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| Exchange Disseminated Time | Hikal Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 10, 2011, considered and approved the Scheme of Arrangement between Hikal Limited ('Hikal' or 'the Company') and Acoris Research Limited ('Acoris') and their respective shareholders and creditors ('Scheme').
The salient features of the Scheme are as under:
1. The Appointed Date of the Scheme is April 01, 2012.
2. Demerger of Research Business Undertaking of Acoris into the Company.
3. Since the entire share capital of Acoris is held by the Company, no consideration shall be payable / dischargeable for vesting of the Research Business Undertaking.
The Scheme is subject to consent, approval of requisite majority of shareholders and creditors of the Company, Acoris, sanction of the High Court of Judicature at Bombay and all other regulatory approvals as may be necessary for the implementation of the Scheme.
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