General Announcement::Outcome of the Board Meeting held on August 10, 2021
08/10/2021 | 10:13am EDT
August 10, 2021
Market Control Securities Operations Group
Singapore Exchange Securities Trading Limited
2 Shenton Way, #19-00 SGX Centre 1
This is to inform you that the Board of Directors (the "Board") of the Company, at its Meeting held through video conference on August 10, 2021, has approved the unaudited (Standalone and Consolidated) Financial Results of the Company for the quarter ended June 30, 2021. Please find enclosed herewith a copy of the unaudited Financial Statements of the Company as per Indian Accounting Standards (INDAS) for the quarter ended June 30, 2021 along with Limited Review Report thereon as per the prescribed format pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR"). The unaudited Financial Statements of the Company along with the Limited Review Report will be made available on the Company's website www.3i-infotech.com.
The Board of Directors at its Meeting held today has also approved the following-
The Board of Directors has inter alia fixed Tuesday, August 31, 2021 as the Record Date for the purpose of determining the shareholders whose shares will be reduced and consolidated pursuant to the Scheme of Arrangement between 3i Infotech Limited ("Company") and its shareholders ("Scheme") approved by Hon'ble National Company Law Tribunal, Mumbai Bench.
Accordingly, the entire issued, subscribed and paid up equity share capital of the Company as on the Record Date shall stand reduced, by reducing the face value of the equity shares, from the present sum of INR 10 (Ten) each fully paid to equity shares of INR 1 (One) each fully paid and by, immediately thereupon, consolidating 10 (Ten) equity shares of face value of INR 1 (One) each (as reduced) into 1 (One) fully paid up equity share of INR 10 (Ten) each.
As per the recommendations of the Audit Committee, the Board has approved re-appointment of M/s. GMJ & Co. (FRN: 103429W) as the Statutory Auditors of the Company for a second term of five years, subject to the approval of the Members of the Company.
The Board has designated Mr. Harish Shenoy, as a Key Managerial Personnel ("KMP") of the
Company as defined in SEBI LODR with immediate effect. The details required under Regulation 30 of SEBI LODR read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 are enclosed herewith as Annexure.
The Board Meeting commenced at 2:10 p.m. and concluded at 5:55 p.m.
Regd Off: Tower # 5, International Infotech Park, Vashi, Navi Mumbai - 400703, India
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Emphasis of Matter
We draw attention to Note No. 9 of the Consolidated Financial Results， which relates to differences in balances 口f the subsidiary 3i Infotech 5audi Arabia LLC amounting to INR 408 Lakhs due to certain transactions not being considered for consolidation purpose， which the management is in the process of reconciliation.
Our conclusion is not modified in respect of this matter.
8We have reviewed the interim financial information of 3 subsidiaries included in the statement， whose interim financial information reflects total revenue of Rs. 1，223.71 Lakhs， total net profit after tax of Rs. 157.32 Lakhs and total comprehensive income of Rs. 124.47 Lakhs for the quarter ended June 30， 2021
We did not review the interim financ旧I information of 3 subsidiaries included in the statement， whose interim financial information reflects total revenue of Rs. 10，136.96 Lakhs， total net profit after tax of Rs. (996.50) Lakhs and total comprehensive income of Rs. (997.50) Lakhs f口r the quarter ended June 30，2021. The interim financial information of these subsidiaries has been reviewed by their respective independent auditors. The independent auditors' reports 口n financial information of these subsidiaries have been furnished to us and our conclusion in so far as it relates to the am口unts and disclosures included in respect of these subsidiaries， is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph 4 above
Certain of these subsidiaries are located outside India whose financial information have been prepared in accordance with the accounting principles generallγaccepted in their respective countries and which have been reviewed by other auditor's under generally accepted accounting standards applicable in their respective countries. The Holding Company's management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries and joint ventures located outside India is based on the reports of other auditors and the conversion adjustments prepared by the management of the Company
We did not review the interim financial information of 17 subsidiaries and 1 Joint venture included in the statement， whose interim financial information reflects total revenue of Rs. 1，006.14 Lakhs， total net profit/(Ioss) after tax of Rs. (555.88) Lakhs and total comprehensive income/(Ioss) of Rs. (598.79) Lakhs for the quarter ended June 30， 2021. These unaudited financial information have been furnished to us by the Board of Directors and 口ur conclusion on the Consolidated Financial Results， in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and a joint venture is based solely on such unaudited
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