Sunil Sharma and Anil Verma, management executives of Spice BPO Services Ltd. (SBPO), entered into a management buy-out agreement to acquire Spice BPO Services Ltd. from S i2i Limited (SGX:M09) for $1 in cash on October 10, 2012. On completion of the proposed disposal, the Sunil Sharma and Anil Verma shall pay to S i2i the consideration of $1, which shall be satisfied fully in cash. As per the terms of the disposal, S i2i Limited will write off the shareholder loan owing from Spice BPO Services to S i2i Limited. The total indebtedness under the shareholder loan is $2.06 million. As of date, no repayment of any part of the shareholder loan is paid by Spice BPO Services. S i2i Limited will write off the shareholder loan because Spice BPO Services is unlikely to discharge its debt liabilities.

Pursuant to the disposal, S i2i Limited will also obtain an undertaking from the buyers and Spice Group which will state, that S i2i Limited will waive and/or write off the shareholder loan of approximately $2.06 million, if S i2i Limited will receive the amount of $0.16 million as an upfront repayment, being the unutilized portion of the principal amount of the shareholder loan, the buyers will undertake to ensure that all other existing and/or potential liabilities relating to Spice BPO Services, such as employee matters and/or legal issues of Spice BPO Services will be handled by buyers.

Spice BPO Services Ltd. recorded net liabilities of $8.36 million as of June 30, 2012, and an unaudited loss of $3.54 million during the quarter ending June 30, 2012. Spice BPO had net liabilities of $9.11 million for the period ended September 30, 2012. The transaction is subject to approval by shareholders of from S i2i Limited and extraordinary general meeting of shareholders will be held on October 25, 2012. The Board of Directors recommends the shareholders to vote in favor of the resolution relating to the proposed disposal. As of October 25, 2012, shareholders of S i2i Limited approved the disposal. As on November 1, 2012, S i2i Limited entered into management buy-out agreement with Daisy Infotech Private Limited and has also obtained the undertaking dated September 22, 2012 from Sunil Sharma, Anil Verma and Spice Group. Boardroom Corporate & Advisory Services Pte. Ltd. acted as registrar for S i2i Limited.

Sunil Sharma and Anil Verma, management executives of Spice BPO Services Ltd. (SBPO), completed the acquisition of Spice BPO Services Ltd. from S i2i Limited (SGX:M09) on January 24, 2013.