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Orchid Chemicals & Pharmaceuticals has informed the BSE that the company's board of directors at its meeting held on January 7 have approved a Scheme of Amalgamation for the merger of the company's wholly-owned subsidiary – Orchid Research Laboratories Ltd – with Orchid under the provisions of Sections 391 to 394 of the Companies Act, 1956.
The scheme is subject to the approval of the High Court of Madras. With the transferor company being a wholly-owned subsidiary, no fresh shares will be issued by the company upon the Scheme coming into effect.
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