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Powersoft Global Solutions Ltd. Company History and Annual Growth Details
Powersoft Global Solutions Limited (PGSL) was originally incorporated on 4/11/1992 as Bhandari Food Flavours Limited and the name of the Company was changed to Powersoft Global Solutions Limited (PGSL) w.e.f. 13/03/2000
Bhandari Food Flavours Limited was promoted by Mr.G.Ashok Bhandari with the object of setting up of a project for the manufacture of food products including Coconut based food products and Mineral water. To part finance the cost of the project, the company had come out with a public issue in the year 1996. Subsequently the company did not receive amount due on calls on the shares issued and thereby the project could not be fully funded and hence the same was not implemented. The shares of the company are listed on the Stock Exchanges at Bangalore, Chennai and Ahmedabad.
Subsequently the main objects of the Company were changed through a special resolution, altering the provisions of its memorandum of association with respect to its objects at an Extra-ordinary General Meeting held on 29/6/1998. The Registrar of Companies has given effect to the alteration of the objects, with the main object being inter-alia to carry out software development business.
Consequent to the changes in the object clause of the Company, the company was taken over by the present promoter Mr. Rajkumar Gulecha by acquiring shares from the original promoters. The necessary formalities relating to the SEBI (Takeover) Regulations were complied with. Mr. Rajkumar Gulecha was co-opted as director of the Company on 15/3/2000.
PGSL entered into an alliance with Nirvann Corp of USA in November 2000 and Nirvann was issued 34,077,33 equity shares of PGSL on a stock swap basis whereby PGSL was allotted 8% of the common stock in Nirvann Corp whose valuation as per independent CPA in the USA is about US Dollars 50 Million. Consequently, PGSL has become a subsidiary of Nirvann Corp & Manish Poddar, CEO of Nirvann was inducted in to the Board of PGSL.