Southern Petrochemicals Industries Corporation Ltd. has informed the Exchange that at the meeting of the Board of Dierctors of the Company held on July 28, 2006, the Directors of the Company approved the Scheme of Amalgamation of the following three unlisted, wholly owned subsidiaries viz., 1) SPIC Holdings andInvestments Limited (SHIL); 2) SPIC Biotechnologies Limited; and 3) Mitocon Biotec Limited (wholly owned subsidiary of SHIL), with the Company, subject to the approval of the Shareholders and the sanction of the Hon'ble High Court of Judicature at Madras. A Committee of Directors has been constituted and authorized to take requisite steps for effectuating the amalgamation. Steps are being taken to obtain the approval of the Shareholders and the sanction of the Hon'ble High Court of Judicature at Madras for the Scheme of Amalgamation pursuant to the provisions of Section 391-394 and other applicable provisions of the Companies Act, 1956. Southern Petrochemicals Industries Corporation Ltd. had informed the Exchange that the Scheme of Amalgamation of SPIC Holdings and Investments Limited, SPIC Biotechnologies Limited and Mitocon Biotec Limited with the Company, after receipt of requisite approvals, is awaiting sanction of the Hon'ble High Court of Judicature at Madras; The Company has now informed the Exchange that "that the Hon'ble High Court of Judicature at Madras, by its sanction dated 16th February 2007, has sanctioned the Scheme of Amalgamation, whereby the assets and liabilities of the aforesaid unlisted, wholly-owned subsidiaries were transferred to and vested in the Company with effect from the Appointed Date viz., as at the close of Office hours on 31st March 2006. Pursuant to the said Sanction, the Board of Directors of the Company, at the meeting held today (27th February 2007), has given effect to the Scheme of Amalgamation in the books of account of the Company for the financial year ended 30th September 2006". (As per NSE Bulletin Dated on 28/02/2007)