Megasoft Limited has informed the Exchange vide its letter dated August 19, 2009, that: "The Board of Directors at its Meeting held on 19 August 2009, approved the sale and transfer of the BlueAlly Division as a "going concern" to Trianz Inc., USA, which is a wholly owned subsidiary of Trianz Holdings Private Limited, India. The Board of Directors have considered and approved the price consideration, which after taking into account, the value of the outstanding receivables on the date of the transfer of the division, to be around US dollar 13 to 15 million. This is subject to the approval of the shareholders of the company under section 293(1)(a) of the Companies Act, 1956, and other approvals as may be required in this regard. The Board of Directors of the company at their meeting today also approved the Postal Ballot Notice for approval of the shareholders of the company by Ordinary Resolution under section 293(1)(a) of the Companies Act, 1956, for transfer, sell and / or dispose off of the companys IT Services division BlueAlly. The said postal ballot notice shall be filed with the stock exchanges on posting to the shareholders in due course