Colorchips New Media Ltd

Colorchips New Media Ltd

Colorchips New Media Ltd. was incorporated in May 10 1985. The company is engaged in production of films domestic productions in the space of theatrical web TV and launching channels on new technologies. The Company made an application to the BSE Ltd. for listing of its 81049500 equity shares of Re. 1/- each on the exchange platform. Subsequently the Company received the listing and trading approval from BSE Ltd. vide their letter DCS/DL/AP/TP/259/2016-17 dated July 26 2016. The trading of the securities of the Company commenced on the BSE Limited w.e.f. August 2 2016.Pursuant to approval of the shareholders in their meeting held on November 30 2016 the Company allotted 4000000 equity share warrants of Re. 1/- each at a premium of Rs. 62.32/- on December 08 2016 on preferential basis. Subsequently these equity share warrants were converted into 4000000 equity shares of Re. 1/- each in multiple tranches.During the year under review the Company allotted 85049500 fully paid up bonus equity shares of face value Re. 1/- each in the proportion of 1:1 to the equity shareholders of the Company on March 15 2017.During the year under review 2017 the Company has incorporated a Wholly Owned Subsidiary in the name and style 'MIENT Hospitality LLC' Utah USA on December 19 2016. The LLC is formed with the object of carrying the business of acquiring & running hotels and related businesses in line with the diversification plans of the parent company. The Board in its meeting held on August 28 2018 approved the change of name of the Company to Colorchips New Media Limited subject to the approval of shareholders BSE Ltd and the Registrar of Companies Hyderabad. The Central Registration Centre (CRC) Delhi has approved the said name vide their letter dated July 26 2018.The Board approved consolidation of equity shares from Re .1/- to Rs.10/- in its Board Meeting held on August 28 2018 subject to the approval of the shareholders and BSE Ltd.During the year 2018 the Company acquired the entire business of Vega Music Private Limited to give a boost to its existing business operations on the digital media front. The acquisition includes about 300 audio titles over ten digital channels which include popular channels such as Vega Music Devotional Vega Kannada songs Vega Tamil etc.During the year under review 2018 the Company's Wholly Owned Subsidiary MIENT Hospitality LLC acquired 100% stake in Kirksville Hospitality INC in USA by virtue of which Kirksville Hospitality Inc becomes step down subsidiary of the Company. The contribution of the said subsidiary has been accordingly taken for the purpose of consolidation. Subsequently due to non-fulfillment of certain clauses by seller under acquisition agreement Kirksville Hospitality INC USA ceased to be a wholly owned subsidiary company of the Company's wholly owned subsidiary MIENT Hospitality LLC USA w.e.f February 12 2018.During the year under review the Company's Wholly Owned Subsidiary also acquired 20% stake in J&K Hotels LLC an Indiana Limited Company in USA. Subsequently due to non-fulfillment of certain clauses by seller under acquisition agreement J&K Hotels LLC USA ceased to be associate Company of the Company's wholly owned subsidiary MIENT Hospitality LLC USA w.e.f July 13 2018. Hence Kirksville Hospitality INC USA ceased to be a Subsidiary Company of the Company's wholly owned subsidiary MIENT Hospitality LLC USA during the financial year 2017-2018 and J&K Hotels LLC an Indiana Limited Company in USA also ceased to be associate Company of the Company's wholly owned subsidiary MIENT Hospitality LLC USA .During the Financial Year 2018-19 MIENT Hospitality LLC USA ceased to be the subsidiary of the Company as it was dissolved as on 20th March 2019.