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CHAMBAL FERTILISERS & CHEMICALS LTD. - Updates
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28 Jan 2016
With reference to the earlier letter dated January 21, 2016, the Board of Directors of Chambal Fertilisers and Chemicals Ltd (the Company) in their meeting held on January 21, 2016 gave their consent / approval to CFCL Technologies Limited (CFCL Tech), a subsidiary of the Company incorporated under the laws of Cayman Islands, to sell and dispose-off the business that is being carried through its subsidiaries and step down subsidiaries including ISGN Solutions Inc., USA.&lt;BR&gt;&lt;BR&gt;ISGN Corporation, USA, ISGN Solutions Inc., USA and ISG Novasoft Technologies Limited, India are downstream subsidiaries of CFCL Tech and accordingly these entities are subsidiaries of the Company.&lt;BR&gt;&lt;BR&gt;Chambal Fertilisers &amp; Chemicals Ltd has now informed BSE that the Company have been informed by CFCL Tech on January 28, 2016 that its subsidiaries have entered into following agreements for sale of entities / business:&lt;BR&gt;&lt;BR&gt;1. ISGN Corporation, USA has entered into a stock purchase agreement (Stock Purchase Agreement) dated January 28, 2016 to sell and transfer its entire shareholding in its wholly owned subsidiary - ISGN Solutions Inc., USA to Firstsource Group USA, Inc.; and&lt;BR&gt;&lt;BR&gt;2. ISG Novasoft Technologies Limited has entered into a slump sale agreement (Slump Sale Agreement) dated January 28, 2016 to sell and dispose-off part of its business / undertaking i.e. Business Process Outsourcing business to Firstsource Process Management Services Limited, India as a going concern on slump sale basis.
View all announcements for CHAMBAL FERTILISERS & CHEMICALS LTD. Source: BSE India