Maxwell Industries Updates

Maxwell Industries Ltd has informed that the Company has received an intimation by way a letter dated December 12, 2007 from Promoter Directors of the Company, who are also Directors on the Board of M/s. Lovable Lingeries Pvt Ltd (LLPL) and M/s. Microtex India Ltd (MIL).

They have intimated the Company that they have attended the Board and Shareholders meeting on December 11, 2007 of the M/s. Lovable Lingeries Pvt Ltd and M/s. Microtex India Ltd where the matter relating to the of Merger / Amalgamation with the Company under provisions of Section 391 to 396 of the Companies Act, 1956 was discussed and decided that the said Merger / Amalgamation should not be pursued further as the effective date of scheme of amalgamation has already been expired.

It was further intimated that M/s. Lovable Lingeries Pvt Ltd and M/s. Microtex India Ltd has further discussed, that the petition for Merger / Amalgamation pending before Hon'ble High Court of Bombay be withdrawn and to seek the direction of Hon'ble High Court of Bombay to dismiss the application and dispose of petition for Merger / Amalgamation with Company.

The Company propose to call a Board Meeting to discuss this matter.