Colorchips New Media Ltd Company Summary

Colorchips New Media Ltd Summary

Colorchips New Media Ltd. was incorporated in May 10, 1985. The company is engaged in production of films, domestic productions in the space of theatrical, web, TV and launching channels on new technologies. The Company made an application to the BSE Ltd. for listing of its 8,10,49,500 equity shares of Re. 1/- each on the exchange platform. Subsequently, the Company received the listing and trading approval from BSE Ltd. vide their letter DCS/DL/AP/TP/259/2016-17 dated July 26, 2016. The trading of the securities of the Company commenced on the BSE Limited w.e.f. August 2, 2016.Pursuant to approval of the shareholders in their meeting held on November 30, 2016, the Company allotted 40,00,000 equity share warrants of Re. 1/- each at a premium of Rs. 62.32/- on December 08, 2016 on preferential basis. Subsequently, these equity share warrants were converted into 40,00,000 equity shares of Re. 1/- each in multiple tranches.During the year under review, the Company allotted 8,50,49,500 fully paid up bonus equity shares of face value Re. 1/- each in the proportion of 1:1 to the equity shareholders of the Company on March 15, 2017.During the year under review 2017, the Company has incorporated a Wholly Owned Subsidiary in the name and style MIENT Hospitality LLC, Utah, USA on December 19, 2016. The LLC is formed with the object of carrying the business of acquiring & running hotels and related businesses in line with the diversification plans of the parent company. The Board in its meeting held on August 28, 2018 approved the change of name of the Company to Colorchips New Media Limited subject to the approval of shareholders, BSE Ltd and the Registrar of Companies, Hyderabad. The Central Registration Centre (CRC), Delhi has approved the said name vide their letter dated July 26, 2018.The Board approved consolidation of equity shares from Re .1/- to Rs.10/- in its Board Meeting held on August 28, 2018 subject to the approval of the shareholders and BSE Ltd.During the year 2018, the Company acquired the entire business of Vega Music Private Limited to give a boost to its existing business operations on the digital media front. The acquisition includes about 300 audio titles over ten digital channels, which include popular channels such as Vega Music, Devotional, Vega Kannada songs, Vega Tamil etc.During the year under review 2018, the Companys Wholly Owned Subsidiary MIENT Hospitality LLC, acquired 100% stake in Kirksville Hospitality, INC in USA by virtue of which Kirksville Hospitality, Inc becomes step down subsidiary of the Company. The contribution of the said subsidiary has been accordingly taken for the purpose of consolidation. Subsequently, due to non-fulfillment of certain clauses by seller under acquisition agreement Kirksville Hospitality, INC USA ceased to be a wholly owned subsidiary company of the Companys wholly owned subsidiary MIENT Hospitality LLC, USA w.e.f February 12, 2018.During the year under review, the Companys Wholly Owned Subsidiary also acquired 20% stake in J&K Hotels, LLC an Indiana Limited Company in USA. Subsequently, due to non-fulfillment of certain clauses by seller under acquisition agreement J&K Hotels, LLC USA ceased to be associate Company of the Companys wholly owned subsidiary MIENT Hospitality LLC, USA w.e.f July 13, 2018. Hence, Kirksville Hospitality, INC USA ceased to be a Subsidiary Company of the Companys wholly owned subsidiary MIENT Hospitality LLC, USA during the financial year 2017-2018 and J&K Hotels, LLC an Indiana Limited Company in USA also ceased to be associate Company of the Companys wholly owned subsidiary MIENT Hospitality LLC, USA .During the Financial Year 2018-19, MIENT Hospitality LLC, USA, ceased to be the subsidiary of the Company as it was dissolved as on 20th March 2019.