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| Exchange Disseminated Time 29/09/2016 17:43:07 | Melstar Information Technologies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 29, 2016, has considered and approved the following matters;
1. The Board of Directors approved divestment & sale of 4,86,000 Equity Shares of Rs. 10/- held in IDV TECHNOLOGY SOLUTIONS PRIVATE LIMITED.(said Company) With this sale, the Company’s holding stand reduced to 1,14,000 equity of Rs. 10/- each representing 19% holdings in the said Company. Consequently, the said Company ceased to be Subsidiary of the Company.
2. The Board of Directors approved the sale of office premises situated At 335 Connection point A Block Mezzanine floor, HAL Airport Exit road, Bangalore 560017 at such price and on such terms and conditions in the best interest of the Company.
Further actions in respect of above matters will be taken subject to the approval of Shareholders wherever required/applicable.
The Board Meeting commenced at 04.00 PM & concluded at 05.00 PM. |
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