Subsequent Events

12 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

24 SUBSEQUENT EVENTS

On April 1, 2019, MSSIPL entered into the Business Transfer Agreement (the “Transfer Agreement”) with Majesco Limited, Majesco’s controlling shareholder. Pursuant to the Transfer Agreement, MSSIPL purchased on May 15, 2019 all of Majesco Limited’s insurance software business in India in a slump sale transaction, which included, among other things, Majesco Limited’s customer contracts and certain employees servicing this business, for a total value of approximately 243,745,000 Indian Rupees (approximately US$3.5 million). The transaction did not include real estate properties of Majesco Limited used in the business which will continue to be rented by MSSIPL from Majesco Limited.

On April 19, 2019 the Company filed a Form S-3 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”) registering the resale of the Company’s common stock held by one of its stockholders, Mastek (UK) Limited (the “Selling Stockholder”). The Registration Statement, was declared effective by the SEC on April 25, 2019. The Company will not receive any proceeds from any future resale of its common stock by the Selling Stockholder.