Essel Propack Ltd: Updates on Draft Scheme of Merger

Essel Propack Ltd has informed BSE that Draft Modified Rehabilitation Proposal ("DMRP") is being filed before BIFR under the provisions of Section 18 of Sick Industrial Companies (Special Provisions) Act, 1985 ("SICA"). Under those provisions the order of sanction of the scheme of Merger by the BIFR is conclusive as regards merger of the sick industrial companies and has the effect of vesting the properties from the transferor companies unto the transferee company.

In view of the above, no application for sanction of the said Scheme of Merger will be required to be filed before any other Court or Tribunal either under the provisions of Sections 391 - 394 of the Companies Act, or otherwise.

Further the Company has informed that pursuant to directions of BIFR, the aforesaid DMRP and Scheme of Merger of RAS Propack Lamipack Limited (RPLL) and Ras Extrusions Limited (REL) with Essel Propack Limited (EPL) are required to be filed with the Monitoring Agency appointed by BIER within 4 weeks of the date of the directions.