| | | | Notice of Postal Ballot | 07/04/11 11:27 | | | | Cambridge Solutions Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the Ordinary Resolution relating to sell and transfer the 'Business Process Outsourcing Division' of the Company along with its assets including investments in Cambridge Builders Private Limited (a wholly owned subsidiary of the Company), liabilities and such employees of the Company engaged in the said division including all licenses, permits, consents and approvals whatsoever relating to the said division ("BPO Division"), as a going concern on a slump sale basis, to Xchanging Technology Services India Private Limited, ("XTSI"), an indirect wholly owned subsidiary of Xchanging Plc, for the agreed valuation of INR 2,998 million to be suitably adjusted for working capital changes at the date of actual transfer and the net proceeds of approximately INR 2,460 million, after settling fund based credit facilities directly by XTSI, subject to the fulfillment of the terms and conditions contained in the Business Transfer Agreement and such other terms and conditions as the Board of Directors of the Company may deem fit and appropriate, subject to necessary provisions & approvals.
The Company has appointed Mr. Sudhir Hulyalkar, Practicing Company Secretary as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.
The Postal Ballot form duly completed should reach the scrutinizer not later than the close of working hours on July 18, 2011.Upon completion of the scrutiny of the Forms, the Scrutinizer will submit his report to the Vice Chairman / Executive Director of the Company and the results thereof will be announced either by the Vice Chairman or the Executive Director or in their absence by the Chief Financial Officer of the Company on July 19, 2011. | |
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