Board of HCL Technologies approves scheme of arrangement

At meeting held on 19 October 2015

HCL Technologies announced that the Board of Directors of the Company at its meeting held on 19 October 2015, inter alia, has transacted the following:

1. The Board of Directors of the Company has approved has approved the Scheme of Arrangement ("Scheme") between HCL Technologies (the Company) and HCL Comnet (a wholly owned subsidiary of the Company) under the Section 391 to 394 of the Companies Act, 1956. As per the Scheme, the India System Integration Business of the Company would be transferred to HCL Comnet on a going concern basis with an objective to have simplified business structure with greater visibility in the performance of individual businesses. The said Scheme is subject to requisite approvals.

2. The Board of Directors has approved the amendment in 2004 Stock Option Plan ("ESOP Plan") of the Company to include the provisions for the implementation of the plan through a Trust mechanism, in accordance with the Securities Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 ("SEBI Regulations"). This amendment in the ESOP Plan is subject to the approval of the Shareholders.

Powered by Capital Market - Live News