CFCL Technologies intimates on sale and disposal of business of subsidiaries
Chambal Fertilisers & Chemicals announced that the Company have been informed by CFCL Technologies a subsidiary of the Company incorporated under the laws of Cayman Islands on 28 January 2016 that its subsidiaries have entered into following agreements for sale of entities / business:1. ISGN Corporation, USA has entered into a stock purchase agreement (Stock Purchase Agreement) dated 28 January 2016 to sell and transfer its entire shareholding in its wholly owned subsidiary - ISGN Solutions Inc., USA to Firstsource Group USA, Inc.; and
2. ISG Novasoft Technologies has entered into a slump sale agreement (Slump Sale Agreement) dated 28 January 2016 to sell and dispose-off part of its business / undertaking i.e. Business Process Outsourcing business to Firstsource Process Management Services, India as a going concern on slump sale basis.
Earlier, the Board of Chambal Fertilisers & Chemicals had consented to CFCL Technologies to sell and dispose-off the business that is being carried through its subsidiaries and step down subsidiaries including ISGN Solutions Inc., USA.
ISGN Corporation, USA, ISGN Solutions Inc., USA and ISG Novasoft Technologies, India are downstream subsidiaries of CFCL Technologies and accordingly these entities are subsidiaries of the Company.
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