KOLKATA/ MUMBAI, 7^th SEPTEMBER, 2023 (GPN):  The benches of Hon’ble National Company Law Tribunal (NCLT) at Kolkata and Mumbai have sanctioned the Scheme of Arrangement for merger of Pressman Advertising Limited with Signpost India Limited.  The registered  office of Pressman  Advertising  Limited  is in Kolkata while that of Signpost India Limited is in Mumbai; hence the scheme needed to be sanctioned by the Hon’ble NCLT at both Kolkata and Mumbai.

The  Kolkata  Bench  of  Hon’ble  NCLT  vide  its  order  dated  1st   September  2023  has sanctioned the Scheme. Earlier the Mumbai Bench of Hon’ble NCLT had sanctioned the scheme vide its order dated 22nd June 2023.

The Scheme envisages, inter alia, that the shareholders of Pressman Advertising Limited be allotted shares of Signpost India Limited in the ratio of one equity share of Signpost India Limited of face value of Rs 2 for every one share of Pressman Advertising Limited of face value of Rs 2 (Swap ratio 1:1).

All the regulatory  approvals  for the merger are now in place and Pressman  Advertising Limited and Signpost India Limited will take necessary steps including, (i) fixing of record date  for  allotment  of  shares  of  Signpost  India  Limited  to  shareholders  of  Pressman Advertising Limited, and (ii) listing of equity shares of Signpost India Limited on the Bombay Stock Exchange and National Stock Exchange.Ends