OrbiTech to be merged with Polaris

MUMBAI:Mumbai High Court has approved the petition for the scheme of amalgamation between Polaris Software Lab and OrbiTech Solutions on March 27, 2003. Madras High Court had already okayed the scheme (subject to the approval of Mumbai High Court) in its order dated February 26, 2003.

The merger will be effective only after the court orders are filed with the Registrar of Companies. After the approvals are granted, and other procedures including filing of the order with the Registrar of Companies, are completed, OrbiTech Solutions will be merged with Polaris Software Lab.

The merger will be effective from November 1, 2002, the appointed date. At the Bombay Stock Exchange on Friday, March 28, the shares of Polaris ended at Rs 129.20, down 1.6 per cent from its previous close of Rs 131.30.

Source: IRIS