At meeting held on 25 February 2021
The Board of Zensar Technologies at its meeting held on 25 February 2021 approved and authorised its wholly owned subsidiary Zensar Technologies Inc. (a material subsidiary), to divest 100% of its equity shareholding, held by it in Aquila Technology Corp.Aquila is primarily engaged in providing information technology and consulting services to the United States Government and its contractors. Based on the service agreement between Aquila and a customer, which requires independence, separation of its operations and lack of interdependence of Aquila on its related affiliates/parent, the Zensar Group has no ability to direct the relevant activities of and exercise control over Aquila. Accordingly, with a view to focus on the core businesses of Zensar group, over which it can exercise control, it is proposed to divest the investment in Aquila.
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