Hon'ble Delhi High Court sanctions Scheme of Arrangement of HCL Infosystems

HCL Infosystems Ltd has announced that the Hon'ble Delhi High Court has vide its order dated March 20, 2007 sanctioned the composite Scheme of Arrangement of the Company with M/s. HCL Infinet Ltd, the wholly owned subsidiary and M/s. Microcomp Ltd, the wholly owned subsidiary M/s. HCL Infinet Ltd.

On filing of the certified copy of the said order, the Scheme has become effective from the closing of the business hours of March 31, 2007.

On the Scheme becoming effective, the Networking business of M/s. HCL Infinet Ltd has demerged into M/s. Microcomp Ltd (henceforth to be named as HCL Infinet Ltd) with effect from Demerger appointed date i.e. April 01, 2006 and M/s. HCL Infinet Ltd with its residual Office Automation and Telecommunication business has amalgamated with the Company, with effect from the Amalgamation appointed date i.e. April 01, 2006.

M/s. HCL Infinet Ltd stands dissolved without winding up.

The company's shares were trading down by Re.0.35 or 0.27% at Rs.128.90 on volume of 1960 shares.

Source : Equity Bulls

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