Elder Pharmaceuticals Ltd has informed that the Board of Directors of the Company at its meeting held on March 27, 2008, for discussing (a) alignment of business in two broad heads, namely, Pharmaceuticals and Consumer Products Division and (b) merger of Elder Projects Ltd with the Company.
In view of the implications and impact of certain recent budget notifications on central excise duty on pharmaceutical products, as interpreted and clarified now, which would not currently render any strategic advantage to the Company, it has been decided by the Board not to go ahead with the proposed merger of Elder Projects ltd with the Company and the proposal stands cancelled.
As regards alignment of business, the Board has decided not to disturb the present working regime and accordingly the proposed realignment of business is cancelled.
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