The Supreme Court has dismissed the special leave petition (SLP) filed by dissenting shareholders and approved the merger of Parke-Davis (India) Ltd. with Pfizer Ltd.

Pfizer will now proceed to complete the implementation of the Scheme of Amalgamation of PDI with the Company. The Company will now take steps to issue equity shares of Pfizer Ltd. in the proportion of 4 equity shares of Pfizer Ltd. for every 9 equity shares of Parke-Davis (India) Ltd.

The Company will also proceed to hold the Annual General Meeting of Pfizer Ltd. to approve the annual accounts of the Company for the year ended November 30, 2002 and pay dividend at the rate of Rs.7.50 on every equity share on the post-merger equity capital of the Company. The book closure for the payment of dividend will be fixed in consultation with the Stock Exchanges.