Enter the first few characters of Company and click 'Go'

Omkar Overseas Ltd. Company History and Annual Growth Details

OMKAR OVERSEAS LIMITED (OOL) was incorporated on 25th
November, 1994 as Public Limited Company under the Companies
Act, 1956 and obtained Certificate of Commencement of
Business on 9th December, 1994 from the Registrar of
Companies, Gujarat.

Omkar Overseas Limited was formed for the purpose of the
business of Export, Import of various commodities specially
for fabrics and made ups. Omkar Overseas Limited has taken
over all the assets & liabilities of M/s Omkar Exports (A
Government Recognised Export House), a partnership firm
which was engaged in the business of exports of fabrics and
made ups, as a running concern with effect from 1.1.1995.

M/s Omkar Exports, a partnership firm promoted by "OMKAR
GROUP" was having annual turnover of over Rs.l20/- crores
for carrying out group exports of fabrics in 1989. The firm
was accorded the status of "Government of India recognised
EXPORTS MOUSE" on 1.11.94 for three years from 1.4.94 to
31.3.97.

M/s Omkar Exports has been one of the leading exporter of
Fabrics. The firms turnover grew from Rs. 25.65 lacs (for
the year 1991-92) to Rs. 1303.44 Lacs (for the year 1993-94)
i.e.. over 50 times in just three years.

Omkar Overseas Limited took over all the assets and
liabilities of the firm at book value without any
revaluation of its assets. The details of assets and
liabilities taken over from the erstwhile partnership firm
by the Company are as under:

(Rs. in lacs)
------------------------------------------------------------
a) Net Fixed Assets 8.52
b) Current Assets, Loans & Advance 1404.63
Less: Current Liabilities 273.58
Net Current Assets 1131.05
-------
1139.57
-------
Less: Liabilities

a) Secured Loans

Bank Of Baroda 666.24
------
Net Assets value 473.33
------

The entire business of M/s Omkar Exports was acquired by OOL
with effect from 1.1.1995 and the consideration for
acquiring the business of M/s Omkar Exports was arrived at
by converting a part of the capital of the partners, which
stood at Rs. 4,73,33,290 as on 31.12.1994, into 28,00,000
Equity shares of Rs. 10/- each, aggregating to
Rs. 2,80,00,000 and Rs.1,93,33,290 as unsecured loan to the
company.

The erstwhile partnership firm M/s Omkar Exports has made
voluntary disclosures on custom Departments' investigations
on past exports, in the month of August 1995, Consequent to
such disclosures, the erstwhile firm has paid custom duty of
Rs. 225 lacs. No further claim has been imposed by custom
Department on the firm till date.

However, this does not have any bearing the profitability of
the company, this being liability of erstwhile firm taken
over by the Company w.e.f. 01-01-95. As per the agreement
dated 31.12.1994 entered into between the partners of the
erstwhile partnership firm M/s Omkar Exports and the
Company, all the past liabilities would be borne by the
partners of the erstwhile partnership firm in their
individual capacity. The partners of the erstwhile firm are
capable in their individual capacity to meet the liabilities
that have arised or may arise in future.

2008

-The Company designated email i.d. exclusively for grievance redressal division / compliance officer: [email protected]

2021

-The Company approved the composite Scheme of reduction of capital and Amalgamation between Saanvi Advisors Limited ('transferor Company') and Omkar Overseas Limited ('transferee Company') and their respective shareholders and creditors as may be modified from time to time ("Draft Scheme: or 'scheme') under section 230 to 232 of Companies Act 2013,

Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article