Ganges Securities Ltd

Ganges Securities Ltd

Ganges Securities Limited (GSL) a part of K K Birla Group of Industries was incorporated in March 30 2015. The Company operates in single segment which is to invest deal etc. in securities mainly of group companies and in immovable properties. The Company acts as a Core Investment Company (CIC) as per RBI guidelines.The businesses of the Company are carried out by its wholly-owned subsidiaries Uttar Pradesh Trading Company Limited and Cinnatolliah Tea Limited. Uttar Pradesh Trading Company Limited is a Non-Banking Financial Company registered with RBI and primarily engaged in investment activities whereas the other wholly owned subsidiary Cinnatolliah Tea Limited is engaged in the tea business. Apart from its operations in investment in securities including through its wholly-owned subsidiaries the Company continues to be in business of tea manufacturing and processing through its subsidiary company i.e Cinnatolliah Tea Limited. During the period 2020-21 the Board of Directors in the Meeting dated 10th November 2020 considered and approved voluntary delisting of equity shares of the Company from The Calcutta Stock Exchange Limited (CSE) in terms of SEBI (Delisting of Equity Shares) Regulations2009 as amended given that no trading of the equity shares of the Company had been done at CSE since the date of listing. CSE has grantedapproval for such voluntary delisting of the Equity Shares of the Company with effect from February 26 2021.During the period 2020-21 the Board of Directors in the Meeting held on August 4 2020 considered and approved `change of Appointed Date'for a Scheme of Amalgamation between Ganges Securities Limited (GSL) and Uttar Pradesh Trading Company Limited (UP Trading)from 1st April 2019 to 1st April 2020 in view of the ongoing Covid-19 pandemic and consequent lockdown in the country the process forseeking approval of the Scheme from the NCLT may not conclude by 31 March 2021.. The said Scheme was approved by the Board at its meeting dated November 6 2019 with a view to simplify their Group structure. During the period 2020-21 the Board of Directors of the Company at its meeting dated 10th November 2020 in consonance with RBI provisions considered again and approved applying for registration of the Company as NBFC given that pursuant to the proposed mergerof UP Trading with the Company the registration granted by RBI to UP Trading shall stand integrated/transferred to the benefit t of theCompany and the Company will be registered as a NBFC with the RBI.