Intellect Design Arena Limited UK, a wholly-owned subsidiary of Intellect Design Arena Limited, has approved a Memorandum of Understanding (MOU) to establish a joint venture with UK-based ITIXA Limited in GIFT City, IFSC, Gujarat.
The purpose of the JV entity is to provide Al-enabled software together with bookkeeping, accounting, payroll, HR, and other related business support services to businesses in the United Kingdom, as well as to accounting firms, regulators, and other accounting software providers and their customers. The JV entity may also expand its services and geographic reach, subject to the mutual agreement of the parties.
Intellect Design Arena Limited, UK and ITIXA limited to hold 50.1% and 49.9% shareholding respectively, in the proposed JV entity with equal participation in the Board of Directors. The location of incorporation of the entity shall be in GIFT City, Gujarat.
| Particulars | Details |
|---|---|
| Name(S) of Parties with whom the agreement is entered. | The Board of Directors of Intellect Design Arena Limited, UK (a wholly owned subsidiary of the Company) have approved a MOU to be entered into with UK based ITIXA Limited (a group Company of System Holdings Limited) |
| Purpose of entering into the agreement. | The purpose of the JV entity is to provide Al-enabled software together with bookkeeping, accounting, payroll, HR, and other related business support services to businesses in the United Kingdom, as well as to accounting firms, regulators, and other accounting software providers and their customers. The JV entity may also expand its services and geographic reach, subject to the mutual agreement of theparties. |
| Shareholding, if any, in entity with whom agreement is executed. | Nil |
| Significant terms of the agreement (in brief) special rights like right to appoint directors, first right to share subscription in case of issuance of shares. right to restrict any change in capital structure etc. | Intellect Design Arena Limited, UK and ITIXA limited to hold 50.1% and 49.9% shareholding respectively, in the proposed JV entity with equal participation in the Board of Directors. The location of incorporation of the entity shall be in GIFT City, Gujarat. |
| Whether the said parties are related to promoter / promoter group / group companies in any manner. if yes, nature of relationship. | No |
| Whether the transaction would fall within related party transactions? if yes, whether the same is done at "arm's length" | No |
| In case of issuance of shares to the parties, details of issue price, class of shares issued. | N.Α. |
The location of incorporation of the entity shall be in GIFT City, Gujarat.
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