Quintegra Solutions Ltd. Proposes Capital Reduction of Rs. 24,13,24,470 to Revive Operations
Quintegra Solutions Ltd., a consulting company specializing in custom software development, application management, and technology consulting, has proposed a capital reduction of Rs. 24,13,24,470. The company, which was incorporated in 1994, made significant acquisitions between 2007 and 2008, including Jadelite Tech, Singapore, Valley US Inc., and PA Corporation in the USA. However, the global financial crisis in 2008 adversely affected the company's business, leading to bad debts and business losses. The company settled its dues with SBI in 2015 and is now looking to revive its operations with new funds. The capital reduction is intended to clean up the company's books and reduce the huge losses, making it more attractive to new investors.
Key Highlights
- Quintegra Solutions Ltd. proposes a capital reduction of Rs. 24,13,24,470 to revive operations.
- The company made significant acquisitions between 2007 and 2008 but was adversely affected by the global financial crisis.
- The company settled its dues with SBI in 2015 and is now looking to attract new investors.
- The capital reduction aims to clean up the company's books and reduce huge losses.
- The proposal is subject to the approval of shareholders and the National Company Law Tribunal.