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Ashim Investment Company Ltd has informed BSE that the Scheme of Amalgamation of Ashim Investment Company Ltd

(AICL) and its 4 whollyowned subsidiaries namely Mayfair Finance Ltd, Sidhi Vinayak Investment Ltd, Terrestrial Finance Ltd and Yashodhan Investment Ltd and Netflier Finco Ltd (NFL) and its 4 wholly-owned subsidiaries namely Hansdeep Investment Ltd, Hidrive Finance Ltd, Panchanan Investment Ltd and Radial Finance Ltd into and with Bengal & Assam Company Ltd (BACL) has been sanctioned by the Hon`ble High Court of Delhi on August 22, 2008. Certified copies of the Order dated October 24, 2008 passed by the Hon`ble High Court have been filed by all the Amalgamating Companies and the Amalgamated Company with the Registrar of Companies, NCT of Delhi & Haryana on November 11, 2008. Accordingly, the said Scheme has become effective on November 11, 2008 and operative w.e.f. April 01, 2007 (Appointed Date). With effect from the Appointed Date (i.e. April 01, 2007) and on the Scheme becoming effective as aforesaid, all the assets and liabilities and the entire business of the Amalgamating Companies stood transferred to and vested in the Amalgamated Company without any further act or deed and each of the Amalgamating Companies stood dissolved without being wound up and accordingly Ashim Investment Company Ltd together with its four whollyowned subsidiary Companies stood dissolved and amalgamated into and with Bengal & Assam Company Ltd. The object of the Scheme is consolidation of group investments presently held in the Amalgamating Companies and BACL, in one investment Company, i.e. BACL. The consolidation of group investments will result in holding of all such investments in a single Company, cancellation of cross holdings and chain holdings amongst the different investment Companies in the group, ensure better transparency and enhancement of shareholders` value. It would reflect the consolidated values of the investments in the Amalgamated Company and would also facilitate raising of substantial investible financial resources for expansion of the group businesses and for acquisition of new business. It would also reduce replicatory, administrative and management costs and make the activities if the Amalgamated Company more cost and tax effective and minimize business risks. Further, pursuant to Clause 5.10 of Part V of the said Scheme, the Directors of the Company at their meeting held on November 12, 2008 has fixed the Record Date as November 28, 2008.