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| Exchange Disseminated Time | Visesh Infotecnics Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 27, 2011, inter alia, approved the Scheme of Amalgamation under Sections 391-394 of the Companies Act, 1956 of M/s. AXIS CONVERGENCE PRIVATE LIMITED with the Company along with the equity swap ratio of 73.73 equity shares in Visesh Infotecnics Limited for every 1 Equity Share held in Axis Convergence Private Limited. The Scheme will allow the Company to acquire two wholly owned subsidiaries of Axis Convergence Private Limited i.e. Axis Convergence Inc., Mauritius and Greenwire Network Limited, Hong Kong and shall add substantial value to the Company.
The Scheme is subject to approval of shareholders & Creditors of the Companies and also subject to the sanction of Hon'ble High Court of Delhi. |
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