|
| Exchange Disseminated Time | Xchanging Solutions Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 11, 2016,
has took the following decisions:
1. The Board of Directors have noted and placed on record the letter dated May 05, 2016 received from CSC group expressing its intention to make an offer to voluntarily delist the Company’s equity shares from BSE and NSE by acquiring all equity shares held by the public shareholders of the Company in accordance with Regulation 5A of the SEBI (SAST) Regulations read with the Delisting Regulations and other applicable provisions of law.
2. The Board of Directors of the Company further noted that in terms of Regulation 8 of the Delisting Regulations, the proposal for delisting is required to be approved by the Board of Directors of the Company after taking into account a due diligence certificate from a merchant banker appointed for the purpose of preparing such due diligence certificate. Further, the Board of Directors of the Company are also required to obtain the approval of its public shareholders by way of a special resolution (through postal ballot) and obtain an in-principal approval from BSE and NSE.
3. The Board of Directors of the Company appointed "Karvy Investor Services Limited" as the merchant banker ("Merchant Banker") for carrying out the aforesaid due diligence as required under the Delisting Regulations and for other incidental activities in connection with the delisting process.
4. The Board will again meet after the receipt of the due diligence report from the Merchant Banker.
5. The meeting of the Board commenced at 3:30 PM (IST) and concluded at 07:15 PM (IST). |
|
|