KOLKATA: The board of directors of McNally Bharat Engineering Company, a B. M. Khaitan group company, has approved a scheme of arrangement for reconstruction of the company and its subsidiary McNally Sayaji Engineering Ltd (MSEL) which it had acquired sometime back. Under this recast, the products division of MBECL engaged in manufacturing or procuring equipment will be transferred to McNally Sayaji. This will be effective April 1, 2008. — Special Correspondent