Hon'ble High Court, Bombay sanctions Scheme of Demerger of Hinduja TMT

Hinduja TMT Ltd has announced that the Hon'ble High Court of Judicature at Bombay has sanctioned the Scheme of Demerger i.e. Scheme of Arrangement and Reconstruction between the Company and HTMT Technologies Ltd and their respective shareholders and creditors under Sections 100, 391 - 394 of the Companies Act, 1956. Accordingly, the Hon'ble High Court has inter alia sanctioned:

i. The demerger of the Information Technology / Information Technology Enabled Services undertaking of the Company into HTMT Technologies Ltd.

ii. The reduction of the issued, subscribed and paid up equity share capital of the Company, effected by reducing the face value of the equity shares from 1 equity shares of Rs 10/- each fully paid up to 1 equity share of Rs 5/-each fully paid and simultaneously, consolidating 2 such equity shares of Rs 5/- each fully paid- up into 1 equity share of Rs 10/- each fully paid-up.

Further the Company has informed that, the name of HTMT Technologies Ltd is in the process of being changed to HTMT Global Solutions Ltd.

Source : Equity Bulls

Keywords