Nicholas Piramal Scheme of Arrangement

Nicholas Piramal India Ltd pursuant to the order made by the Hon'ble High Court of Judicature at Bombay, a meeting of the Equity Shareholders of the Company will be held on November 23, 2007, for the purpose of considering and if thought fit, approving, with or without modification, the arrangements embodied in the Composite Scheme of Arrangement ("the Scheme") between the Company and NPIL Research and Development Ltd.

Further the Company has informed BSE that pursuant to the order made by the Hon'ble High Court of Judicature at Bombay, a meeting of the Shareholders of the 5%- 2,33,72,280 Cumulative Redeemable Preference Shares of Rs 10 each (""the Series II Preference Shareholders") of the Company will be held on November 23, 2007, or soon after the conclusion of the meeting of the Equity Shareholders which has been convened on the same date by the Hon'ble High Court of Judicature at Bombay vide its aforesaid Order, whichever is later, for the purpose of considering and if thought fit, approving, with or without modification, the arrangements embodied in the Composite Scheme of Arrangement ("the Scheme") between the Company and NPIL Research & Development Ltd.