Lee & Nee Softwares to amalgamate companies with itself

Lee & Nee Softwares Exports Ltd has announced that the Board of Directors of the Company at its meeting held on July 31, 2006, Sri. Rajesh Agarwal placed on the Board that the operation in a SEZ unit is 34% cheaper than a normal (non SEZ) ITES Company on or after March 31, 2010 and the Company will be incompetitive if it does not go for an SEZ unit. Since the Company's existing units had already enjoyed the benefit of 100% EOU, it is no more open to the Company to get the benefit of SEZ scheme unless new units are either acquired or amalgamated. Separate application will be made in the various states subject to the availability of Land. He further pointed out that 5 Companies namely (I) Lensel Computer Academy Pvt Ltd. (II) Lensel Internet Advertising Pvt Ltd (III) Lensel Online Pvt Ltd (IV) Vihag Web Based Contact Centre Pvt Ltd (V) Aapkidukaan.Com Pvt Ltd who were into various domain of ITES, such as animation, education and research content development, Biotech, Networking & Tech support business activities for few years are willing to set up separately SEZ units into various States in India such as Punjab, Orissa, Maharashtra, Ahmedabad, West Bengal etc. and has shown their interest of amalgamation with the Company. The matter was discussed in detail and the Board asked any one of the director to draft a scheme of Amalgamation and petition which has to be made to Hon'ble Calcutta High Court for procuring order for such amalgamation. None of the Director was interested in the proposal.

Source : Equity Bulls

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