CALCUTTA, Nov 11: Williamson Magor & Co, the holding company for the B M Khaitan group, is merging two investment subsidiaries with itselfThe two subsidiaries are Fairlie Place Services Ltd and Dirai Investments Ltd. The Calcutta High Court has convened a meeting of shareholders and company officials on December 5 to consider and if deemed fit, approve the amalgamation. The proceedings will be conducted under a court appointed chairman. The company will then seek the approval of its shareholders.

If approved, the merger will be with retrospective effect from April 1, 1997. Top sources said the company has not announced its half-yearly results because of the proposed merger. The merger forms part of a major restructuring exercise undertaken by the Rs 2,000 crore Magor group to re-define its business structure. Williamson Magor operates its real estate operations through Woodside Parks, Majerhat Estates & Developers Ltd and Portside Estates Ltd, all subsidiaries.

According to an official, the merger will increase the asset base of the holding company apart from reducing overheads.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.