The Board of Directors of German Remedies Ltd at their meeting held on January 15, 2003 decided in principle under Section 391/394 and other applicable provisions of the Companies Act 1956 for the merger of the company with Cadila Healthcare Ltd for which authority is given to the Chairman & Managing Director to appoint the Advocate and a firm Chartered Accountant to work out the swap ratio.

Another meeting of the Board of Directors of the company will be held in due course to consider and if thought fit, approve the detailed terms of merger.

BSE Code: 500156