Nicholas Piramal India (NPIL) is planning to reduce its equity and preference equity capital under the Composite Scheme of arrangement between the company and NPIL, Research and Development Ltd (NRDL), a new de-merge R&D entity. Further, it has decided to re-appoint Dr Swati Piramal as 'director strategic alliances and communication' for a further period of five years. In this connection, NPIL has called an extra-ordinary general meeting on November 23, 2007 of the members to get necessary approvals.

Under the scheme of arrangement, NPIL is planning to reduce the paid up value of the equity shares of the company from Re 2 per equity share to Re 1.90 per equity share, aggregating to a total reduction of Rs 2.09 crore, This is subject to sanction by the High Court and other approvals. Further, the company is also planning to reduce the face value of the 5 % cumulative redeemable preference shares (CRPS) of Rs 100 each to Rs 90 per share. The company is also planning to reduce the face value of the 5% CRPS of Rs 10 each to Rs 9 per share. The authorised share capital of the company will consequently alter.