Balaxi Pharmaceuticals Ltd

Balaxi Pharmaceuticals Ltd

Balaxi Ventures Limited (erstwhile known as The Anandam Rubber Company Limited) is a public limited company incorporated in India in September 28 1942 with a basic objective of running rubber and tea plantations and owns several plantations across South India. In the year 1989 the company sold its entire plantations to meet the emerging business needs and started concentrating in Investments and trading. The company previously was a investment company but the company during the financial year 2018-19 has commenced the business of International Wholesale Trading of Pharmaceuticals Builders Hardware and FMCG Products Securities and Exchange Board of India (SEBI) vide Circular dated May 30 2012 had issued revised Exit Policy for de-recognized/non-operational stock exchanges. Pursuant to the circular Madras Stock Exchange has been de-recognized by SEBI recently. Further as per above cited circular issued by SEBI on May 30 2012 and Public Notice issued by Madras Stock Exchange Limited (MSE) it cleared that the Exclusively Listed Companies which fail to obtain listing on any other stock exchange will cease to be a listed company and will be moved to the Dissemination Board by the exiting stock exchange. Also it is to be noted that SEBI has given a time limit of eighteen months for getting listed with any of the recognized stock exchanges. In pursuance to the above notice the company has submitted listing application with National Stock Exchange of India (NSE) Limited on 19th January 2015 under listing criteria for Exclusively Listed Companies. The submitted listing application is under process with the National Stock Exchange of India (NSE) Limited and the company is hoping to be get listed very soon. Madras Stock Exchange has intimated the Company that it has been placed before Dissemination Board (DB) of National Stock Exchange of India (NSE) Limited. Under the Dissemination Board mechanism a willing buyer and seller will be given an opportunity to disseminate their offers using the services of brokers of stock exchanges hosting Dissemination Board. On 15 March 2017 Balaxi Overseas Private Limited (BOPL) entered into a Share Purchase Agreement (SPA) with the erstwhile promoters of Company (i.e. Mr. Nirej V. Paul Mr. V. M. Paulose Dr. Leelamma T. J and Mrs. Jaya Paul) to acquire 1670036 Equity Shares representing 54.94% of the paid up share capital of the Company along with the control over the Company pursuant to which BOPL made an Open Offer under Regulation 3(1) and Regulation 4 of SEBI (SAST) Regulations 2011. Control and management of the Company was acquired by BOPL on May 04 2017 and it became the new promoter of Company and their representatives i.e. Mr. Ashish Maheshwari and Mrs. Minoshi Maheshwari became the new Directors of the Company. Simultaneously erstwhile promoters stepped down as promoters from Company on same day and Mr. Nirej V. Paul and Dr. Leelamma TJ resigned as Managing Director and as Chairperson from the Company respectively. Under the above said Open Offer BOPL acquired 330000 equity shares representing 10.86% equity share capital of the Company. On completion of the Open Offer BOPL became the holding and Promoter Company with an aggregate shareholding of 2000036 Equity Shares (ie 65.79%).The Company changed its name from 'The Anandam Rubber Company Limited' to 'Balaxi Ventures Limited' through Postal Ballot passed on August 08 2017. It had also changed the Registered Office from 41/298 - D2 2nd Floor Saniya Plaza Mahakavi Bharathiyar Road Near KSRTC Bus Stand Cochin - 682035 to Plot No.409 H.No. 8-2-293 MAPS Towers 3rd Floor Phase-III Road No.81 Jubilee Hills Hyderabad Telangana India -500096 through Postal Ballot passed on August 08 2017.The main objects of the company were amended to include activities of International wholesale trading in pharmaceutical food products and builders' hardware by way of a Postal Ballot passed on August 08 2018. The Company commenced the business of international wholesale trading in pharmaceuticals and builders' hardware products starting September 2018. Further in February 2019 The Company decided to kickstart its Food Products business by launching a range of biscuits under the brand YAP'.The Board of the company approved the proposed preferential issue of 6960000 Equity shares on June 19 2019 and subsequently obtained shareholder's approval on July 12 2019 via Extra Ordinary General Meeting. The Company had obtained required approvals from stock exchange and allotted 6960000 Equity shares on preferential basis on August 09 2019. Consequently the Paid up share capital of the company has been accordingly increased from Rs 30400000/- consisting of 3040000 Equity shares of Rs 10/- each to Rs 100000000/- consisting of 10000000 Equity shares of Rs 10/- each.