Withdraws petition for the scheme from Karnataka High Court
Sasken Communication Technologies announced that with reference to the Scheme of Amalgamation for merger of Sasken Network Engineering(SNEL), the wholly owned subsidiary of the Company with the Company (the holding Company). SNEL had filed a petition in the Hon'ble High Court of Karnataka for the said merger in April 2016.As the Company is going ahead with buy-back of its shares and in compliance with SEBI (Buy-back of Securities) Regulations, 1998, SNEL had applied for withdrawal of the Petition with a liberty to revive the same. The Hon'ble High Court was pleased to permit withdrawal of the Petition as prayed for. A certified copy of the Order has since been received and filed with Ministry of Corporate Affairs today.
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