Continental Controls Ltd has informed that the Board of Directors of the Company at its meeting held on March 14, 2008, inter alia, has transacted the following business:
1. Board has approved the Demerger of the Computer Software Division of the Company into Quest Softech (India) Pvt Ltd (in the process of being converted into public Ltd Company).
2. The Appointed date being April 01, 2008 for the Scheme of Demerger.
3. Every shareholder holding two shares in CCL will be allotted one share in Quest Softech (India) Pvt Ltd. The share capital of Quest Softech (India) Pvt Ltd will be listed on the Bombay Stock Exchange. One share for every two shares held in CCL will be cancelled and thus the paidup capital of CCL will be reduced by half.
1. Board has approved the Demerger of the Computer Software Division of the Company into Quest Softech (India) Pvt Ltd (in the process of being converted into public Ltd Company).
2. The Appointed date being April 01, 2008 for the Scheme of Demerger.
3. Every shareholder holding two shares in CCL will be allotted one share in Quest Softech (India) Pvt Ltd. The share capital of Quest Softech (India) Pvt Ltd will be listed on the Bombay Stock Exchange. One share for every two shares held in CCL will be cancelled and thus the paidup capital of CCL will be reduced by half.
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