Sugal & Damani - Outcome Of Board Meeting

Sugal & Damani Finlease Ltd has informed that the Board of Directors of the Company at its meeting held on May 29, 2007, inter alia, has given in principle approval to the proposed merger of the following Companies in the group with the Company:1. Sugal & Damani Share & Stock Brokers Pvt Ltd. 2. Sugal & Damani (Chennai) Share Broking Ltd.3. Sugal & Damani Securities (Madras) Pvt Ltd.The merger scheme will be subject to the approval of Stock Exchanges, shareholders of the Company and the Honble High Court of Madras.The Board has also approved the proposal to appoint Mr. N R Sridharan, Partner, M/s. Sarathy and Balu, Chartered Accountants, Chennai, to prepare a report on valuation of Shares, determine swap ratio and draft merger scheme. Once the scheme is ready, it will be placed before the Board for approval.