Hemisphere Properties India Ltd

Hemisphere Properties India Ltd

Hemisphere Properties India Limited is a public Limited Company was incorporated on 17 January 2005 as real estate company and has become Government Company from 18 March 2014. The company's shares are listed in BSE and NSE. The company was formed as part of the disinvestment exercise carried out by the Government of India in respect of its holdings in the erstwhile VSNL (currently known as Tata Communications Limited). The company is engaged in construction and development of commercial building industrial shed offices house buildings apartment structures hotels or other allied works of every description on any land acquired howsoever by the company whether on ownership basis or lease or licensee and to deal with such construction or developed or build premises by letting out hiring or sale.During FY 2012-13 Government of India acquired 51.12% equity stake in HPIL after the decision of Cabinet. Earlier the Company was in administration of Department of Telecommunications and further after the Cabinet decision dated April 06th 2018 the administration of HPIL was transferred from Department of Telecommunication to Ministry of Housing & Urban Affairs. The Mumbai Bench of National Company Law Tribunal and Ministry of Corporate Affairs approved Scheme of Arrangement & Reconstruction between Tata Communications Limited & Hemisphere Properties India Limited on 12.07.2018 and 05.08.2018 respectively.The surplus Land located in 4 major cities ie. Delhi Pune Chennai and Kolkatta were transferred under the Scheme. The Promoter of the company i.e. President of India holds 51.12% shares before the approval of Scheme. After that as per Scheme Promoter's shareholding is aggregating to 26.12% of the paid up share capital of the Company and it would become 51.12% again after Panatone will transfer 25% equity capital to GOI.In terms of the Scheme of Arrangement following transferred:1.All rights title and interest in the Surplus Land were transferred to the Company. 2.All assets and liabilities pertaining to the Surplus Land were transferred to our Company at their book value. 3.All debts liabilities taxes duties and obligations pertaining to the Surplus Land were transferred to our Company except for any property taxes arising prior to the effective date which would continue to be the liability of TCL.4.Certain amounts held as deposits in respect of properties in Chennai and Greater Kailash New Delhi were transferred to Hemisphere Properties.5.The shareholders of TCL as on the record date were entitled to receive one Equity Share in lieu of every one equity share of TCL held by them.The Company had issued 285000000 (Twenty Eight Crore Fifty Lacs) Equity shares of Rs. 10 each on 18 February 2020 to the shareholders of Tata Communications Limited in the ratio of 1:1 and existing paid up share capital of the Company i.e Rs. 500000 (Rupees Five Lakhs only) stood cancelled as per the terms of Scheme of Arrangement & Reconstruction entered into between Tata Communications Limited and the Company as approved by Hon'ble NCLT Mumbai and Ministry Of Corporate Affairs New Delhi.There was all-round lock-down imposed by the Government of India on pandemic situation due to COVID-19 which impacted the operations for the months of March April and May 2020.