Polaris Financial Technology Ltd has informed BSE that the Honourable High Court of Madras, in its hearing on September 15, 2014, has sanctioned the Scheme of Arrangement ('Demerger') between Polaris Financial Technology Limited and Intellect Design Arena Limited and their respective shareholders and creditors for the demerger of Products Business Undertaking of the Company into a separate entity, Intellect Design Arena Limited. The Company have received the High Court Order on September 24, 2014. SUB. :- Scheme of Arrangement of Polaris Financial Technology Ltd. (Scrip Code 532254) Trading Members of the Exchange are hereby informed that, Polaris Financial Technology Ltd. has fixed the Record Date for the purpose of determining entitlement to the shareholders of the Company pursuant to the Scheme of Arrangement (Demerger) of the Company approved by the Hon'ble High Court of Madras: COMPANY NAME CODE Polaris Financial Technology Ltd. (532254 & 632254) RECORD DATE 10/10/2014 PURPOSE Scheme of Arrangement: - Upon the Scheme coming into effect and in consideration of the demerger and transfer of the Products Business Undertaking of Polaris Financial Technology Ltd, Intellect Design Arena Ltd. shall issue and allot equity shares to all equity shareholders of Polaris Financial Technology Ltd in the following ratio: '1 (ONE) equity shares of Rs.5/- each in Intellect Design Arena Ltd for every 1 (ONE) equity share of Rs.5/- each held in Polaris Financial Technology Ltd'. EX-ENTITLEMENT FROM DATE & SETT. NO. 09/10/2014 DR-130/2014- 2015 Note: Pursuant to SEBI Circular No. SEBI/Cir/ISD/1/2010 dated September 2, 2010, Trading members are hereby informed that the trading in the equity shares of the aforesaid company shall be transferred from B' group to T' group w.e.f October 9, 2014 and pursuant to SEBI Circular No. CIR/MRD/DP/01/2012 dated January 20, 2012; the aforesaid scrip shall be a part of Call Auction in Pre-open Session on October 9, 2014. Subject to compliance with requisite formalities the resulting company i.e. Intellect Design Arena Ltd will be listed on BSE Limited. (As Per BSE Notice Dated on 30.09.2014) Intellect Design Arena Ltd has informed BSE that : 'Pursuant to Clause 17 under Part E of the Scheme of Arrangement-cum-Demerger approved by Honourable High Court of Judicature of Madras vide its order dt. September 15, 2014, the Company is required to determine the Second Record Date within a period of 15 business days from the completion of the listing and notify the Stock Exchange for determining the eligible members to whom Election Notice would be sent, to receive Non-Convertible Debentures in the Company. The Company's equity shares were listed in NSE and BSE on December 18, 2014. The Board of Directors in its meeting held today, January 07, 2015 has fixed the Second Record date as January 19, 2015 for ascertaining the eligible members to whom the Election Notice is to be sent for providing them an option to opt for Non-Convertible Debentures in the place of the equity shares held by them'. (As Per BSE Announcement dated on 07/01/2015)