Polaris board to consider merger of subsidiary

By Our Special Correspondent

CHENNAI, OCT. 15. Polaris Software Lab has convened a board meeting on October 18 to consider, among other things, the merger of its subsidiary Tiptop Holdings, with it.

The entire share capital of Tiptop Holdings, comprising 8.55 lakh shares of Rs. 10 each, it may be recalled, was acquired by Polaris Software and its nominees in December 1999 from its erstwhile shareholders.

A company official cited `operational convenience' as the principal reason for the merger of Tiptop Holdings with Polaris Software. Tiptop has properties in Gurgaon. In fact, Polaris has indicated in its annual report for 2000-01 that it proposes to use these for ``development of infrastructure".

The official said the Tiptop properties would now be used for setting up one more software development operation facility near New Delhi. Polaris has already a development centre at Noida.

A merger of Tiptop would make that much easier for Polaris to execute its development plans in its own name, it is explained.

Send this article to Friends by E-Mail

Section  : Business
Previous : Dabhol and the do nothing Government