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| Exchange Disseminated Time 14/02/2017 20:33:34 | MT Educare Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 14, 2017, inter alia has considered the following matters:
1. Approved transfer of the Company's business undertaking viz. 'Robomate' as a going concern to its wholly owned subsidiary 'Robomate EduTech Private Limited', along-with all the employees, assets and liabilities pertaining thereto, subject to approval of the shareholders of the Company under Section 180(1)(a) of the Companies Act, 2013.
2. Approved rectification of typographical error in respect of the Exercise Period as mentioned in Resolution Nos. 1 and 2 (including the Explanatory Statement) of the Notice of Extra Ordinary General Meeting ('EGM') of the Company held on February 17, 2016 which has been approved at the EGM by the members vis-a-vis the Exercise Period as stated in the “MT Educare Employees Stock Option Scheme - 2016 (the ESOS Scheme'). The said Exercise Period was erroneously mentioned as 'one year' instead of two years' in the Notice of EGM, hence, the same needs to be rectified to bring in line with the ESOS Scheme subject to approval of the shareholders of the Company.
The Board further decided to take approval of shareholders of the Company for the item nos. 2 and 3 above through postal ballot process as per the provisions of Section 110 of the Companies Act, 2013 and appointed CS Manish L. Ghia, Partner, M/s.
Manish Ghia & Associates, Company Secretaries, Mumbai as the Scrutinizer for conducting the postal ballot process in fair and transparent manner.
The meeting of the Board of Directors commenced at 12.30 p.m. and concluded at 8.15 p.m. |
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