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MPS Ltd formerly called as Macmillan Publishers India expects to merge its subsidiary Pan Macmillan Book India with itself. The stock market-listed company would be calling in for shareholders meeting shortly.
The publishing company reported a net loss of Rs 8.5 crore for financial year ending December 31, 2010, compared with a net profit of Rs 7.3 crore for the previous year. The company's book value has plummeted to Rs 64 from Rs 106 in the last five years.
The printing and stationery company saw its revenue's fall to Rs 128 crore in December 31, 2010, against Rs 140 crore the previous year. The publishing business includes printing, publishing, selling of book and online learning. The information processing business includes all information technology-enabled products, such as typesetting and digitised data capture. The e-business includes Web site development and business process outsourcing activities.
Merger of unlisted companies
In another development, the MPS plans to merge MPS Content Service India and MPS Technologies. The company has informed the stock exchange that legal proceedings were initiated in the High Court at Madras, pursuant to the applicable provisions of the Companies Act, 1956, towards seeking its sanction to the scheme.
The Court granted the company dispensation from holding shareholders meetings in view of the fact that the amalgamation contemplated was of two wholly owned subsidiaries and one indirect wholly owned subsidiary. It directed the companies MPS Content Service India Pvt Ltd and MPS Technologies Ltd (petitioner companies) to file the company petitions.
These two companies are unlisted and therefore, exempt from holding a shareholder meeting. The company petitions were filed and admitted by the Court. Directions have been given to the official liquidator to appoint an auditor to scrutinise the books of accounts of the petitioner companies.
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