Shareholder Nod For Rechristening Of Arihant Cap

Shareholders of Arihant Credit Capital (ACCL), at the annual general meeting of the company held here yesterday, passed all resolutions.

The company had sought approval for diversification into programme production, distribution and other ancillary activities.

ACCL has tied up with Asia Television Network (ATN) for television software and allied activities.

The shareholders also granted approval for changing its name to ATN Arihant International.

ACCL's main businesses include merchant banking, leasing, dealing and investment in shares and providing other financial and consultancy services. It is also engaged in power generation and distribution.

ACCL will insert five new sub-clauses under Clause IIIA of the memorandum of association to enable it to diversify into the production and broadcast of programmes. It also plans to diversify into producing, buying and selling, trading and exporting programmes for television, satellite television, cable television and radio.

 

ACCL also plans to establish, maintain and manage television and/or radio centres, studios for production of serials and export thereof.

Santosh Kumar Jain, chairman, ACCL, said the company would focus on its non-fund businesses like consultancy services and merchant banking this year.

ACCL is an authorised foreign exchange dealer and Jain said the centres for this business would be shortly increased to four more cities: Calcutta, Agra, Mumbai and Muradabad. ACCL will also open more branches for its broking services -- it is a member of the National Stock Exchange and the Over The Counter Exchange of India.

ACCL recorded a drop of 40 per cent in its monthly deposit mobilisation figures and may gradually decrease its deposit base over the next one and a half years. Jain said this would reduce the interest burden of the company. The aim was to finally get out of the fund-based business, he added.