Rain Commodities Ltd has informed that the Board of Directors of the Company at its meeting held on November 23, 2007, inter alia, has taken on record the Order dated October 25, 2007 of the Honble High Court of Andhra Pradesh, approving the Scheme of Arrangement, consisting of the following:
1. Transfer of Cement Business from Rain Industries Ltd to the Company with effect from July 01, 2006.
2. Amalgamation of Rain Calcining Ltd with the Company with effect from April 01, 2007; and
3. Transfer of Calcined Petroleum Coke (CPC) and Power Business from the Company to Rain Industries Ltd with effect from April 01, 2007.
The certified true copy of the Court Order has been filed with the Registrar of Companies on November 23, 2007.
Accordingly, the Scheme of Arrangement has become effective from November 23, 2007 and (i) Rain Calcining Ltd stands Amalgamated with the Company, (ii) Cement Business has been transferred from Rain Industries Ltd (Wholly Owned Subsidiary Company) to the Company; and (iii) Calcined Petroleum Coke (CPC) and Power business is transferred from the Company to Rain Industries Ltd.
Further the Company has informed that, at the Board of Directors meeting of the Company held on November 23, 2007, Mr. N Radhakrishna Reddy has resigned as the Managing Director which will be effective from November 24, 2007, but will continue to be Director and Chairman of the Company, Mr. N Jagan Mohan Reddy is appointed as Managing Director of the Company which will be effective from November 24, 2007 and Mr. N Sujith Kumar Reddy is appointed as Executive Director, which will be effective from November 24, 2007.
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