New Delhi: PVR Ltd has informed Bombay Stock Exchange and the National Stock Exchange of India that the Delhi High Court has approved merger of two of its subsidiary companies with it, effective from April 1, 2015.
Justice Siddharth Mridul approved the scheme of amalgamation under which PVR Leisure Ltd -- which owns and operates in-mall entertainment, gaming and food joints -- and Lettuce Entertain You Ltd -- engaged in the business of operating and maintaining restaurants, food and beverage items -- would merge with PVR Ltd, their parent company.
In its order approving the merger, the high court has said that all the property, rights and powers of the two transferor companies -- PVR Leisure and Lettuce -- shall be transferred to PVR Ltd, the transferee company.
The court also said that under the scheme "the entire paid-up equity and non-cumulative convertible preference share capital of petitioner company No.2 (PVR Leisure) is held by the transferee company directly, and the entire paid-up equity share capital of petitioner company No.1 (Lettuce) is held by transferee company through its wholly owned subsidiary PVR Leisure".
"Therefore, upon this scheme being effective, the entire issued, subscribed and paid up share capital of petitioner company 1 and 2 respectively shall, ipso facto, without any further application, act or deed stand cancelled on the effective date and no shares of transferee company will be issued or allotted with respect to the equity and preference shares held by transferee company in petitioner company 2 and to petitioner company 2 with respect to the equity shares held by PVR Leisure in Lettuce in consideration for amalgamation," it said.
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