Indian Oil Corporation Ltd (IOC) has announced that the Ministry of Corporate Affairs (the competent authority to approve mergers of Govt.Companies) has sanctioned the Scheme of Amalgamation for merger of Bongaigaon Refinery & Petrochemicals Ltd (BRPL) (a subsidiary of IndianOil) with Indian Oil Corporation Ltd under Section 391(2) read with Section 394 of the Companies Act, 1956.

Consequent upon filing of the Order of Amalgamation with the Registrar of Companies (ROCs) in Shillong and Mumbai and the same being taken on record by the respective ROCs, Bongaigaon Refinery & Petrochemicals Ltd. (Transferor Company) stands dissolved and the merger becomes effective March 25, 2009.

The Scheme of Amalgamation provides for a swap ratio of 4 : 37 i.e. 4 equity shares of Rs 1O/- each of IndianOil (the Transferee Company) as fully paid for every 37 equity shares of Rs 10/- each of Bongaigaon Refinery & Petrochemicals Ltd (the Transferor Company). The Record Date for this purpose shall be notified in due course.

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