Saregama India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 19, 2007 has approved the amalgamation of Saregama Films Ltd (SFL) with the Company with effect from March 31, 2007. SEL is a wholly owned subsidiary of the Company and is engaged in the business of production and distribution of films and also production and exhibition of Television Software in regional languages. The amalgamation is Subject to the approval of the shareholders of both the Companies and the sanction by the Hon'ble High Court at Calcutta under section 391 and 394 and other applicable provisions of the Companies Act, 1956. The Company shall take steps for filing of the Petition for sanction of the Hon'ble High Court at Calcutta to the Scheme in due course. Saregama India Ltd has informed BSE that pursuant to the Order made by the Hon'ble High Court at Calcutta a meeting of the equity shareholder of the Company will be held on May 11, 2007, for the purpose of considering, if thought fit, approving, with or without modification, the proposed Scheme of Amalgamation of Saregama Films Ltd with the Company. Further the Company has informed that pursuant to the Order made by the Hon'ble High Court at Calcutta a meeting of the equity shareholder of Saregama Films Ltd will be held on May 11, 2007, for the purpose of considering, if thought fit, approving, with or without modification, the proposed Scheme of Amalgamation of Saregama Films Ltd with the Company. (As Per BSE Bulletin dated on 19/04/2007)