Bombay HC okays demerger of Hinduja TMT

The Bombay High Court has sanctioned the scheme of demerger i.e. scheme of arrangement and reconstruction between Hinduja TMT and HTMT Technologies and their respective shareholders and creditors under Sections 100, 391 - 394 of the Companies Act, 1956.

According to a release issued by Hinduja TMT to the BSE today, the High Court has sanctioned the followig:

1. The demerger of the information technology / information technology enabled services undertaking of the company into HTMT Technologies.

2. The reduction of the issued, subscribed and paid up equity share capital of the company, effected by reducing the face value of the equity shares from one equity share of Rs 10 each fully paid up to one equity share of Rs 5 each fully paid and simultaneously, consolidating two such equity shares of Rs 5 each fully paid-up into one equity share of Rs 10 each fully paid-up.

The company has also informed that the name of HTMT Technologies is in the process of being changed to HTMT Global Solutions.