Vertex Securities - Outcome of Board Meeting

Vertex Securities Ltd has informed BSE about the following:

M/s Vertex Securities Ltd is listed in Bombay Stock Exchange and the Company is a Subsidiary of M/s Transwarranty Finance Ltd within the meaning of Section 4 of the Companies Act. The Company is engaged mainly in Share Braking business. M/s Transwarranty Capital Pvt Ltd, is another Subsidiary of M/s Transwarranty Finance Ltd within the meaning of Section 4 of the Companies Act. Both the Companies are operating in the same area of business with the Company, concentrating on retail broking, while Transwarranty Capital Pvt Ltd concentrating mainly on institutional broking. Both the Companies are Trading Members of Bombay Stock Exchange and National Stock Exchange. The Board of Directors of the Company have found that it will be economically viable and commercially prudent to consider merger of Transwarranty Capital Pvt Ltd with Vertex Securities Ltd, so that there will be synergy of operations and also economies in cost. The Board of Directors have therefore at their meeting held on May 09, 2009 have decided, subject to obtaining necessary approvals, consents from all appropriate authorities including from the High Court of Kerala where the registered office of Vertex Securities Ltd (the Transferee Company) is situated and Mumbai High Court within whose jurisdiction the registered office of Tranawarranty Capital Pvt Ltd. (the Transferor Company) is situated. And also further subject to the Board of Directors / Shareholders of the Transferor Company approving the scheme.