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Corporate Announcement

Scripcode : 532398    Company : UMESLTD    
 
Updates by Usha Martin Education Private Limited (wholly owned subsidiary of the Company) 07 May 2013 19:51
Usha Martin Education & Solutions Ltd has informed BSE that the wholly owned subsidiary of the Company namely Usha Martin Education Private Limited, has decided at their duly held Board Meeting dated April 17, 2013, to sell its school management business together with transfer of all employees, as well as assets and liabilities of the Company, including all licenses, permits, consents and approval whatsoever 'as a going concern' ("Business") to Usha Breco Education Infrastructure Limited, a public limited associate Company of Usha Martin Education Private Limited'. However, this transfer will take place only after obtaining approval of its shareholders at a duly convened general meeting, to be held on May 10, 2013 on such mutually agreed consideration as may be appropriately arrived at by an independent valuation of the Business,

Usha Martin Education Private Limited will continue to own the brands registered/applied for registration in its name, which will enable it to license the same and earn license fee after sale of the above mentioned business.

The aforesaid transfer will not have any bearing on the performance, operations or profits of the Company and/or otherwise have any material impact or, the general character or nature of business of the Company.
 

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