Zensar Technologies Ltd has informed BSE that the Committee of Directors of the Company at its meeting held on August 07, 2009, considered and in principle approved the merger of Zensar OBT Technologies Ltd ("ZOBT") and Zensar Transformation Services Ltd ("ZTSL"), wholly owned subsidiaries of the Company with itself. The Appointed Date of the Scheme of Amalgamation is April 01, 2009.
The entire Equity Share Capital of ZOBT and ZTSL is held by the Company and its nominees.
Therefore, upon the Scheme becoming effective the entire equity share capital of ZOBT and ZTSL will stand automatically cancelled and there will be no issue and allotment of shares pursuant to the Scheme.
The Scheme of Arrangement is, inter-alia, subject to the necessary approvals under the Companies Act, 1956 including the High Court of Bombay, or any other competent authority.
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