Bishnauth Tea merges with Eveready

NEW DELHI, MAY 4. Bishnauth Tea Company Ltd. (BTCL) has been amalgamated with Eveready Industries.

The company informed the Bombay Stock Exchange that the amalgamation of the two companies comes into effect with retrospective effect from April 1 and the entire undertaking of Bishnauth Tea including its assets, rights, interests and liabilities now stand transferred to Eveready. The scheme of amalgamation of Bishnauth Tea with Eveready with effect from April 1 2000, was sanctioned by the Calcutta High Court by its order dated March 13.

Eveready has filed the certified copy of the court order with the registrar of companies today. In accordance to the amalgamation, the Bishnauth Tea Chairman and Managing Director, Mr. B. M. Khaitan, has become executive chairman of Eveready Industries from today.

At a meeting, the Eveready board accepted the resignation of Mr. P. Magor as a director of the company and appointed Mr. P. K. Paul as a director.

Earlier, Eveready Industries had decided to sell the Gingia Tea Estate in Assam to M K Shah Exports for Rs. 17.50 crores.

The company had also planned to sell Matelli Tea Estate to the Kolkata-based Laxmi Tea Company at about Rs. 20 crores.

- PTI

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Section  : Business
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