Gulf Oil Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 27, 2008, inter alia, has approved, in principle, a scheme of arrangement for restructuring the business and operations of the Speciality Chemicals Division by transferring to IDL Agrochemicals Ltd, a wholly owned subsidiary and in turn transferring agriculture related business of the said subsidiary alongwith the land in favour of the holding Company. The Speciality Chemicals Division has its facilities at Pashamylaram, Medak District, Andhra Pradesh, for manufacture of Active Pharma Ingredients (APIs). The Board further constituted a Committee of Directors to do all the necessary acts including making applications / petitions to the High Court for sanction of Scheme under Sections 391-395 of the Companies Act 1956, as may be applicable. Gulf Oil Corporation Ltd has informed BSE that the shareholders and unsecured creditors of the Company have at their respective meetings held on January 12, 2009, approved the Scheme of Arrangement between Gulf Oil Corporation Ltd and IDL Speciality Chemicals Ltd, a wholly owned subsidiary, with requisite majority. Chairpersons of the respective Meetings have filed their Report in the Andhra Pradesh High Court on January 20, 2009 to this effect. (As Per BSE Announcement Website dated on 23.01.2009) Gulf Oil Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 18, 2009, inter alia, has taken note of the Order of the Andhra Pradesh High Court sanctioning the Scheme of Arrangement between the Company and IDL Speciality Chemicals Ltd, a 100% subsidiary of the Company and decided to implement the Scheme of Arrangement and directed the management to comply with other legal requirements. (As Per BSE Announcement Website dated on 18.05.2009)