TAAL Enterprises Ltd Company Summary

TAAL Enterprises Ltd Summary

TAAL Enterprises Limited (TEL) was incorporated in July, 2014, which was the erstwhile wholly owned subsidiary of Taneja Aerospace and Aviation Limited (TAAL). The Company is holding Non Scheduled Operators Permit (NSOP) and is providing Aircraft Charter Service The Company presently operates one Cessna Citation CJ2+ type of aircraft with a seating capacity of seven passengers. The aircraft is based at Pune airport and the Company has a loyal set of Charter customers centered around Maharashtra. The aircraft is maintained at the MRO facility of TAAL at Hosur in Tamil Nadu.In terms of the Scheme of Arrangement between Taneja Aerospace and Aviation Limited (TAAL) and the Company, TAAL demerged its Air Charter Business including investment in First Airways Inc., USA and Engineering Design Services Business conducted through TAAL Tech India Private Limited into the Company. Pursuant to the Scheme as sanctioned by the Honble High Court of Madras vide Order dated June 22, 2015, received on July 23, 2015, the Air Charter Business of TAAL including investment in First Airways Inc., USA and Engineering Design Services Business conducted through TAAL Tech India Private Limited has been demerged into the Company as a going concern and the said Scheme became effective from with effect from October 1, 2014. In terms of the Scheme 31,16,342 equity shares of Rs. 10/- each, fully paid-up, of the Company have been issued to the holders of equity shares of Taneja Aerospace & Aviation Limited, in the ratio of 1 (one) fully paid-up equity share of Rs. 10/- each of the Company for every 8 (eight) equity shares held in Taneja Aerospace & Aviation Limited i.e., 1:8.