Corporate Insolvency Resolution Process has been initiated in respect of M/s Sai Infosystem (India) Limited under the provisions of Insolvency ITT and Bankruptcy Code, 2016 (“Code”) by an order of National Company Law Tribunal (“NCLT”), Ahmedabad Bench with effect from November 30. 2017. As per section 17 of the Code, the powers of the Board of Directors afe of M/s Sai Infosystem (India) Limited stands suspended and such powers se — shall be vested with Parag Sheth who is appointed as the Insolvency irt- Resolution Professional. Parag Sheth is an Insolvency Professional (IP) and Government Registered Valuer for Immovable Properties. He is empanelled with various PSU Banks, ORT and Kolkata High Court.