HCL gets HC nod to withdraw plans to transfer SI biz to Comnet

IT services company HCL Technologies today said that it has received Delhi High Court nod to withdraw its earlier proposal to transfer its India system integration business to HCL Comnet.
"Further to our letter dated August 26 in regard to withdrawal of the Scheme of Arrangement between HCL Technologies, HCL Comnet, and their respective shareholders and creditors....For transfer of India system integration business of the company, we would like to inform you that the High Court of Delhi, vide its order dated August 31, 2016, has approved the withdrawal of the said scheme," HCL Tech said in a BSE filing.

Late last month, HCL Technologies Board had approved a proposal to confine the India system integration business and not integrate the unit with HCL Comnet.