Bombay HC okays merger of German Remedies with Cadila

Our Corporate Bureau
28 June 2003

Ahmedabad: Justice Karnik of the Bombay High Court today approved the scheme of amalgamation of German Remedies (GRL) and Zoom Properties with Cadila Healthcare (CHL).

This puts an end to the three-month-old battle by the four shareholders of GRL, holding not more than 1,000 shares of GRL in aggregate, against the merger scheme approved by the overwhelming majority of shareholders at the court-convened shareholders' meeting.

The objecting shareholders were challenging the valuation report and the swap ratio of 4:7 of GRL shares for CHL shares. The court brushed aside the objection and approved the merger of GRL with CHL.

However, after the pronouncement of the judgement, the objecting shareholders requested the court to stay the operation of this order for filing an appeal in the division bench, which was granted for a limited period of four weeks.

With this, the proposed scheme of merger has been approved by the high courts of Ahmedabad, Delhi and Mumbai.