|Our Company was incorporated as Sobha Developers Private Limited on August 7, 1995 by our Promoter Mr. P.N.C. Menon.
Our first residential project in Bangalore was launched in September 1997 and was completed in two years by September 1999. Thereafter, we began constructing our first contractual project, the Corporate Block for Infosys Technologies Limited, Bangalore that was completed in September 2000, which took ten months to complete. Till date we have developed and constructed 21 residential projects in Bangalore aggregating 1,552 apartments and covering approximately 2.98 million sq. ft.of super built up area; and constructed 75 contractual projects in the eight states of India, covering approximately 8.42 million sq. ft.of super built up area and two commercial projects in Bangalore aggregating 0.11 million sq. ft.of super built up area.
Our Company has been awarded the Brick and Mortar Award for the south zone in the a+d & Spectrum Foundation Architecture Awards 2005. The Project completed in Mysore for Infosys by us, was declared by the Builders Association of India, Mysore Center as the Project of the Year for the year 2005.
We have also received a memento from Infosys Technologies Limited in November 2000 in respect of our efforts in relation to the construction of the corporate maiden block. Further, on February 12, 2005 we have received further recognition again from Infosys Technologies Limited in relation to the Mysore Campus of Infosys Technologies Limited.
Sobha Space Private Limited, a company forming part of our Promoter group a company forming part of our Promoter group, has also been awarded Project of the Year for the year 2005 by the Builders Association of India Birla Super Well built Structures 2005-2006 for its Infosys Pune Project.
Change of Status and Registered Office
Our registered office was shifted from E - 106, Sunrise Chambers, 22, Ulsoor Road, Bangalore 560042, India to 43, 2nd Floor, Dickenson Road, Bangalore 560 042 with effect from December 31, 2004 by a resolution of our Board and again from 43, 2nd Floor, Dickenson Road, Bangalore 560 042 to E - 106, Sunrise Chambers, 22, Ulsoor Road, Bangalore 560 042 with effect from February 10, 2005 by a resolution of our Board.
We were initially incorporated as a private limited company on August 7, 1995. The status of our Company was subsequently changed to a public limited company by a special resolution of the members passed at an extraordinary general meeting held on May 8, 2006. The fresh certificate of incorporation consequent on change of name was granted to our Company on June 2, 2006, by the Registrar of Companies, Karnataka.
Our Company has, by means of three memoranda of sale all dated April 3, 2006 with Sobha Interiors Private Limited, Sobha Space Private Limited and Sobha Glazing and Metal Works Private Limited respectively, all of which are companies in which our Promoters hold a significant stake, purchased certain selected assets and liabilities for a consideration of Rs. 126,742,716, Rs. 56,838,405 and Rs. 132,082,024 respectively, which have been paid by our Company.
The said assets and liabilities, which are enlisted in the schedules to the said agreements, include assets in the nature of stock of raw material, work in progress, fixed assets, plant and machinery. The liabilities which have been purchased by our Company include Bank liabilities in the nature of term loans, bill discounting liabilities and cash credits and dues to employees in the nature of salaries, leave encashment and gratuity.
Further, under the terms of the above memoranda, our Company has agreed to retain and take over the services of the employees of the vendor companies as of the date of the memoranda of sale, subject to contracts of employment entered into with such employees, the human resources policy of the our Company and the provisions of labour law governing the employment of such employees. Under the agreement, our Company has undertaken not to terminate the services of such employees and to treat them as if they were appointed by our Company.
Under the agreements, the companies selling the aforementioned assets and liabilities to our Company have undertaken to not carry out their present principal business either alone or in partnership with others or use or allow their name to be used in connection with any such business. They have further undertaken to surrender all the licenses, approvals or such regulatory approvals to the concerned statutory authorities required for the purpose of carrying on their principal business so as to ensure the discontinuance of the principal line of business.
Key Events and Milestones
September, 1997 : Launch of our first residential project, Sobha Sapphire in Bangalore
September, 1997 : Launch of our first plot development Harisree Garden, in Coimbatore
July, 1998 : Our Company obtains ISO 9001 (1994 series) certification
September, 1999 : Our first residential project Sobha Sapphire in Bangalore is completed and handed over
December, 1999 : Commencement of construction of our first contractual project, the Corporate Block for Infosys Technologies Limited, Bangalore
September, 2000 :Completion and handover of the Corporate Block for Infosys Technologies Limited, Bangalore
November, 2000 : Commencement of construction of our first contractual project outside Bangalore for Infosys Technologies Limited, Mysore
September, 2001 : Completion and handover of our first contractual project outside Bangalore, at Mysore for Infosys Technologies Limited
October, 2003 : Sobha Construction Academy and Sobha Research and Development Center commence functioning
April, 2004 : Our Company obtains ISO 9001 (2000 series) certification
October, 2005 : Commercial operation of fully automated concrete product division commences
April, 2006 : Corporate restructuring by means of purchase of selected assets and liabilities from Sobha Interiors Private Limited, Sobha Glazing and Metal Works Private Limited and Sobha Space Private Limited
May, 2006 : Certificate of DA 1 rating by CRISIL*
June, 2006 : Change of status from private to public
September 2006 : Certificate of PR 1 rating by CARE
- Sobha Developers Ltd has inducted Mr. Sumit Keshan as Chief Financial Officer (CFO) of the Company with effect from July 11, 2008.