Usha Martin Education & Solutions - wholly owned subsidiary - Usha Martin Education, has decided to sell its school management business together with transfer of all employees, as well as assets and liabilities of the company, including all licenses, permits, consents and approval whatsoever as a going concern to Usha Breco Education Infrastructure, a public limited associate company of Usha Martin Education. The board at its meeting held on April 17, 2013 has approved for the same.
However, this transfer will take place only after obtaining approval of its shareholders at a duly convened general meeting, to be held on May 10, 2013 on such mutually agreed consideration as may be appropriately arrived at by an independent valuation of the business.
Usha Martin Education will continue to own the brands registered/applied for registration in its name, which will enable it to license the same and earn license fee after sale of the above mentioned business. The aforesaid transfer will not have any bearing on the performance, operations or profits of the company and/or otherwise have any material impact or, the general character or nature of business of the company.