The Karnataka High Court has directed India's leading IT services exporter Wipro Ltd. to hold a meeting of the company's shareholders on December 28, 2012 to consider and seek approval for the demerger of its non-IT business into a separate company.
In the shareholders meeting, which is a statutory requirement, Wipro would look for approval of its shareholders with or without modification for the scheme of arrangement between Wipro Ltd (Demerged Company), Azim Premji Custodial Services Private Limited (Resulting Company) and Wipro Trademarks Holding Limited (Trademark Company), the company said in its filing to the Bombay Stock Exchange.
In November, the company had made an announcement to demerge its non-IT businesses into a separate entity. The new entity viz. Wipro Enterprises Limited will remain an unlisted company, and the shareholders have been provided with a choice to either stay with the listed company or with the unlisted one.