Hinduja TMT gets HC nod for IT biz demerger

New Delhi, Mar 5: Hinduja TMT Ltd today said the Bombay High Court has sanctioned the demerger of its IT and ITeS business into HTMT Technologies.

The approval involves reduction of the paid-up equity share capital of the company by reducing the face value from Rs 10 to Rs 5 and simultaneously, consolidating two such equity shares of Rs 5 each into one share of Rs 10.

The scheme includes arrangement and reconstruction between the company and HTMT Technologies and their respective shareholders and creditors under Sections 100, 391-394 of the Companies Act, 1956.

The company also stated that the name of HTMT Technologies Ltd is in the process of being changed to HTMT Global Solutions Ltd.

UNI