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.

 The Scheme envisages issue of 1(one) Equity Share of face value of Rs 10 each as fully paid up of TSIL for every 4 (Four) Equity Shares of face value of Rs.10 each , fully paid upheld in BOL.

The record date to determine the BOL shareholders who will be entitled to Equity Shares to be issued and allotted y TSIL in the foresaid ratio in terms of the Scheme would be announced shortly after th Scheme would become effective.

Pricewaterhouse Coopers are the advisers on this restructuring.

Bang Overseas Limited

Bang Overseas Limited (“BOL”), besides having the world class retail network of complete Menswear and lifestyle THOMAS SCOTT, is presently into trading of fabric and meeting ready to wear requirements of customers in apparel, branded garment segment not only in domestic market but also exports to renowned retailers worldwide. Bang Overseas Limited having consolidated turnover close to Rs.150 Crores, also, manufactures garments for other established brands.

Key Contacts :

Brijgopal Bang

Bang Overseas Limited

+91-22-66607965

Email: investors@banggroup.com

Jalpa H. Salvi

Bang Overseas Limited

+91-9869691458

Email: cs@banggroup.com