PTL Enterprises Ltd Company Summary

PTL Enterprises Ltd Summary

PTL Enterprises Limited, formerly known as Premier Tyres Limited was incorporated in year 1959, which subsequently changed the name of the Company to PTL Enterprises Limited effective on May 20, 2005. The tyres manufacturing facility of PTL at Kalamassery, Kerala, is leased out to ApolloTyres Limited on long term basis. All production is done by Apollo Tyres Limited.The Company was declared a sick unit by the Board for Industrial and Financial Reconstruction (BIFR) and under a rehabilitation scheme prescribed by the Board, PTL was taken over by Apollo Tyres in 1995. This involved Apollo subscribing to Premiers additional equity of Rs 10 cr at par. The authorised capital of the company has increased from Rs 4 cr to Rs 14 cr and its registered office shifted from Mumbai to Cochin. According to the BIFR order, Apollo will operate Premiers plant on an irrevocable lease of 8 years and pay a total lease rental amounting to Rs 45.50 cr to Premier Tyres. Apollo will lift the entire production of Premier and sell the same under the Apollo brand name.The Companys first super specialty hospital project in Gurgaon, by the name of Artemis Health Institute (AHI) was started in July 2007. A new 47 bedded Hospital unit in the name and style of Artemis Hospital at Dwarka, New Delhi commenced operations in September 2012. During 2012-13, PTL Projects Ltd., a wholly owned subsidiary of the Company, acquired 100% shareholding in Athena Eduspark Ltd. for expanding its activities into medical, management, professional and technical education etc.During 2015-16, name of the Subsidiary Company- PTL Projects Limited changed to Artemis Global Life Sciences Limited consequent to change in Object Clause from Projects Management to Medical & Healthcare Business. The Directors approved sale of 30, 25,000 Equity Shares held in Artemis Medicare Services Limited (AMSL) to Artemis Health Sciences Limited (AHSL) and consequently, AMSL became 100% subsidiary of AHSL w.e.f. 31 December, 2015. The Company increased investments in its wholly owned subsidiary company, Artemis Health Sciences Limited (AHSL), by subscribing 79.90 lacs shares of Rs.10/- each at a premium of Rs. 45 and accordingly, Companys holding in AHSL would remain 100%.The Board of Directors have approved to demerge the whole of Medicare and Healthcare Undertaking of PTL Enterprises Limited into its wholly owned subsidiary Artemis Global Life Sciences Limited- AGLSL (Formerly- PTL Projects Limited, name changed w.e.f 29th December, 2015) on a going concern basis. The Scheme of Demerger/Arrangement sanctioned by the Kerala High Court and National Company Law Tribunal, New Delhi between the Company and its wholly owned subsidiary, Artemis Global Life Sciences Ltd (AGLSL) (formerly known as PTL Projects Limited) and their respective shareholders and the creditors of the two companies for demerger of the Medicare and Healthcare Services Business undertaking of the Company into Artemis Global Life Sciences Ltd was operative on 01st April 2016, and resulting to this, the Scheme became effective from March 8, 2017 through the Demerger Scheme. All the assets and liabilities of the Medicare and Healthcare Services Business undertaking got transferred as a going concern. Therefore, the Company ceased to be Holding Company of Artemis Health Sciences Ltd, Artemis Medicare Services Ltd, Artemis Global Life Sciences Ltd (Formerly PTL Projects Ltd) and Athena Eduspark Ltd. w.e.f April 1, 2016.