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Aptech defers software demerger plan

Computer education and software services company Aptech Ltd on Tuesday said its board deferred a decision on merging its software business with an unlisted firm controlled by its chairman Atul Nishar.

The company said in a statement released late evening that it had decided against taking a decision on the merger with Hexaware Technologies because of concerns raised by "various constituents of the company" including several investors. It said Managing Director Ganesh Natarajan resigned from his post on Tuesday, but gave no details.

The firm said it had formed a committee of directors to suggest a way to restructure its business and a report would be submitted in 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 said on February 21 it will consider 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 compliances and legal aspects of the restructuring.

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