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Kaashyap Technologies Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 16, 2008, inter alia, has discussed the following.

The Board discussed about the business development opportunity if the Company enters into the foray of health care. The management presented a feasibility report on taking stake in Space Hospitals Ltd., engaged in the business of Tele Medicine, Pharmaceutical, Running of Hospitals and Poly Clinics etc. The Board elaborately discussed and was in favour of investing in Space Hospitals Ltd., Chennai, through taking stake in the Company. The Management apprised the Board that the valuation of Space Hospitals Ltd. has been arrived at Rs 17.5 crores by the auditors engaged for valuation. The Board approved the proposal to take substantial stake (51% to 100%) in Space Hospitals Ltd. partly by cash and partly by shares.

The Board also authorised Mr. R Dakshinamurthy, Director and Mr. Sanjay Bhardwaj, CEO to negotiate with Space Hospitals Ltd, about the proportion of cash and shares to be taken stake in Space Hospitals Ltd and complete the process. The Board recommended and advised the management to start the business in telemedicine upon completion of the acquisition process.

Tags: Kaashyap Technologies

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