Orient Information Technology Ltd has informed that the Board of Directors of the Company at its meeting held on November 27, 2007, has approved the Amalgamation of the Company into IT People (India) Ltd., subject to the requisite approvals from the members and creditors of the two Companies, regulatory authorities and the Honble High Court of Judicature of Bombay.
The Board of Directors of the Company has also approved the Exchange Ratio of One Hundred (100 nos) Equity Shares of Rs 2/- each in IT People (India) Ltd. for every Two Hundred & Seventy Five (275 nos) Equity Shares of Rs 10/- each held by the shareholders of the Company as suggested in the valuation report of Gadgil & C0., Chartered Accounts & IT People valuation done by Haribhakti & Co. Chartered Accounts.
The proposed Amalgamation shall be carried out under a Scheme of Arrangement to be filed before the Honble High Court of Bombay.
The draft Scheme of Arrangement approved by the Board of Directors of the Company for theproposed Amalgamation of the Company into IT People (India) Ltd will be filed with the stock exchanges for necessary approval.
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