Aptech MD calls it quits

MUMBAI: Indian computer education and software services company Aptech Ltd.

on Tuesday said that its managing director Ganesh Natarajan had resigned. This

apart, the board also announced its decision to defer the merging of its

software business with an unlisted firm Hexaware Technologies, controlled by its

chairman Atul Nishar. The firm, however, did not cite any reasons for Natarajan

quitting his post.

In a statement released late evening, the company said it had decided against

the merger decision with Hexaware Technologies because of some concerns raised

by 'various constituents of the company' including its investors. This apart,

the firm said it had formed a committee of directors to suggest means to

restructure its business and a report of which would be submitted in the next

four weeks.

Aptech's shares closed down 13.2 per cent at Rs 206.05 on Tuesday, while the

benchmark Bombay index dropped 1.05 per cent. The shares have lost 34 per cent

since the company announced on February 21 that was considering a proposal to

merge its software business with Hexaware.

The company said the committee would consider merger of Hexaware with Aptech

and operating the two business of software and training as independent business

units, or merging Hexaware and Aptech so as to form two independent listed

companies for training and software or any other option.

Aptech also said it had appointed chartered accountants Deloitte Haskins

& Sells to advise its board on the legal aspects of the restructuring.

(C) Reuters Limited 2001.