|We started our business as a Partnership Firm, formed under the name and
style of M/s Indo Tech Electric Company under an original Partnership Deed
dated September 20, 1975. The said deed was modified by the Partnership
Deed dated April 1, 1979, December 1, 1984, January 16, 1987, April 4,
1990, and April 23, 1992
Further, on July 15, 1994 the parties by a deed of transfer / conversion have
transferred all the assets and liabilities available as on July 15, 1994 described
under the Schedule - I therein in favor of M/s Indo Tech Transformers Limited
though our Company, Indo Tech Transformers Limited was incorporated on
January 16, 1992 under Registration No. 18-22011 of 1991-92.
Our Company had entered into a Sponsorship Agreement dated April 18, 1995
with Twenty first Century Management Services Limited (herein after referred to
as the '21st Century'), appointing 21st Century as sponsor and market maker for
the securities of the Company on the Over the Counter Exchange of India. Under
the said agreement 21st Century had agreed to sponsor 11,29,000 equity shares
of face value of Rs 10 each at a premium of Rs 45 per share. The Promoters
under the said agreement had agreed and undertaken to buy back the said shares
at a price calculated on the basis of price paid by the 21st Century for the shares
together with a return of 22% per annum compounded quarterly less dividends
paid if any.
Due to financial restraints, 21st Century could only sponsor for 590,900 equity shares
of the Company and therefore to fulfill its obligation under the Sponsorship Agreement,
21st Century had brought in the Co-investors to subscribe for the balance shares by
way of separate Subscription Agreements. The Company, the Promoters of the
Company, 21st Century and the co-investor were parties to these agreements.
Accordingly Subscription Agreements dated 15th December 1995 with Lloyds Finance
Limited and 6th November 1995 with Savani Financials Limited were entered for
200,000 Equity Shares and 30,000 Equity Shares respectively. Similarly, the Company
also issued 100,000 shares to K&Co. a partnership firm and 25,000 equity shares to
Anusha Investments Limited.
On March 25, 2005, Our Promoter, Mr P E Subramaniam and 21st Century had
purchased 200,000 Equity shares from Lloyds finance Limited and 55,000 equity
shares ( 30,000 equity shares from Savani Financial Limited and 25000 shares from
Anusha Investments Limited) respectively.
The said Sponsorship Agreement was terminated by a Termination Agreement dated
October 15, 2005 entered into between Our Company and the 21st Century.
Vide an order dated September 30, 2005 the High Court of Madras sanctioned the
scheme of merger of Indo Tech Electric Company Limited with our Company with
effect from April 1, 2003. One of our Directors i.e. Mr. P.S. Shekhar was also a Director
in this company.