Saraswati Commercial (India) Ltd Company Summary

Saraswati Commercial (India) Ltd Summary

Saraswati Commercial (India) Limited is a Non Banking Financial Company registered with Reserve Bank of India. The Company was incorporated in the year January 24, 1983 and is mainly engaged in the business of investment and trading in shares and securities & lending activities. All the prudential norms for asset classification, income recognition, provisioning etc., are applicable to NBFCs in India.During the year 2015, Mahotsav Trading and Finance Private Ltd ceased to be the associates of company.Pursuant to Scheme of Amalgamation of Aroni Commercials Limited (the transferor company) and Saraswati Commercial (India) Limited (the transferee company), vide Order passed by the Honble National Company Law Tribunal, Mumbai bench on 16th March, 2017, Sareshwar Trading and Finance Pvt. Ltd. and Arkaya Commercial Pvt Ltd emerged as subsidiary companies as on the effective date 31st March, 2017 according to provisions of Section 2 (87) of Companies Act, 2013, the rules made thereunder and any other applicable provisions of Companies Act, 2013.The Honble National Company Law Tribunal, Mumbai bench has disposed petition and given the company Order in favour for amalgamation of Aroni Commercials Ltd (the transferor company) with Saraswati Commercial (India) Ltd (the transferee company) vide its order dated 16th March, 2017. The Company filed Form INC 28 with the Registrar of Companies and its Effective Date is 31st March 2017. The Company received approval letter of Part II (A) (2) of SEBI Circular dated 30th November 2015 dated 8th May 2017 and fixed the Record date on 22nd May, 2017 to issue shares of Saraswati Commercial (India) Ltd to Shareholders of Aroni Commercials Ltd. At the Board Meeting held on 29th May 2017 the Company allotted 390593 equity shares pursuant to Scheme of Amalgamation to Shareholders of Aroni Commercials Ltd, which has been shown as shares pending allotment in Balance sheet for the year ended 31st March 2017. The shares were issued in prescribed ratio i.e. 1:9 shares to shareholders of Aroni Commercials Ltd. The Company also received listing and trading approval of Shares with regards to said allotment.The Board of Directors of Company had announced Buyback up to 60,000 fully paid-up equity shares of the company of face value Rs. 10/- representing up to 5.82% of total number of equity shares of the company at its meeting held on 7th December, 2017 at a price of Rs. 978/- per equity share for an aggregate maximum amount of up to Rs. 5,86,80,000/- excluding transaction costs such as brokerage, securities transaction tax, goods and service tax, stamp duty, etc. Out of which 29,665 Equity Shares was bought back at a price of Rs. 978/- per Equity Share, amounting to Rs. 2,90,12,370/- excluding Transaction Cost. All the equity shareholders holding shares as on record date i.e. Friday, 22nd December, 2017, were allowed to tender their shares using stock exchange mechanism in the scheme of buyback. The Company received approval for buyback of Equity Shares from SEBI on 2nd January, 2018 and completed the process of on 9th February, 2018. Post buyback the share capital of the Company reduced to Rs. 1,00,09,280/- Equity Shares from Rs. 1,03,05,930/-.