Wipro's 'arrangement for demerger' effective from March 31, 2013

Bangalore-based Wipro Limited on Monday in as statement said that the Scheme of Arrangement for the demerger of ‘Diversified Business’ of the company approved by the Board of Directors on November 1, 2012 is effective from March 31, 2013.

The scheme of arrangement has been approved by the High Court of Karnataka and the order of the High Court filed with the Registrar of Companies, the company said in a filing to the BSE.

The company further announced that April 11, 2013 has been fixed as the record date for the purpose of determining the members of the company to whom Securities of the resulting company will be allotted and who will be entitled to the Exchange Right pursuant to the Scheme of Arrangement (‘Election and Exchange Notice’).

“It is likely to take about six weeks from the record date for the whole process to be completed,” the statement said.