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Thursday, Feb 10, 2005

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Sun board clears merger of Phlox Pharma

Our Bureau

Mumbai , Feb. 9

SUN Pharmaceutical Industries Ltd said on Tuesday that its board of directors had approved the proposal for merger of Phlox Pharmaceuticals Ltd, a Board for Industrial and Financial Reconstruction (BIFR) notified company.

This was, however, subject to approvals from BIFR and the Gujarat High Court, the company told BSE.

The board, at its meeting today, also approved the merger/amalgamation of it's three wholly-owned subsidiaries with itself, from March. The subsidiaries are Bazley Finvest Pvt Ltd, Dhaval Finvest Pvt Ltd and Manish Finvest Pvt Ltd.

The company also informed BSE that the extraordinary general meeting of Sun, also held today, had approved the appointment of Deloitte Haskins & Sells, in the vacancy caused by the resignation of Price Waterhouse.

They would hold office up to the conclusion of the Twelfth Annual General Meeting, the announcement said.

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