Mphasis Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 24, 2009, has approved the proposal of merger of Mphasis FinSolutions Pvt. Ltd. (formerly AIG System Solutions Pvt. Ltd.) wholly owned subsidiary, with Mphasis Ltd. The proposal is subject to necessary approvals. Mphasis Ltd has informed BSE that the Hon'ble High Courts of Karnataka and Madras vide their Order dated July 05, 2010 and September 17, 2010, respectively, have sanctioned the Scheme of Amalgamation of MphasiS FinSolutions Pvt. Ltd. with MphasiS Ltd. effective November 01, 2009. Further to the above, MphasiS FinSolutions Pvt. Ltd., is no longer in existence as a separate legal entity as the same has been merged with MphasiS Ltd., having its registered office at Bagmane Technology Park, Byrasandra, C.V.Raman Nagar, Bangalore 560 093. The Company has noted that, MphasiS Ltd. would be fulfilling all service and delivery requirements as contractually agreed to by MphasiS FinSolutions Pvt. Ltd. (As Per BSE Announcement Website dated on 20.10.2010)