HOV Services decides to sell 100% shareholding of its subsidary company HOV AR Management Services Pvt Ltd to Lason

HOV Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 08, 2008 had decided to sell 100% shareholding of its subsidiary company HOV AR Management Services Pvt. Ltd (HOV AR) to Lason India Pvt. Ltd (Lason), another subsidiary of the Company at book value and the sale consideration will come to the Company in cash immediately after the transaction. After the sale there will be change in ownership of HOV AR from the Company to Lason but on consolidated basis there will be no change.