Shimoga Technologies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 09, 2010 has discussed in detail, the Strengths, Weakness, Opportunities and Threats before the Company and also urgent need of Rs. 75.00 Lakhs for settlement of Sales Tax Dues, unanimously decided to make a proposal of 'Merger' to M/s. Bhagavathi Enterprises Ltd and passed the following resolution : - The Company make a proposal to M/s. Bhagavathi Enterprises Ltd, having their Registered Office at, Soundarya Sampige, Sampige Road, Malleswaram, Bangalore to explore the possibility of merger with Shimoga Technologies Ltd. Shimoga Technologies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 27, 2010, inter alia, has taken the following decisions: On receipt of in-principal consent for Amalgamation from Bhagavathi Enterprises Ltd. The Board of Directors of the Company approved the Amalgamation with Bhagavathi Enterprises Ltd, subject to obtaining approval of shareholders and all the concerned statutory authorities. (As Per BSE Announcement Website dated on 28.08.2010) Shimoga Technologies Ltd has informed BSE that the members at the 19th Annual General Meeting (AGM) of the Company held on September 30, 2010, inter alia, have accorded to the following: Amalgamation of Bhagavathi Enterprises Ltd with Shimoga Technologies Ltd. (As Per BSE Announcement Website dated on 30.09.2010) Shimoga Technologies Ltd has informed BSE about outcome of Board Meeting held on March 09, 2011. 1. Approved the Draft Rehabilitation scheme and share exchange ratio of 5 equity shares of Shimoga Technologies Limited (face value of Re. 1/- Fully paid up for every 2 equity shares of Bhagavathi Enterprises Limited (face value of Re. 1 Fully paid up) as recommended by Statutory Auditors of the Company. 2. Decided to forward the Draft Rehabilitation Scheme to Bhagavathi Enterprises Limited for their approval. (As Per BSE Announcement Dated on 09.03.2011)