Meridian Industries Limited has been merged with Precot Mills Limited with effect from 01st April,06. Meridian Industries Ltd (MIL) which was incorporated in the year 1993 was promoted by Precot Mills Limited and. Around 70% of the shares of MIL were held by the shareholders of Precot. To  have larger capacity in a single company,  instead of the capacities being spread over in two companies having common shareholders, the merger was proposed.

This has been approved by the High Court of Madras vide its order dated 30th August and 1st Sept,06. As per the scheme of Merger, the shareholders of MIL are entitled for one share of Precot for every two shares of MIL. Accordingly the share certificates of  Precot was despatched in Dec,06 to those shareholders who have surrendered the certificates of MIL.

 Shareholders of MIL, who are yet to claim the certificates of Precot can do so by sending the MIL certificates alongwith the following application duly filled in to the registrars.

Change in name of the Company and adoption of new LOGO

Precot Mills limited has been renamed as PRECOT MERIDIAN LIMITED with effect from 28th Sept,06. The company has also adopted a new logo.
 
The name change is in tune with the transformation of the company from a pure spinning mill into an integrated textile player. The company apart from manufacturing cotton yarn and polyester sewing thread has also commenced manufacture of  yarn dyed shirting fabrics. It proposes to venture into garment manufacture also in due course.