Gloster Ltd

Gloster Ltd

Gloster Limited is a public company incorporated in February 18th 1992. The company is a leading manufacturer & exporter of all types of jute & jute allied products woven & non- woven jute geotextiles treated fabric-rot proof fire retardant jute products for interior decoration & packaging of industrial & agricultural produce. It also produces jute & cotton shopping bags & made ups. It exports jute goods to various countries spread over the world. The company's manufacturing facilities are located at Bauria on the banks of Holy Ganges in West Bengal. During the year 2015 the Company divested its entire stake in its subsidiary viz Gloster Gujarat Limited. As a result of the sale of shares Gloster Gujarat Limited ceased to be the subsidiary of the Company with effect from 28th March 2015.In FY 2016 the Directors recommended issue of bonus shares in the ratio of one bonus equity share to be issued for every one equity share of face value of Rs 10/-held by the members at their meeting held on 29th March 2016. During the year under review the Board of Directors of the Company at its meeting held on 29th March 2016 approved the Scheme of Amalgamation of the Company with Kettlewell Bullen & Company Limited in terms of the provisions of Section 391 to 394 and other applicable provisions of the Companies Act 1956 & Companies Act 2013 to the extent applicable with effect from the Appointment Date i.e. 1st January 2015. As the Scheme will come into effect after the approval from the statutory authorities shareholders and court with effect from the Appointment Date no effects of the above Scheme of Amalgamation has been recognized in the financial statements.Gloster Lifestyle Limited and Gloster Specialities Limited continue to be wholly owned subsidiaries of the Company during 2016.