
08-09-2007 :
Merger of Modern Food Industries Limited (MFIL) and its subsidiary Modern Food and Nutrition Industries Limited (MFNIL) with the Company, with effect from October 1, 2006. In terms of the Scheme of Amalgamation the entire shareholding of the two companies would stand cancelled and accordingly no valuation exercise or recommendation of share exchange ratio was made.
Demerger of the non-functional factory land at Shamnagar and Jamnagar and the vacant leasehold land at Daverashola into three separate Resulting Companies, being 100% subsidiaries of the Company, with effect from October 1, 2006, for consideration by way of subscription to the shares of the respective Resulting Companies.
Draft Schemes, setting out the terms and conditions with regard to the above were duly approved by the Board in the said meeting and steps are now being taken to obtain the approval of the shareholders and the Hon'ble High Court of Judicature at Bombay and at Delhi for the Scheme of Amalgamation of MFIL and MFNIL with the Company.
The Company is also taking steps for the demerger proposal by way of filing an application pursuant to Section 391 to 394 of the Companies Act, for approval of the Scheme of Arrangement with the Companies and their respective members.
The company also informed the stock exchanges that MFIL at its Board Meeting held today approved the proposal for its amalgamation with Hindustan Lever Limited while the board meeting of MFNIL in this regard is scheduled to be held on Monday, September 11, 2006.
About HLL
HLL is India's largest Fast Moving Consumer Goods company, touching the lives of two out of three Indians. HLL’s mission is to “add vitality to life” through its presence in over 20 distinct categories in Home & Personal Care Products and Foods & Beverages. The company meets everyday needs for nutrition, hygiene, and personal care, with brands that help people feel good, look good and get more out of life.
