HCL Tech shareholders approve merger of three subsidiaries with itself

Topics HCL Tech

IT major HCL Technologies on Saturday said its shareholders have approved the scheme for merger of four of its subsidiaries, including HCL Comnet, with itself.

"The meeting of equity shareholders of HCL Technologies Ltd (Transferee Company) was held on Saturday, September 21, 2019...to seek their approval to the scheme of amalgamation amongst HCL Eagle Limited, HCL Comnet Limited, HCL Technologies Solutions Limited, Concept2Silicon Systems Private Limited and HCL Technologies Limited and their respective shareholders and creditors...," the company said in a statement.

"The scheme was approved by the requisite majority of equity shareholders of the transferee company," the filing said.

The proposal to merge HCL Comnet, HCL Eagle, HCL Technologies Solutions and Concept2silicon Systems into HCL Technologies was earlier approved by the IT company's board.

All these companies are direct or step-down wholly-owned subsidiaries of HCL Technoligies.

"The scheme of amalgamation would enable optimum utilisation of resources, synchronisation of synergies and an optimised legal entity structure by reducing the number of legal entities in the group structure," the company had earlier said a filing.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel