Silicon Valley calls off amalgamation with Pentasoft Technologies

Silicon Valley Infotech Ltd has announced that the Board of Directors of the Company at its meeting held on October 05, 2006, inter alia, has taken following decisions:
1. Change of name of the Company:

The Board noted that the present name of the company does not reflect its present business activities and change of name is necessary. The Board directed the Company Secretary to suggest new names according to availability with Registrar of Companies and put up the same before Board in its next meeting to he held in the last week of October, 2006.
2. Amalgamation:

The Board decided to call off the proposal for amalgamation of M/s. Pentasoft Technologies Ltd, Chennai with the Company in view of inordinate delay in obtaining approvals from the Stock Exchanges. The Board also decided to withdraw the application filed with the exchanges for obtaining the approval for the scheme of amalgamation.

Source : Equity Bulls

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