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| Exchange Disseminated Time 14/09/2015 16:03:25 | Sasken Communication Technologies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 14, 2015, has considered the amalgamation of Sasken Network Engineering Ltd., (SNEL) the wholly-owned subsidiary of the Company with Sasken Communication Technologies Ltd.
The proposed merger shall be effected through a Scheme of Amalgamation under the provisions Section 391 to 394 and other applicable provisions of the of the Companies Act, 1956 or any other amendment or modifications made thereto.
The Scheme is approved subject to requisite approvals from the relevant regulatory authorities and sanction of the High Court of Karnataka.
The salient features of the Scheme are as follows:
1. The Appointed Date of the Scheme will be April 01, 2015.
2. No issue of fresh capital or any other security is contemplated as SNEL is a wholly-owned subsidiary of the Company. |
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