Futuristic Solutions Ltd

Futuristic Solutions Ltd

Futuristic Solutions Ltd was incorporated on September 21 1983 as a private limited company with the name of Moral Leasing Pvt Ltd. In September 23 1983 the company was converted into public limited company and the name was changed to Moral Leasing Ltd. The company was originally in the business of leasing. The company came out with its public issue in the year 1984 and got listed at Delhi Stock Exchange. The present management took over the company in the year 1987 and proceeded with the business of leasing. The present management in early nineties envisaged the concept of providing futuristic solutions of arbitration cases and then put in practice by executing the first agreement on January 2 1993. Since then the company has followed the process of asset reconstruction. In January 2002 the name of the company was changed from Moral Leasing Ltd to Futuristic Solutions Ltd. The company is registered with Reserve Bank of India as NBFC Company vide dated June 25 2002.Futuristic Solutions Ltd has been engaged in the business of securitization & asset reconstruction for more than past 17 years. The company has been acquiring non-performing assets from court auction / other sources and nursing them in its own way by adding value to their status so as to bring it back on rail before selling to the interested buyers at a premium.The company presently purchases NPAs unsettled claims of Government of Punjab and other assets belonging to the general public. The Company has a vast network of professional and other individuals through whom the company is able to generate business operations and market itself. The business process of the company generally includes Application or search for the appropriate claims properties NPAs distressed asset etc Valuation of the distressed asset Purchase of the NPA / distressed asset Strategy for the restructuring of the NPA and Disposition of the NPA.The company has already made an application with Reserve Bank of India for registration as an Asset Reconstruction Company. The company is hopeful that it will receive RBI's approval in the current year. Once the approval is received company will be able to purchase NPA's of the banks and Financial Institutions which are selling/ considering selling their NPA's to the NBFC's.