Genesys International - Outcome Of Board Meeting

Genesys International Corporation Ltd has informed that the Board of Directors of the Company at its meeting held on March 16, 2007, has subject to the necessary approvals and sanctions from the Shareholders and Creditors of the Company, Stock Exchanges where the Equity Shares of the Company are listed, High Court of Judicature at Bombay and other Regulatory Authorities, as may be applicable in this regard, approved the de-merger of its Information Technology and Engineering business unit into GI Engineering Solutions Ltd, a Company incorporated under Companies Act, 1956 through a Scheme of Arrangement under Section 391 to 394 of the Companies Act, 1956.Further, the Board of Directors of the Company has recommended a share swap ratio of 1 fully paid-up Equity Share (face value of Rs 10/- each) of GI Engineering Solutions Ltd for every 2 fully paid Equity Shares (face value of Rs 10/- each) of the Company in consideration for the de-merger of its Information Technology and Engineering business unit.