BUSINESS
The main objects of the company as set out in its Memorandum and Articles of Association are:-
1) To carry on the business of development of serviced plots and construction of residential and commercial premises including business centres and offices, development of townships, financing of housing development, to carry on the business of city and regional level urban infrastructure facilities including roads and bridges
2) To carry on the business of manufacturers and distributors of all kinds of building materials and act as consultants for all kinds of goods and services pertaining to the development of properties in India and abroad
3) To acquire, improve, manage, develop all rights in respect of leasehold and freehold rights or properties
The Company was carrying on the business of export of rough granite blocks. During the year ended 31st March 2008, the Company achieved a turnover of Rs. 140.85 lakhs. For the year ended 31st March 2009, the turnover was at Rs. 28 lakhs. For the year ended 31st March 2010, the turnover was at Rs. 14.78 lakhs
During the year ended 31st March 2011 that in order to meet the long term and short term working capital requirements, the Company has issued and allotted 20,00,000 equity shares of Rs.10/- each at a price of Rs. 10/- each on 06/09/2010 as per Regulation 76 of SEBI (ICDR) Regulations to the promoters as under on preferential basis after obtaining the exemption from Takeover Panel for relaxation of the provisions of Regulation 11 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. The Company has obtained the Listing approval and Trading approval from the Bombay Stock Exchange Limited and Madras Stock Exchange Limited where the shares of the Company are listed for preferential issue.
1) 7,62,979 Nos. of equity shares of Rs. 10/- each allotted against conversion of unsecured loan of Rs.76,29,789/- brought in by Dr Mohan Swami as per the approval obtained from the Reserve Bank of India vide communication bearing Ref No. FE.CO.FID/22458/10.01.001/2008-09 dated 8th March 2010;
2) 12,37,021 Nos. of equity shares of Rs. 10/- each to M/s. Chase Perdana Sdn. Bhd as per the approval obtained from the Reserve Bank of India vide communication bearing Ref No.FE.CO.FID/22458/10.01.001/2008-09 dated 8th March 2010;
An Open Offer in accordance with Regulations 3(1) and 4 of SEBI (Substantial Acquisition and Takeover) Regulations, 2011 was made by Mrs. Vellanki Jhansilaxmi (alias Vellanki Jhansilakshmi) for acquisition of 19,37,728 (Nineteen Lakhs Thirty Seven Thousand Seven Hundred and Twenty Eight only) Equity Shares of Rs. 10/- each of Epsom Properties Limited (‘the Company’). The post Offer Shareholding of Mrs. Vellanki Jhansilaxmi (alias Vellanki Jhansilakshmi) resulted in to 56.32% and Shareholding of the general Public resulted in to 43.68%
The Company is planning to expand its horizon of activities and identify new areas and new activities within the framework of the approval of Government of India and Main Object clause of the Memorandum of Association