With reference to the scheme of amalgamation of Company's Wholly owned subsidiaries with MPS Limited, the Company has informed BSE that, legal proceedings were initiated in the High Court at Madras, pursuant to the applicable provisions of the Companies Act, 1956 towards seeking its sanction to the Scheme. The Madras High Court granted dispensation from holding Shareholders meetings in view of the fact that the amalgamation contemplated by the Scheme was of two Wholly owned subsidiaries and one indirect wholly owned subsidiary and directed the Companies, namely MPS Content Services India Private Limited and MPS Technologies Limited (petitioner Companies) to file the Company petitions. The Company petitions were filed and admitted by the Madras High court and directions have been issued to the Official Liquidator to appoint an Auditor to scrutinize the books of accounts of the petitioner Companies.
In view of the above, it has been decided to publish Quarterly results on a Consolidated basis only.
Sensex
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Sunday, May 01, 2011
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