Aurobindo Pharma approves merger of subsidiaries

Aurobindo Pharma Ltd has announced that the Board of Directors of the Company at its meeting held on December 15, 2006, has considered and approved a Scheme of Arrangement ("the Scheme") for the merger of APL Life Sciences Ltd ("APL Life") and Senor Organics Pvt Ltd ("Senor"), both being wholly owned subsidiaries of the Company, with itself and utilization of the Securities Premium account, the appointed date of the Scheme of Arrangement is April 01, 2006. Upon the Scheme becoming effective, all the assets and liabilities of APL Life and Senor shall be transferred to the Company.

The Company shall not issue any shares or other consideration as both APL Life and Senor are 100% subsidiaries of the Company.

The Scheme is subject to requisite consent, approval of the requisite majority of the shareholders of the Companies, the Hon'ble High Court of Judicature at Hyderabad, Stock Exchanges, the permission or approval of any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.

Source : Equity Bulls

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