Press Release

Bombay High Court Approves the Schemes of Arrangement

The Hon’ble High Court of Judicature at Bombay has approved the Scheme of Arrangement between Banf Overseas Limited (‘BOL’ or ‘the Company’) and Thomas Scott (India) Limited (‘TSIL’) and their respective shareholders (“Scheme”) involving demerger of the Retail division of the Company into TSIL.

The Shareholders of the Company had earlier at the High Court convened meeting of the Company held on April 1, 2011 approved the Scheme unanimously.

Update on Scheme of Demerger of the Company

The members of the Company at the Court convened meeting held on April 1, 2011, approved the arrangement embodied in the Scheme of Arrangement between Bang Overseas Limited and Thomas Scott (India) Limited and their respective Shareholders (‘the Scheme’) unanimously.

Update on Scheme of Demerger of the Company

The Board of Directors of the Company at its meeting held on 23rd December 2010, had approved the Scheme of Arrangement between Bang Overseas Limited and Thomas Scott (India) Limited and their respective shareholders ("Scheme").