Kaashyap Technologies - Outcome of Board Meeting

kaashyap Technologies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 06, 2008, has decided the following:
The Board was apprised of the products of Fidelity Financials Ltd., Mauritius, holder ofIntellectual Property Rights in ERP Software Solutions for Hotels, Resorts, Textiles, Trading and Package Tourism Industries.
The Board after detailed discussions on the marketability of the products and also possible penetration into the ERP Software Solutions market, decided to acquire the IPR of the product.
The Valuation Report of the products of Fidelity Financials Ltd., Mauritius, submitted by the Fidelity was placed before the Board. The Board was apprised that the valuation of theIPR of the product has been done at USD 9.5 Million.
The Board further appointed Deloitte Haskins & Sells to carry out a valuation of the IPR products of Fidelity Financials Ltd., Mauritius and arrive at a final consideration price.
The Board further constituted a Management Committee consisting of Mr. A Sivakumaran, Director, Mr. R Dakshinamurthy, Director and Ms. V Vasumathy, Company Secretary to obtain a Valuation Report from Deloitte Haskins & Sells and authorized the committee to decide on the consideration for acquisition of IPR of the Company and to decide on the mode of consideration which may be either through issue of Global Depository Receipts (GDRs) on a back to back basis / cash / equity Shares.