Megasoft Board approves Visualsoft merger in principal

Megasoft Ltd has announced that the Board of Directors of the Company at its meeting held on September 30, 2006, and after due deliberations, unanimously consented to approve in principal the amalgamation of Visualsoft Technologies Ltd with the Company, subject to the due diligence and valuation by in independent reputed accounting firm.

The Board also believes that both the companies being listed and being widely held and actively trading on the Stock Exchange, the valuations are likely to be in line with the prevailing Market prices of both the companies and also in line with other regulatory guidelines governing such transactions.

Further, the Company has informed that the Board has authorised Mr. GV Kumar, Managing Director, to appoint an independent accounting firm for conducting the valuation and due diligence and to do all other acts and deeds as deemed necessary in this regard and to table the findings at the next Board Meeting.

Source : Equity Bulls

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