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Datamatics Board Approves Scheme of Amalgamation
and Demerger
June 25, 2008, Mumbai: The Board of Directors
of Datamatics Technologies Limited (BSE: 532528,
NSE: “DATATECH”) has unanimously approved
at its meeting held on June 25, 2008 the scheme
of amalgamation and demerger of Datamatics Limited
and its associated Companies with Datamatics Technologies
Limited.
Further, in order to consolidate its domestic
operations, the scheme also provides for amalgamation
of its subsidiaries primarily engaged in domestic
operations.
As per the scheme of amalgamation, shareholders
of Datamatics Limited will receive 1.21 fully-paid
up equity shares of Datamatics Technologies Limited
of Rs.5/- each for every 1 fully paid up equity
share of Rs.10/- each of Datamatics Limited.
The scheme of amalgamation is subject to the
approval of shareholders, creditors and the High
Court of Judicature, Bombay. The scheme of amalgamation
will be operative with retrospective effect from
April 1, 2008.
This Scheme is pursuant to the provisions of
Sections 391 to 394 and other applicable provisions
of the Companies Act, 1956 and subject to necessary
approvals and sanctions of the Hon'ble High Court
of Judicature at Mumbai.
The Transferee Companies and the Transferor Companies
in the Scheme are all part of the same management.
“The proposed amalgamation and demerger
would help position the company as a “one-stop-shop”
offering end-to-end solutions spanning consulting,
technology architectures and business process
management, including both IT and ITeS services
for global customers. It will also result in better
control on operations, reduction of cost and better
profitability,” said Rahul L. Kanodia, Vice
Chairman and CEO, Datamatics Technologies Limited.
Enam Securities Private Limited and Deloitte
Haskins & Sells were the Advisors to the Company
on the above transaction.
About Datamatics Technologies
Limited:
Established in 1975, Datamatics is one of India's
leading IT Software Development & Consulting
and Business Process Outsourcing Organizations.
Datamatics' 3,800-strong team has executed over
2,100 projects across industry verticals and technologically-aligned
competencies in over 60 countries. The Company’s
international clients include top 25 Fortune 500
companies. Datamatics is certified for ISO 9001-2000,
ISO 27001 and SAS 70, and assessed at SEI CMMi
– Level 5 (QAI), P-CMM – Level 5 (QAI).
Datamatics is the First & Only Indian Services
Company to win International Asia Pacific Quality
Award against competition from over 38 countries
including the US, Japan, Australia, New Zealand,
Russia, Canada, China, Israel, South Korea, Peru
and Mexico.
For more information,
contact:
Brian Lobo
brian_lobo@datamatics.com
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