Piramal Enterprises Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 05, 2014, inter alia, has taken following decision : - Merger of Subsidiaries The Board has approved a Scheme of Amalgamation for merger of the following step-down wholly-owned subsidiaries, with the Company: 1. PHL Capital Private Limited; 2. Piramal Pharmaceutical Development Services Private Limited 3. Oxygen Bio Research Private Limited Further, as mentioned above, since all the transferor companies are step down wholly owned subsidiaries of the Company, no shares are proposed to be issued pursuant to the merger. This Scheme is subject to requisite approvals, including under the Listing Agreement and by the HonÆble High Courts. The merger being of step down wholly owned subsidiaries into the Company, a specific dispensation will be sought from the HonÆble High Courts from filing the application / petition by the Company and accordingly, the Company may not be required to file petition with the High Court. (As per BSE Announcement Dated on 05.05.2014)