The Board of Directors of the Company has accorded for disposal of the bonded abrasives division to Grindwell Norton Ltd, Mumbai on the broad terms and conditions set out in the Memorandum of Understanding (MoU) dated December 01, 2005 entered into between the two Companies, subject to the approval of the members by way of Ordinary Resolution passed by through, Postal Ballot. Orient Abrasives Ltd has informed BSE that the Bonded Abrasives Business of the Company has been transferred to Grindwell Norton Ltd with effect from October 01, 2006. (As per BSE Announcement website dated on 04/10/2006)