The Board of Directors of the Company has, at its meeting held on 26th March, 2011 given its in principle approval to amalgamation of Kamats Restaurants Private Limited (Restaurants Business), Kamat Holiday Resorts Private Limited (Lotus Resorts, Murud) and Lotus Resorts Goa unit owned by Kamats Holiday Resorts (Silvassa) Limited with the Company based on valuation to be done by Independent Valuer subject to compliance of regulatory requirements and approval of the Competent Court. The Board has empowered the Executive Committee of Directors to appoint the valuer(s) for valuation of shares and prepare Scheme of amalgamation for final approval of the Board.