Cost of Acquisition of Shares pursuant to Scheme of Arrangement and Demerger

The Scheme of Arrangement and Demerger between JK Agri Genetics Ltd. and Florence Alumina Ltd. since sanctioned by Hon’ble High Court, Calcutta. The Scheme became effective on 2nd November 2012 and operative w.e.f. the appointed date i.e., 1st April 2005.

 

As per the said Scheme, the Florence Investech Ltd. (FIL) (Formerly JK Agri Genetics Ltd.) (i.e. Demerged Company) has transferred its seeds undertaking to JK Agri Genetics Ltd. (JKAGL) (Formerly Florence Alumina Ltd.) (i.e. Resultant Company). Accordingly, the paid-up capital of Florence Investech Ltd. of ` 350.65 Lacs has been reorganized and allocated between Florence Investech Ltd. and JK Agri Genetics Ltd. in the ratio of 2:3 (i.e. in the ratio of 40:60).

 

The Cost of acquisition of the shares of Florence Investech Ltd. and JK Agri Genetics Ltd. as provided in Section 49(2C) and 49(2D) of the Income Tax Act, 1961, pursuant to the said Scheme of Arrangement and Demerger between the aforesaid companies is as follows:-

 

Percentage of apportionment of Cost of acquisition between the shares of FIL and JKAGL is as under:

 

Name of the Company

 

 

Proportionate

Cost (%)

 

 

JKAGL (formerly Florence Alumina Ltd.)

 

 

51.76

 

FIL (formerly JK Agri Genetics Ltd.)

 

 

48.24