Incorporated as a private limited company in Jul.'95, Kadamb Constructions was converted into a public limited company in Sep.'95. The promoters of the company are Mahesh K Gupta, Satyawati Gupta and Heeru Gupta.
The company proposes to engage in the business of constructing residential apartments to cater to the needs of middle and lower income groups at Jaipur, Rajasthan. Since incorporation, it has taken up a project at Malviya Nagar, Jaipur. However, construction activities have been stopped temporarily, since a suit has been filed against construction activities a stay order from the lower court regarding obstructing the light and air facilties to the neighbours, has been received. The company has filed an appeal against the stay order and the court's decision was still pending for the last year. During 1997, the projects are under construction. Company is in process of getting mini township project approved by Jaipur Development Authority.
The company came out with a public issue of 30,50,000 equity shares of Rs 10 each for cash at par aggregating Rs 305 lac in Feb.'96, to part-finance its project.