MUMBAI: PVR Ltd has informed the Bombay Stock Exchange and the National Stock Exchange that the Delhi High Court, vide the formal Order issued on 4 January, 2017, has approved the Scheme of Amalgamation entailing merger of PVR Leisure Limited and Lettuce Entertain You Limited with PVR Limited effective from the appointed date of 1 April, 2015.

Justice Siddharth Mridul approved the scheme of amalgamation under which PVR Leisure Ltd -- which operates in-mall entertainment, food and gaming joints, and Lettuce Entertain You Ltd -- which is into the business of operating restaurants items -- would merge with PVR Ltd, their parent company, PTI reported.

In its directive approving the merger, the HC has stated that all the property, rights and powers of the two transferor companies shall be transferred to the transferee company.

Under the scheme, the court also stated, "the entire paid-up equity and non-cumulative convertible preference share capital of petitioner company No.2 (PVR Leisure) is held by the transferee company directly, and the entire paid-up equity share capital of petitioner company No.1 (Lettuce) is held by transferee company through its wholly owned subsidiary PVR Leisure."

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