Cadila Healthcare Ltd has informed BSE that the Board of Directors at its meeting held today (January 15, 2003) has decided in principal under section 391/394 and other applicable provisions of the Companies Act, 1956 for the merger of German Remedies Ltd, Recon Healthcare Ltd, Zydus Pathline Ltd and Zoom Properties Ltd with the company for which the authority is given to the Chairman & Managing Director to appoint the Advocate and a firm Chartered Accountant to work out the swap ratio.
Another meeting of the Board of Directors of the company will be held in due course to consider and if thought fit, approve the detailed terms of merger.
Citing the rationale for this decision, Chairman & Managing Director of Zydus Cadila, Mr Pankaj Patel said, In consonance with the international best practices and the group philosophy, we believe that there should be only one single listed entity in the group, especially with respect to companies in the similar, competing line of business. This merger would maximise value of shareholders of both the companies and achieve complete alignment of interests."
BSE Code: 532321
