Bodal Chemicals - Outcome of Board Meeting

Bodal Chemicals Ltd has informed that the Board of Directors of the Company at its meeting held on June 16, 2007, has considered and approved the scheme of Arrangement and Reconstruction in the nature of amalgamation (the Scheme) pursuant to provisions of the sections 391 to 394 and other applicable provisions of the Companies Act 1956 and subject to other necessary approvals, clearances and modifications, To amalgamate M/s. Milestone Organic Ltd (MOL) with the Company. The salient features are as under:1. The appointed date is January 01, 2007.2. All Assets & Liabilities, reserves, losses and capital of MOL shall stand transferred to the Company on approval of the Scheme of Amalgamation at its appropriate value and accounted for under Business purchase method.3. All Contracts, deeds, agreement, Bonds rights, claims and obligations to which MOL is a party shall remain in full force and effect against or in favour of the Company.4. The Company will allot / issue 1 Equity share of Rs 10/- each credited as fully paid-up for every 75 equity share of Rs 10/- each fully paid-up held by the members of MOL. The shares to be issued shall be pari passu in all respects including for dividend with the existing equity shares of the Company.