|The Company was established as a Private Limited Company on 01-07-1939. The Main objects at that time were to carry on the business of Furniture making, Laundering, Processing etc. The Company was converted into a Public limited Company on 20-11-1970 and a public issue of shares was made in December 1970. The Company was mainly engaged in the business of laundering and processing of clothes/linen with its plant at Kanjurmarg in Bombay and at Band Box House at Prabhadevi in Bombay. It also had various retail outlets under the Brand Name 'BAND BOX' to cater to individual customers which were subsequently sold of in 1986-87. The
processing and laundering divisions were sold off by February 1990. The Company had also sold its part of the premises at Band Box House.
The Company had to close down its processing activities mainly because of labour problems. The laundering activity which was carried on both at Industrial as well as retail level had also to be divested for three reasons, viz. (a) Severe competition from unorganised sector at retail
level; (b) Creation of in-house laundering facilities by major hotels and flight kitchens and (c) High wage costs which could not be passed on to customers.
The Company is presently involved in fund based activities, like investments, Inter Corporate Deposits, Bills Discounting, Leasing, Loans syndication etc.
The Company has Joint Retail Venture Arrangements with Bata (I) Ltd. and Intercraft through its outlets in Bombay. The Company also owns Business Centre's in Bombay which it gives out to clientele on lease basis. The Company's income also comprises of Interest/Dividend received on
investments, profit on sale on investments and/or assets. The Company is also a member of the National Stock Exchange through its wholly owned subsidiary MODERN SHARES & STOCK BROKERS LIMITED.
- Modern Shares & Stockbrokers Ltd has appointed Mrs. Roshan Advani Patheria (daughter of Mr. H K Advani Chairman & Dominant Promoter of the Company) as non-executive Additional Director of the company u/s 260 of the Companies Act, 1956.