Inox Leisure Ltd

Inox Leisure Ltd

Inox Leisure Limited is one of India's most well-known multiplex operators. As on 30th June 2022 INOX operates in 73 cities throughout India. It has 163 properties with 692 screens and a total seating capacity of 155218. In the movie exhibition sector INOX has set high standards for elegance service and technology. The Company is engaged in diverse lines of businesses ranging from operating theatres and multiplexes sale of food and beverage (F&B) products and generation of electricity. The Company's holding company isGFL Limited.Inox Leisure Ltd was incorporated as a Public Limited Company on November 9 1999. In the year 2002 the company commenced their operation in their first four-screen Multiplex at Pune. Also in the same year they commenced four-screen Multiplex at Vadodara. In the year 2004 they commenced their operations in Kolkata Goa and Mumbai. The Mumbai Multiplex is five-screen Multiplex.In the year 2005 the company commenced their operation in their second five-screen Multiplex in Bangalore and two-screen Multiples in Jaipur. Also in the same year they entered into a distribution business by signing of distribution agreements in select territories. The company has entered into a MoU with Pantaloon Group for preferential access to multiplex areas in all real estate developments with which the Pantaloon Group is associated.During the year 2005-06 the company launched their Multiplexes at Indore Darjeeling and Kota. During the year the made their public issue of 16500000 equity shares of Rs.10 each at a price of Rs.120 per share consisting of a fresh issue of 12000000 equity shares of Rs.10 each and an offer for sale of 4500000 equity shares of Rs.10 each by Gujarat Fluorochemicals Ltd.The company is the winner of the 'ICICI Entertainment Retailer of the Year' Award for the year 2005 TAAL Multiplexer Award in the year 2006 and Emerging Superbrand of the year 2006 - 07.In year 2007 the company started their operations in their Multiplexes at Nagpur Chennai Jaipur Vijaywada Bharuch and Lucknow. In the year 2008 they started their Multiplexes at Faridabad Nagpur Bangalore and Burdwan.Calcutta Cine Pvt Ltd was amalgamated with the company with effect from July 18 2007 and Prime Skyline Developers Pvt Ltd also amalgamated with the company with effect from March 21 2008.During the year 2015 8 Multiplex Cinema Theatres with 24 screens were added and an agreement for 1 Multiplex Cinema Theatre with 3 Screens was discontinued. As of 31st March 2015 the Company along with Satyam Cineplexes Limited operates 96 Multiplex Cinema Theatres with 372 screens and 98782 seats.During the year 2014-15 the Company acquired 100% Equity Shares of Satyam Cineplexes Limited (SCL) and it has become wholly owned subsidiary of the Company with effect from 8th August 2014. SCL is in the business of setting up operating and managing a chain of multiplex cinema theatres.During the year 2015 the Company invested in Shouri Properties Private Limited (SPPL) there by making it a subsidiary of the Company. The Company is holding 93.75% equity shares of SPPL. SPPL is engaged in the business of operating a multiplex cinema theatre.The Scheme of Amalgamation of Satyam Cineplexes Limited (Transferor Company) with the Company under the provisions of Sections 391 to 394 of the Companies Act 1956 and other applicable provisions of the Companies Act 1956 has been sanctioned by the Hon'ble High Court of Delhi on 10th February 2016. Consequent upon filing of the Order of the Hon'ble High Court of Delhi with the Registrar of Companies Delhi and Ahmedabad the Scheme has become effective from 23rd March 2016. Accordingly the merger of Satyam with the Company in terms of the Scheme has become operative from the appointed date being 8th August 2014 and the Transferor Company now stands dissolved.During the year 11 Multiplex Cinema Theatres with 48 screens were added. Accordingly the tally of Multiplex Cinema Theatres of the Company stands at 118 Multiplexes with 468 screens and 118285 seats as on 31st March 2017.Swanston Multiplex Cinemas Private Limited (SMCPL) has become a wholly-owned subsidiary of the Company with effect from 5th March 2018. SMCPL was engaged in the business of operating multiplex cinema theatres in India. The Company has filed the Scheme of Amalgamation of SMCPL with the Company with National Company Law Tribunal Bench at Ahmedabad for its approval and the same is awaited.During the year under review 6 Multiplex Cinema Theatres with 24 screens and one screen in an existing Multiplex Theatre were added. An agreement for 1 Multiplex Cinema Theatre with 1 Screen was discontinued. Accordingly the tally of Multiplex Cinema Theatres of the Company stands at 123 Multiplexes with 492 screens and 121573 seats as on 31st March 2018.During the year under review 17 Multiplex Cinema Theatres with 77 screens and 8 screens in an existing Multiplex Theatre were added. An agreement for 1 Multiplex Cinema Theatre with 3 Screens was discontinued. Accordingly the tally of Multiplex Cinema Theatres of the Company stands at 139 Multiplexes with 574 screens and 135586 seats as on 31st March 2019.During the year under review the Company had made a preferential allotment of 6400000 equity shares of Rs 10 each to GFL Limited (earlier known as Gujarat Fluorochemicals Limited) Promoter of the Company at a price of Rs 250 per share (at a premium of Rs 240 per share) on 30th November 2018 (Preferential Issue) and had raised Rs 160 Crore. During the year 2019-20 10 Multiplex Cinema Theatres with 58 screens were added. 2 Multiplex Cinema Theatres with 3 Screens each was discontinued. Accordingly the tally of Multiplex Cinema Theatres of the Company stands at 147 Multiplexes with 626 screens and 144467 seats as on 31st March 2020.Hon'ble National Company Law Tribunal Bench at Ahmedabad had approved the Scheme of Amalgamation on 15th October 2018 which was given by Hon'ble National Company Law Tribunal Bench at Mumbai. Subsequently NCLT Mumbai vide its Order dated 19th August 2019 approved the Scheme of Merger (By absorption) of SMCPL (Transferor Company) with the Company (Transferee Company) which became effective on 27th September 2019 with the appointed date as 1st April 2018. And accordingly SMCPL got merged with the Company.During the year 2020-21 5 Multiplex Cinema Theatres with 17 screens were added. Accordingly the Multiplex Cinema Theatres of the Company stands at 152 Multiplexes with 643 screens and 146742 seats across India as on 31st March 2021.During the year 2020-21 INOX Leasing and Finance Limited has ceased to be the ultimate holding company w.e.f. 22 September 2021. During year 2021-22 the Company added 8 Multiplex Cinema Theatres with 32 screens which accordingly stands at 160 Multiplexes with 675 screens and 152173 seats across India as on 31st March 2022.The Board of Directors of the Company at its meeting held on 27th March 2022 approved a draft Scheme of Amalgamation for merger of INOX Leisure Limited (Company or Transferor Company) with PVR Limited (Transferee Company) and their respective shareholders and creditors. The appointed date for amalgamation is the effective date of the Scheme or such date as mutually agreed by the Transferor Company and Transferee Company.On 21st January 2022 the Board has approved the draft Scheme of Amalgamation (Merger by Absorption) for amalgamation of SPPL with the INOX Leisure Limited subject to approval of the Scheme by the Shareholders Creditors of the respective Companies and upon sanctioning the Scheme will be effective from the Appointed Date i.e. 1st February 2022.During the year 2021-22 the Company has acquired balance 0.71% shares in SPPL and accordingly SPPL became a wholly owned subsidiary of the Company with effect from 20th January 2022.