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Gulshan Polyols Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 21, 2008, inter alia, has considered and approved the issuance of Foreign Currency Convertible Bonds (FCCB’s) / Global Depository Receipts (GDR’s) / American Depository Receipts (ADR’s) to the extent of $ US 30 Millions.

For the issuance of FCCB’s / GDR’s / ADR’s the Board has also decided and fix the date of Extra Ordinary General Meeting on July 16, 2008 for the approval of the Share Holders for the said purpose.

Gulshan Polyols Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 23, 2008, inter alia, to consider and approve, to issuance of Foreign Currency Convertible Bonds (FCCB’s) / Global Depository Receipts (GDR’s) / American Depository Receipts (ADR’s) / External Commercial Borrowings (ECB’s).

Gulshan Polyols Ltd has informed BSE that the General Meeting of the Creditors of the Company convened by Hon’ble High Court of Judicature at Allahabad (Uttar Pradesh) held on June 07, 2008, have duly approved the Amalgamation of Gulshan Sugars & Chemicals Ltd with the Company. They have also approve the Scheme of Amalgamation (with slight Modifications).

Gulshan Polyols Ltd has informed BSE that the General Meeting of the Share Holders of the Company convened by Hon’ble High Court of Judicature at Allahabad (Uttar Pradesh) held on June 07, 2008, have duly approved the Amalgamation of Gulshan Sugars & Chemicals Ltd with the Company. They have also approve the Scheme of Amalgamation.

Gulshan Polyols Ltd has informed BSE that the Registered Office of the Company which was located in the State of Gujarat has been shifted to the State of Uttar Pradesh vide Company Law Board, Western Region Bench’s order dated March 14, 2008. However, there is no change in the directorship consequent upon the change in the registered office of the Company.

Further, Board of Directors of the Company in their meeting held on March 20, 2008, had decided and approved the new location of Registered Office as 9th K M Jansath Road, Muzaffarnagar, Uttar Pradesh. According the Registered Office of the Company has been shifted from 762, GIDC Industrial Estate, Jhagadia - 393110, District Sharuch, Gujarat to 9th K M Jansath Road, Muzaffarnagar, Uttar Pradesh ? 251001.

Gulshan Polyols Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 20, 2008, inter alia, to consider, decide and approve, location of the registered office of the Company at the Uttar-Pradesh consequent upon the approval of Company petition for change of registered office from the state of Gujarat to the state of Uttar Pradesh by Company Law Board, Western Region Bench, Mumbai.

Gulshan Polyols Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 14, 2008, has considered the proposal for corporate restructuring involving merger / amalgamation and other related matters. The Board of Directors unanimously approved a proposal for amalgamation / merger of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd subject to the approval of shareholders, High Court, Stock Exchange and other Regulatory Authorities and compliance of other applicable regulations.

Gulshan Polyols Ltd and Gulshan Sugars & Chemicals Ltd both jointly had appointed M/s. Price Waterhouse Coopers (PWC) to carry out the valuation exercise and to suggest entitlement ratio upon amalgamation / merger of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd. PWC have submitted their report to the Board of Directors and recommended the entitlement ratio as under:

“The entitlement ratio for Issue of equity shares of Gulshan Polyols Ltd to the shareholders of Gulshan Sugars & Chemicals Ltd as 6:1 i.e. One (Rupees 5/- fully paid up) equity share of Gulshan Polyols Ltd for Six (Rupees 8/- fully paid up) equity shares of Gulshan Sugars & Chemicals Ltd.”

The Board of Gulshan Polyols Ltd have accepted and approved the above entitlement ratio subject to the approval of shareholders, Stock Exchange, High Court and compliance of other regulatory and applicable provisions etc. The Board has also agreed to meet again to approve a draft amalgamation / merger scheme of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd which would be sent for approval before filling to Hon’ble High Courts.