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SQS India BFSI Ltd updates on winding up of German subsidiary

Posted On: 2018-03-22 09:44:32

SQS India BFSI Limited had a Subsidiary in Germany named Thinksoft Global Services (Europe) GmbH bearing Trade register dep. B (HRB) 20071, having its office at Buttenweg 5, 55545 Bad Kreuznach, Germany.

The said Subsidiary was under winding-up process. The winding-up process was completed on February 15, 2018. However, the Company has received the Translated (English) version of the winding up order on March 22, 2018.

There is a tax refund which is pending with the Tax Authorities in Germany. Hence, the Bank Account of the Subsidiary Company maintained with Commerz Bank in Germany Euro Account No: 0487037200 IBAN No: DE18 5108 0060 0487 0372 00 will continue to be in existence until the refund is received from the Tax Authorities in Germany. In the meantime, the Company will repatriate all the monies in the said account to India leaving behind only the minimum balance amount as required to be kept in the Bank Account.

Shares of SQS India BFSI Limited was last trading in BSE at Rs.489.7 as compared to the previous close of Rs. 493.35. The total number of shares traded during the day was 773 in over 17 trades.

The stock hit an intraday high of Rs. 494.6 and intraday low of 485.05. The net turnover during the day was Rs. 377563.


Source: Equity Bulls

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