With reference to the earlier communications in regard to the transfer of India System Integration Business of HCL Technologies, as a going concern, to HCL Comnet, a wholly owned subsidiary. The said business was proposed to be transferred through a Scheme of Arrangement (Scheme) between HCL Technologies, HCL Comnet, and their respective Shareholders and Creditors, under Section 391 to 394 of the Companies Act, 1956. The Scheme is currently pending for approval with the Hon’ble High Court of Delhi., HCL Technologies has now informed that the Board of Directors of the Company has approved the management’s proposal to confine the India business to certain defined areas and in view of this, the Board has also approved to withdraw the Scheme, subject to the approval of the High Court, as now there would be no point in integrating the India system integration business of the Company with that of HCL Comnet, as it would unnecessarily involve time, cost and efforts in integration.
The above information is a part of company’s filings submitted to BSE.
Company Name | CMP |
---|---|
TCS | 3894.95 |
Infosys | 1422.10 |
HCL Tech. | 1314.65 |
Wipro | 451.55 |
Tech Mahindra | 1260.85 |
View more.. |