Mcdowell & Company Ltd has informed BSE that pursuant to the order made by the Hon'ble High Court of Karnataka at Bangalore, the separate meetings of the equity shareholders, secured creditors and unsecured creditors of the Company will be held on July 13, 2006, for the purpose of considering and if thought fit, approving, with or without modification(s), the arrangement embodied in the Scheme of Amalgamation of Asian Opportunities and Investments Ltd with the Company. Mcdowell & Company Limited has informed the Exchange that the Board of Directors of the Company, at their meeting held on September 22,2005 had approved the following schemes: 1) Scheme of Amalgamation of Asian Opportunities and Investments Limited, a wholly owned subsidiary of the Company, with the Company; and 2) Scheme of Amalgamation of Zelinka Limited, a wholly owned subsidiary of the Company, with the Company. The company has now informed the Exchange that due to business needs, the Board of Directors have decided to withdraw the above schemes and would not proceed with the merger. Necessary steps are being taken with the Hon'ble High court of Karnataka to call off the meeting of the shareholders / Creditors of the company scheduled on July 13,2006 to consider and approve the Scheme of Amalgamation of Asian Opportunities and Investments Limited with the Company. The Scheme of Amalgamation of Zelinka Limited with the Company has not been filed with the Hon'ble High Court of Karnataka. (As per NSE Bulletin dated on 06/07/2006) The BoD have passed the resolution to withdraw the Scheme of Amalgamation of Asian Opportunities and Investments Ltd, a wholly owned subsidiary of the Company, based in Mauritius, with the Company. Consequent to the above, the meetings of the shareholders / secured creditors / unsecured creditors of the Company to be convened on July 13, 2006 as per the directions of the Hon'ble High Court of Karnataka stands cancelled / recalled and the Company has obtained necessary orders from the Hon'ble High Court of Karnataka to this effect. The company has informed that the Board of Directors of the Company at its meeting held on September 22, 2005 had approved the following schemes: 1. Scheme of Amalgamation of Asian Opportunities and Investments Ltd, a wholly owned subsidiary of the Company, with the Company; (As Per BSE Bulletin Dated on 11/07/2006)