Hinduja TMT gets Bombay HC nod for IT biz demerger

Saturday, March 17, 2007, 10:13 [IST]

New Delhi, Mar 5 (UNI) Hinduja TMT Ltd today said the Bombay High Court has sanctioned the demerger of its IT and ITeS business into HTMT Technologies.

The approval involves reduction of the paid-up equity share capital of the company by reducing the face value from Rs 10 to Rs 5 and simultaneously, consolidating two such equity shares of Rs 5 each into one share of Rs 10.

The scheme includes arrangement and reconstruction between the company and HTMT Technologies and their respective shareholders and creditors under Sections 100, 391-394 of the Companies Act, 1956.

The company also stated that the name of HTMT Technologies Ltd is in the process of being changed to HTMT Global Solutions Ltd.

UNI

Topics: IT-HINDUJA TMT-DEMERGER

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