Baffin Engineering acquires Uniword Telecom Ltd

The Board of Directors of Baffin Engineering Projects Ltd at its meeting held on April 10, 2007, inter alia, has considered and approved the following business:

1. The Company had acquired controlling stake of 30,60,000 equity shares of Rs 10 each of Uniword Telecom Ltd from the promoters of Uniword Telecom Ltd. The Consideration for the same was proposed to be paid by way of issue of shares of the Company to them through a Scheme of Arrangement and Amalgamation of Uniword Telecom Ltd with the Company. In view of the fact that the said Scheme of Arrangement and Amalgamation was not approved by the Bombay Stock Exchange, the Company tried to arrange funds through other means to pay the liabilities for 30,60,000 equity shares of Uniword Telecom Ltd. However, the funds could not be arranged and the Company is not in a position to pay to promoters of Uniword Telecom Ltd (Seller) for the aforesaid shares. In view of the above, the Board has decided to reverse the acquisition of shares of Uniword Telecom Ltd by returning the same to the earlier shareholders of Uniword Telecom Ltd.

2. The Board also decided to extend the current financial year of the Company from March 31, 2007 to April 30, 2007. So, the period of the current financial year shall be of 13 months, i.e., from Apri1 01, 2006 to April 30, 2007.

Source : Equity Bulls

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