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Usha Beltron's demerger plan gets shareholders nod
Sunil Mukhopadhyay
Calcutta, May 15: The shareholders of Usha Beltron Ltd of the Jhawars on Monday approved the scheme for demerger of its software undertaking into a new company named Usha Martin Infotech Ltd. The scheme, recommended by PriceWaterhouse and cleared by the Calcutta high court, will be effective from January 1, 2000.The companies that will merge are Usha Communications Technology, Ushamartin Academy of Communications Technology and USOFT. UMITL will allot one equity share of Rs 5 each fully paid-up against one equity share held in UBL by the shareholders the record date will be decided after. The face value of UBL's equity shares shall also become Rs 5 each. The shareholders of any further issue of equity by UBL, after the appointed date and prior to sanction of the scheme, will also be entitled to the shares of UMITL in the same manner. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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