403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Progressive Infotech Announces Demerger Of Its Infrastructure Management Services Into Progressive Techserve
(MENAFN- EIN Presswire) EINPresswire/ -- Progressive Infotech Pvt. Ltd. today announced the successful demerger of its Infrastructure Management Services (IMS) Business Unit into a newly formed entity Progressive Techserve Pvt. Ltd. The restructuring was undertaken as part of a strategic initiative to create sharper business focus and strengthen growth opportunities.
The demerger was approved by the Hon'ble National Company Law Tribunal (NCLT), New Delhi, via order dated 20 December 2024, under the Scheme of Arrangement & Demerger pursuant to Sections 230 to 232 of the Companies Act, 2013. As per the order, the Scheme is effective retrospectively from 1 April 2024.
Effective 1 February 2025, the IT Infrastructure Management Services business will formally operate under Progressive Techserve Pvt. Ltd., and all invoices, contracts, assets, licenses, approvals, and liabilities related to this business will stand transferred to the new entity. All rights and obligations under existing client and partner contracts will continue seamlessly under Progressive Techserve Pvt. Ltd.
The restructuring aims to deliver greater specialization, operational agility, and deeper synergies - enabling enhanced value creation for clients, employees, partners, and the current shareholders and investors, while supporting long-term strategic growth.
Commenting on the development, Prateek Garg, Founder & MD, said:
“Progressive Techserve now enables us to accelerate AI and automation led transformation across cybersecurity, digital workplace services, and digital infrastructure strengthening the way enterprises run their IT operations allowing us pursue growth through strategic partners”
The demerger was approved by the Hon'ble National Company Law Tribunal (NCLT), New Delhi, via order dated 20 December 2024, under the Scheme of Arrangement & Demerger pursuant to Sections 230 to 232 of the Companies Act, 2013. As per the order, the Scheme is effective retrospectively from 1 April 2024.
Effective 1 February 2025, the IT Infrastructure Management Services business will formally operate under Progressive Techserve Pvt. Ltd., and all invoices, contracts, assets, licenses, approvals, and liabilities related to this business will stand transferred to the new entity. All rights and obligations under existing client and partner contracts will continue seamlessly under Progressive Techserve Pvt. Ltd.
The restructuring aims to deliver greater specialization, operational agility, and deeper synergies - enabling enhanced value creation for clients, employees, partners, and the current shareholders and investors, while supporting long-term strategic growth.
Commenting on the development, Prateek Garg, Founder & MD, said:
“Progressive Techserve now enables us to accelerate AI and automation led transformation across cybersecurity, digital workplace services, and digital infrastructure strengthening the way enterprises run their IT operations allowing us pursue growth through strategic partners”
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment