New Delhi, May 27: Pressman Advertising Limited said it has received shareholders’ approval for the company’s merger with digital out-of-home ad firm Signpost India.
The board of directors of both Pressman and Signpost on June 24 last year had approved a scheme of arrangement of Pressman’s merger with Signpost.
In a shareholders’ meeting held on May 25, 2023, as per the order of the Kolkata bench of the NCLT (National Company Law Tribunal), “Pressman sought its shareholders’ approval for the scheme of arrangement”, the company said in a statement.
At the meeting chaired by Urmila Chakraborty, Chairperson appointed by the NCLT, “99.9986 per cent votes were cast in favour of the scheme, while a fractional 0.0014 per cent voted against” it, the Kolkata-based firm said.
As per the merger pact, shareholders of Pressman will get one share of Signpost in exchange of each share in Pressman.
Post-merger, the promoters of Pressman will become co-promoters in the merged entity along with the existing promoters of Signpost. (PTI)
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