NIIT may be suspended from trading: NSE

By siliconindia   |   Thursday, 24 June 2004, 07:00 Hrs
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NEW DELHI: The National Stock Exchange has issued a circular stating that NIIT Limited may be suspended from trading shortly and derivatives contracts for the far month (September) series on the scrip will not be issued on Friday.

The exchange issues new contracts for the far month on all derivatives counter on the last Friday of every month.

It has said that NIIT Ltd had informed it that the company has received the Order under Section 394 of the Companies Act, 1956, from the Hon’ble High Court of Delhi at New Delhi on 2 June '04, on the Scheme of Arrangement for demerger of the global solutions business undertaking of NIIT Limited to NIIT Technologies Limited.

The company has further informed the exchange that the said order has been filed with Register of Companies, NCT of Delhi and Haryana, New Delhi (ROC). A certificate to this effect has also been obtained from RoC and accordingly, the effective date of the scheme is 4 June '04, the circular said.

On June 22, '04 the company informed the NSE that it proposes to hold a meeting of the board of directors on 28 June '04 to consider the following:

1. take on record the audited accounts and financial results for the period 1 October '02 to 31 March '04.

2. Recommend dividend if any.

3. To fix the record date/book closure dates for: a. reorganization of equity share capital of the company and issue and allotment of equity shares by NIIT Technologies Limited to the shareholders of the Company in accordance with the scheme of arrangement for demerger of global solutions business undertaking of NIIT Limited to NIT Technologies Limited, as approved by the Hon'ble High Court of Delhi at New Delhi.

4. To fix the date, time and venue for the AGM of the company.

The counter may thus be suspended from trading shortly, the exchange has said. In view of which, the far month derivatives contracts (September '04) in the security NIIT Limited would not be introduced on 25 June '04 after expiry of the June 24, 2004 contracts. Also, the date from which the security, NIIT Limited, would be suspended from trading in the F&O segment would be intimated to the market immediately after the company informs to the exchange about the record date for the scheme of arrangement for demerger.

The circular also states that the exchange proposes a similar procedure in future for all other cases of merger/demerger where a company would be suspended from trading shortly due to a corporate action.

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