GTNIND

Gtn Textiles Ltd has informed the Exchange regarding salient features of the Scheme of Arrangement between GTN Textiles Limited and GTN Industries Limited which are as follows: (1) Scheme of Arrangement was for Demerger of the Transferor Company (GTN Textiles Limited) by which the business activity of the Aluva Unit alongwith investment of the Company in Patspin India Limited (39.07% of the paid Up Equity Share Capital of that Company) and the Offices as well as its assets situated in Mumbai, Kolkata and Coimbatore transferred to a new Company viz. GTN INDUSTRIES LIMITED (Transferee Company).

Gtn Textiles Ltd has informed the Exchange that the Company is in receipt of the certified true copy as well as judgement approving the Scheme of Arrangement pursuant to Section 391 read with Section 394 of the Companies Act, 1956 between GTN Textiles Limited and GTN Industries Limited from the High Court of Kerala on December 12, 2005.

Gtn Textiles Ltd has informed the Exchange that as per the directions of the Hon'ble High Court of Kerala at Ernakulam the meetings of Secured Creditors and the Equity Shareholders of the company were held on August 26, 2005 under the Chairmanship of Shri. P N Ravindran, Advocate, Chairman Appointed by the Hon'ble High Court of Kerala, Ernakulam. The Secured Creditors and the Equity Shareholders of the Company have unanimously approved the Scheme of Arrangement, subject to the approval of High Court of Kerala. Thereafter, the Company has moved a Joint Petition alongwith M/s. GTN Industries Lim

Gtn Textiles Ltd has informed the Exchange that pursuant to the recommendation of the Special Business Committee appointed by the Company with regard to Demerger Scheme, the BOD's at their meeting held on June 04, 2005, approved the Scheme of Arrangement. The salient features of the Scheme are as follows: (i) that the Company undertake a Scheme of Arrangement and Demerger, which provides for the transfer of the business activities of the Aluva Unit alongwith investment of the Company in Patspin India Limited (i.e. 39.07% of the Equity Share Capital of that Company) and the Offices as well as i

Gtn Textiles Ltd has informed the Exchange that the BODs have considered the following business at their meeting held on May 17, 2005: 1)Approved in principle, a proposal for demerger of the business activities of Aluva Unit alongwith Investment of the company in Patspin India Limited to the extent of 39.07% of the equity share capital of that company and the offices as well as its assets situated in Mumbai, Kolkatta and Coimbatore to a new company viz. GTN Industries Ltd. pursuant to a Scheme of Arrangement under section 391 to 394 of the Companies Act, 1956, interalia providing for inter-cha