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Ucil Leasing Ltd.

BSE: 511343 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Ucil Leasing Ltd. (UCILLEASING) - Director Report

Company director report

1996 UCIL LEASING LIMITED DIRECTOR'S REPORT Your Directors have pleasure in presenting the Twelfth Annual Report of your Company together with the Audited statement of Accounts for the year ended 31st March, 1996. PUBLIC ISSUE As you are aware, the Company is planning to make Further Issue of 60,00,000 Equity Shares of Rs. 10/- each for cash at par aggregating to Rs.6,00,00,000 out of which 38,90,000 Equity Shares of Rs.10/- each would be offered to Public for subscription. The balance 21,10,000 Equity Shares of Rs. 10/- each for cash at par aggregating to Rs. 2,11,00,000/- will be brought in by Directors, their relatives, friends and associates. The proposed issue is to meet the requirements of the funds for proposed expansion in the areas of Corporate Finance and diversification in the areas of Leasing, Hire Purchase, Investment Banking in Primary and Secondary market and other allied activities. The Issue is scheduled to open in the first week of September, 1996. DIVIDEND In order to conserve resources, the Directors do not recommend dividend for the year under report. AUDITORS M/s. K.M.TULSlAN & ASSOCIATES, Auditors of the Company hold office upto the conclusion of the ensuing Annual General Meeting and are eligible for re- appointment. Further, the Company has received a certificate from the Auditors to the effect that in case of their re-appointment at the Annual General Meeting the same would be within the limit prescribed under section 224 (1B) of the Companies Act, 1956. The members are requested to re- appoint the Auditors for the current year. It is also proposed to appoint M/s Saurabh Shah & Associates, Chartered Accountants, Mumbai, as Joint Auditors of the Company to hold office from the conclusion of the ensuing Annual General Meeting till the conclusion of the next Annual General Meeting of the Company. The Company has received a certificate from the proposed Joint Auditors to the effect that in case of their appointment at the Annual General Meeting, the same would be within the limits prescribed under Section 224 (1 B) of the Companies Act, 1956. The members are requested to appoint the Joint Auditors in the best interest of the Company. DIRECTORS During the year under report Mr. Kishor Sangani, Mr. Jitendra Pal Sethi and Mr. Narayan Pasari were appointed as Additional Directors of the Company and they cease to hold office at the ensuing Annual General Meeting. The Company has received notices from shareholders proposing their candidature for being appointed as Directors of the Company liable to retire by rotation. During the year Mr. Purushottam Somani resigned as a Director of the Company. The Directors wish to place on record their earnest appreciation for the valued guidance and services rendered by Mr. Somani during his tenure as Director of the Company. Mr. B. V. Kargutkar retires by rotation at the Annual General Meeting and is eligible for re-appointment. During the year, Mr. Kishor Sangani was appointed as Managing Director of the Company for a period of 5 years on terms and condition which were approved by the members at the Extraordinary General Meeting held on 28th February, 1996 FIXED DEPOSITS The Company has not accepted any deposits from the public. STATUTORY INFORMATION During the year under review, there were no employees covered by the provisions of Section 217(2A) of the Companies Act, 1956. The Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, require the disclosure of particulars regarding Conservation of Energy, in Form A and Technology Absorption, in Form B prescribed by the Rules. Since the Company is not a manufacturing company, it is advised that Forms A and B are not applicable to it. The Company has neither used nor earned any foreign exchange during the year under review. APPRECIATION Your Directors wish to place on record their sincere appreciation for the co-operation and support rendered by all the staff members and its Bankers which made the results possible. For and on behalf of the Board of Directors KISHOR SANGANI B. V. KARGUTKAR Managing Director Director Place : Mumbai, Dated : 15th June, 1996.