|HISTORY, MAIN OBJECTS & PRESENT BUSINESS OF THE COMPANY
VLS FINANCE LTD was incorporated on 20th January, 1986 as a Public Limited Company under the Companies Act, 1956, registered with the Registrar of Companies, Delhi and Haryana, at New Delhi under the name of VARDHMAN LEASING AND SERVICES LIMITED. The Company's name was changed to VLS FINANCE LTD (VLS) pursuant to a Special Resolution passed by the shareholders of the Company in its 8th Annual General Meeting held on 2nd August, 1994 and fresh Certificate of Incorporation issued by the
Registrar of Companies, Delhi and Haryana at New Delhi dated 8.9.94. The Company became entitled to commence business on 4th August, 1987 pursuant to receipt of the Certificate for Commencement of Business issued by the Registrar of Companies, Delhi and Haryana, at New Delhi and commenced business in the year 1989.
The Company was originally incorporated by Mr.Rakesh Kumar Jain, Mr.Rajiv Jain and Mr.Mahendra Kumar N. Shah. The controlling interest in the Company, (which had a capital of only Rs.70/- at the time take over) was subsequently acquired by the promoter Mr.M.P. Mehrotra in May, 1987.
The Company made a maiden public issue of its equity shares in the month of February, 1993 and subsequently got its shares listed on Stock Exchanges at Delhi, Bombay, Calcutta, Madras, UP at Kanpur and Ahmedabad. As the number of shares offered to the public at that time was less than the minimum requirement for public issue stipulated by the Securities Contracts Regulation Act, 1956, the Company obtained relaxation under Rule 19(2)(b) of the Securities Contracts Regulation Rules for getting its shares listed. The Delhi Stock Exchange vide its letter dated 27th November, 1992, had communicated to the Company the
approval of the Central Government for listing of the Company's shares on the Stock Exchanges subject to the condition that the Company shall make another offer within a period of three years from the date of enlistment with the regional Stock Exchange in order to raise the total public offer to 40% and the Company seeking necessary approval regarding disclosure, investor protection etc. from SEBI. The Company, through this issue, is also complying with this requirement.
2002- VLS Finance Ltd has informed the Board of Directors has accepted the resignation of Dr P D Ojha as the Non Executive Chairman and Director. The Board has further elected Shri Surendra Singh, Director as the Non-Executive Chairman of the Company.
2003 - Vls Finance Ltd. has informed the Exchange that Mr. Surendra Singh, Director and Non-Executive Chairman of the company has resigned w.e.f. May 28, 2003 and Mr. S K Agarwal has been appointed as Addiltional Director w.e.f. May 28, 2003.
-Shri Ajit Kumar has been co-opted as Additional Director by the Board.
-Equity shares of VLS Finance Ltd delisted from Delhi Stock Exchange Ltd and Uttar Pradesh Stock Exchange Ltd w.e.f March 31, 2004
-Vls Finance Ltd. has informed that in the meeting of the BoD's of the company held on May 26, 2004, Shri S K Agarwal, has been unanimously appointed as the Managing Director of the Company