The Board of Directors of the Company in their meeting held today, 22nd June, 2017 has considered and approved, after recommendation of the Audit Committee, a Scheme of Arrangement between the Company and Cheers Consumer Products Limited and their respective shareholders and creditors under section 230 to 232 of the Companies Act, 2013, for demerger and vesting of 'Tea' Division of the Company to Cheers Consumer Products Limited. The above said Scheme is subject to the approval of SEBI, Stock Exchanges, shareholders, creditors, the National Company Law Tribunal, and other regulatory authorities, as applicable.