NOVAPETRO

Nova Petrochemicals Limited has informed the Exchange that "In a Meeting of the Board of Directors of the Company held on 16th March, 2007, the following decisions have been taken. 1) A proposal of Demerger of the Company was approved by the Directors and it was agreed to get prepared a detailed Scheme of Demerger by the Legal consultants of the Company. The Scheme of the Demerger shall be approved in next Board Meeting. 2) The following two Promoter-Directors have resigned and their resignations have been accepted in the Board Meeting held on 16-03-07. Hence they ceased to be directors of th

Nova Petrochemicals Limited has informed the Exchange that the Board of Directors at its meeting held on March 04, 2006 had discussed the proposal for expansion of the Company's Poly Condensation Plant and Power Plant, as also financing the same by means of FCCB / GDR / IPO. The Board constituted a committee of Directors to finalize the details and submit its report to the Board.