Visesh Infotecnics has received an approval for scheme of amalgamation of Axis Convergence with itself. The company has received an approval for amalgamation at its board meeting held on June 27, 2011. Under sections 391-394 of the companies act, 1956 the board has approved the scheme with the equity swap ratio of 73.73 equity shares in Visesh Infotecnics for every 1 equity share held in Axis Convergence.
The scheme will allow the company to acquire two wholly owned subsidiaries of Axis Convergence - Axis Convergence Inc., Mauritius and Greenwire Network, Hong Kong and shall add substantial value to the company. Further, the scheme is subject to approval of shareholders and creditors of the companies and also subject to the sanction of High Court of Delhi.
Visesh Infotecnics is an ERP software products company which has a comprehensive industry-wise client list with its software and technology solutions being used successfully in almost all industry verticals such as telecommunications, chemicals, automobiles, pharmaceuticals, services (including finance and ITeS), government, education, sugar, sales and distribution etc.
