Kings Infra Ventures Ltd

Kings Infra Ventures Ltd

Kings Infra Ventures Limited is a Public Limited Company incorporated in the year November 23 1987. The Company is engaged in the field of land banking and creating infrastructure for projects in key sectors of integrated life spaces lifespaces logistics warehousing hospitality healthcare education and clean energy. It is also engaged in the business of developing infrastructure for aquaculture and seafood. The company is also interested in processing and export of aquaculture and seafood products.During the year 2017 the Company had incurred an expense of Rs. 1118170 towards the Air ticket Booking and Board & Lodging services availed from Kings Travel World (India) Private Limited in which the Managing Director of the Company is a Director and a Shareholder. During the year under 2016-17 the Board of Directors at their meetings held on 12 November 2016 30 November 2016 06 December 2016 and 10 December 2016 had allotted 9420000 equity shares pursuant to conversion of convertible warrants issued on preferential basis in terms of Chapter VII of SEBI (ICDR) Regulations 2009 which result in the increase of paid up share capital of the Company to Rs. 235122500. Later these shares were listed in the Bombay Stock Exchange Ltd. An upfront amount of Rs. 3950000 was forfeited by Board of Directors due to non-conversion of 1580000 warrants in to equity shares within the prescribed time. During the year 2016-17 the Company had filed an application on September 30 2016 seeking Reclassification of Promoter Shareholders under the provisions of Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. Based on the submissions made the Company the Exchange had approved the reclassification on November 02 2016. During the year 2017 the Board of Directors at their meeting held on 27 May 2016 had approved the share transfers of Radhakrishna Appalaraju Penmetcha (transferor) holding 1900 shares to Venugopal Raju Penmetcha (transferee) and B M Jaganathan Fernando (transferor) holding 200 shares to J James Fernando (transferee) respectively. In FY 17-18 company entered following related party transactions and sought for shareholders approval in the Extra Ordinary General Meeting held on 28th March 2018. a. Kings Infra Ventures Limited will avail job working services for processing of aquaculture and seafood products for distribution and export from processing plant belonging to Kings International Ltd by entering a processing agreement for Job work for Aquaculture and seafood products subject to an amount of Rs. 5 Crore on annual basis.b. The Company has proposed to enter into a 'Business Takeover Agreement' with M/s. SBJ Holdings to acquire the business of aquaculture and allied businesses of the latter on a going concern basis other than that stated elsewhere in Business Takeover Agreement on the Business Takeover Date i.e on 4th May 2018 on the terms and subject to the conditions set forth in said Agreement. Parties has proposed to accept and acknowledge that Business Takeover is on a slump sale basis and for a net consideration not exceeding Rs. 3.5 Crores and Business shall vest in the Company from Business Takeover Date i.e on 4th May 2018.