Karma Energy Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 11, 2011, considered and approved the Scheme of Amalgamation ('Scheme') of Avirodh Financial Services Ltd. ('AFSL') with Karma Energy Ltd. ('KEL') which inter-alia involves the following; 1. Amalgamation of AFSL (Transferor Company) with KEL (Transferee Company) - The Amalgamation Appointed Date will be opening hours of business on April 01, 2011. - In respect of the Amalgamation of AFSL with KEL, 1 fully paid up equity share of Rs. 10 each of KEL shall be allotted to the holders of every 18 equity shares of Rs. 10 each in AFSL. - The above share exchange ratio has been determined based on the valuation report of M/s. Shyam C. Agarwal & Co., Chartered Accountants and fairness opinion by Aryaman Financial Services Ltd. The Scheme is subject to requisite consent/approval of the requisite majority of the shareholders, lenders, creditors of the companies, the Hon'ble High Court of Bombay, the permission or approval of the Central Government or any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme. Karma Energy Ltd has informed BSE about the final order passed by the Hon'ble Bombay High Court on April 13, 2012, sanctioning the Scheme of Amalgamation of Avirodh Financial Services Limited (FSL' or Transferor Company) with Karma Energy Limited (EL' or ¶ransferee Company') and their respective shareholders under Sections 391 to 394 and other applicable provisions of the Companies Act, 1956 (¶he Scheme'). (As Per BSE Announcement Dated on 18.05.2012) Karma Energy Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 13, 2012, inter alia, has recommended the declaration of 5% (Re. 0.50) dividend on Equity Shares of Rs. 10/- each for the financial year 2011-2012, for consideration by the shareholders. Karma Energy Ltd has informed BSE that in accordance with the Scheme of Amalgamation of Avirodh Financial Services Ltd. (AFSL or Transferor Company) with Karma Energy Ltd (KEL or Transferee Company) sanctioned by the Hon'ble Bombay High Court vide their order dated April 13, 2012, the Board of Directors of the Company at its meeting held on August 13, 2012 approved and allotted to the eligible members of Avirodh Financial Services Ltd. 5,561 (Five Thousand Five Hundred and Sixty One only) equity shares of Rs. 10/- each of the Company as fully paid up in the ratio of Eighteen (18) equity shares of the face value of Rs. 10/- (Rupees Ten only) each (credited as fully paid up) of the Company; for every one (1) equity shares of the face value of Rs. 10/- (Rupees Ten only) each held by the shareholders in Avirodh Financial Services Limited. (As Per BSE Announcement Dated on 14.08.2012)