Visualsoft Technologies - Updates on Scheme of Amalgamation

Visualsoft Technologies Ltd has announced that the scheme of amalgamation with Megasoft Ltd, was duly approved by the Board of Directors of the respective companies at the meeting held on September 30, 2006.

As per the scheme of amalgamation approved by the respective Boards, the Appointed date is October 01, 2006. As per the scheme, with effect from the Appointed Date and up to and including the Effective Date, the Company shall carry on its business activities with reasonable diligence and business prudence on behalf of the Megasoft Ltd and shall conduct its business in the ordinary course consistent with past practice.

Further, as per the scheme, the Company shall carry on and be deemed to have carried on its business and activities and shall hold and stand possessed of and shall be deemed to have held and stood possessed of the Undertaking of the Company on account of and in trust for the Megasoft Ltd.

Further, as per the scheme, all the profits or incomes accruing or arising to the Company or expenditure or losses incurred by the Company shall for all purposes be treated and be deemed to be and accrue as profits or incomes or expenditure or losses of Megasoft Ltd.

In view of the foregoing, the Company will submit it in this regard that since the appointed date in pursuance of the scheme of amalgamation is with effect from October 01, 2006, Megasoft Ltd, the transferee company has informed the company that the quarterly results of the Company for the quarter ended December 31, 2006, will be consolidated in the combined Audited Annual Accounts of Megasoft Ltd for the year ended December 31, 2006, which will be declared by Megasoft, the Transferee company, on or before March 31, 2007. Consequently, the Company, the transferor company will not consider the quarter results for the period ended December 31, 2006.

Source : Equity Bulls

Keywords