Visualsoft Technologies drops amalgamation plans

Mumbai, Mar 17 (UNI) Visualsoft Technologies Ltd has dropped its plan to merge Applabs Technologies Pvt Ltd and eSolutions Pvt Ltd with itself following delay in obtaining regulatory approvals for the same.

In a communique to the BSE, Visualsoft said that since all the three companies were operating in the fast-growing IT sector, such a delay would adversely affect the planned synergised growth of all the three companies.

The communique also informed that consequent to the withdrawal of scheme of amalgamation, Sashi Reddi has resigned as CEO of Visualsoft and that the resignation has been accepted by the Board with immediate effect.

UNI JJ KU SKB2009