Lloyds Metals & Engineers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 25, 2008, inter alia, has considered and approved decision of De-merger of the Company's Steel Tubes & Pipes Undertaking at Murbad into it's Wholly Owned Subsidiary Company, M/s. Lloyds Line Pipes Ltd subject to sanction of High Court, Bombay under Scheme of Arrangement u/s 391-394 of the Companies Act, 1956 and other necessary approvals in this regard. The 'Appointed Date' for the above de-merger was fixed as November 01, 2008. It was further decided that as part of Scheme of Arrangement, the debit balance of Accumulated Losses of the Company appearing in the balance sheet, not represented by any tangible assets, as on Appointed Date which is November 01, 2008 be specifically set off against the credit available balance of Share Premium and Capital Reserve Account appearing under the Reserves and Surplus head of the balance sheet subject to sanction of High Court, Bombay u/s 100 and other applicable provisions of the Companies Act, 1956 and other approvals as may be required in this regard. Lloyds Metals & Engineers Ltd has informed BSE the Equity Shareholders, Secured and Unsecured Creditors of the Company at their Court Convened Meetings held on February 18, 2009 approved the Scheme of Arrangement between the Company and its wholly owned subsidiary, M/s. Lloyds Line Pipes Ltd for demerger of Steel Tubes and Pipes Division of the Company at Murbad u/s 391 to 394 of the Companies Act, 1956. (As Per BSE Announcement Website dated on 18.02.2009) Lloyds Metals & Engineers Ltd has informed BSE that the Hon'ble High Court, Mumbai on April 24, 2009 has approved the Scheme of Arrangement u/s 391 - 394 of the Companies Act, 1956 between the Company and it's wholly owned subsidiary, M/s. Lloyds Line Pipes Ltd. for de-merger of Company's Steel Tubes and Pipes Undertaking at Murbad and Reduction of Share capital of the Company against available balances of Share Premium and Capital Reserve accounts of the Company as on Appointed date i.e. November 01, 2008. The Company has received certified true copy of the order on April 29, 2009. The effective date for the above Scheme shall be the date of filing the High Court's Order with Registrar of Companies, Mumbai. (As Per BSE Announcement Website dated on 02.05.2009)