Continental Controls to demerge computer software division

Continental Controls Ltd has announced that the Board of Directors of the Company at its meeting held on October 12, 2007, 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 limited company).

2. The Appointed date being April 01, 2007 for the Scheme of Demerger.

3. Every shareholder holding two shares of the Company will be allocated one share in Quest Softech. The share capital of Quest Softech will be listed on the Bombay Stock Exchange. One share for every two shares held in the Company will be cancelled and thus the paid-up capital of the Company will be reduced by half.

Source : Equity Bulls

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