The Board of Mukand at its meeting held on 27 March 2017 considered and approved, after recommendation of the Audit Committee of the Company, a scheme of arrangement and amalgamation amongst the Company, Whiteleaf Multiventures (Proposed Name: Whiteleaf Heavy Machinery) ('Whiteleaf') and Avista Diam & Gold (Proposed Name: Technosys Industrial Machinery) ('Avista') and their respective shareholders and creditors under the provisions of Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 ('Scheme') as detailed below:
1.1. Slump exchange of industrial machinery business of the Company ('Transferred Undertaking') to Whiteleaf on a going concern basis ('Slump Exchange');
1.2. Amalgamation of Whiteleaf (post Slump Exchange) with Avista in accordance with Section 2(1B) of the Income Tax Act, 1961 ('Amalgamation').