Ravinder Heights Ltd Company Summary

Ravinder Heights Ltd Summary

Ravinder Heights Limited (RvHL) was incorporated on 15th April 2019 as a wholly owned subsidiary of Panacea Biotec Limited for the purpose of vesting of the demerged Real Estate Business undertaking of Panacea Biotec Limited into the Company, as a going concern. The Company undertakes the business of acquisition, construction, development of townships built-up infrastructure, housing, commercial premises, hotels, resorts, hospital, educational institution, recreational facilities, city and regional level infrastructure. The Board of Directors of Company in its meeting held on 30th May 2019 had approved a Scheme of Arrangement. As per the Scheme of Arrangement between Panacea Biotec Limited (the Demerged Company) and Ravinder Heights Limited (the Resulting Company) and their respective shareholders under Sections 230 to 232 of the Companies Act, 2013 and all other applicable provisions of the Companies Act, 2013, the Real Estate Business Undertaking of the Demerged Company was demerged into the Company. The Scheme was approved by Honble National Company Law Tribunal, Chandigarh Bench on 09th September 2020. The Company has filed the said NCLT Order with the Registrar of Companies, Chandigarh making the Scheme operative from 10th September 2020. Accordingly, all the assets and liabilities pertaining to the Real Estate Business Undertaking, including employees and investment in subsidiaries pertaining to the said Real Estate Business, stand transferred and vested into the Resulting Company from its Appointed Date i.e., 1st April 2019. All the Shareholders of Demerged Company are allotted one Fully Paid-Up Equity Share of Re. 1/- each in the Company, for every one fully paid-up equity share of Re. 1/- each held by them in the Demerged Company. Simultaneously, the shares held by Demerged Company in the resulting company were cancelled and the Company has ceased to be a subsidiary of the Demerged Company. On June 26, 2020 and August 29, 2020, the Board of Directors have approved a Composite scheme of arrangement for demerger of its Leasing business comprising one real estate properties from wholly owned subsidiary Radhika Heights Limited (RHL) (Demerged Undertaking) to wholly-owned subsidiary of Panacea Biotech Limited (Transferee Company) and amalgamation of a wholly owned subsidiary of RHL i.e., Cabana Structures Limited (Transferor Company) into RHL. Upon implementation of the Demerger Scheme and completion of related compliances, the Transferee Company (Meyten Realtech India Private Limited) shall issue one equity share of Re. 1/- each for each equity share held by the equity shareholders of the RHL as on the Record date fixed on that behalf.During the year 2020-21, Radhika Heights Limited (Vendor) executed Agreement to sell on dated 31st March 2021 with M/s LA Cassa Construciton, LLP (Vendee) for sale of its business property in Block C, measuring 325 square yard, situated at Defence Colony, New Delhi. The total consideration sum of Rs. 6 crore has been mutually agreed by both the parties for sale of said property. Out of the total consideration of Rs. 600 lakh, the Vendor has received advance money of Rs. 20 lakhs as a part of sale consideration from Vendee during the financial year 2021-22.