Marathon Nextgen Realty Ltd

Marathon Nextgen Realty Ltd

Marathon Nextgen Realty Limited (formerly known Piramal Spinning & Weaving Mills Limited) was incorporated on January 13 1978 and later in Jun 1979 it was amalgamated with Mahadevi Invesment Company. The Company is primarily engaged in the business of construction development and sale of commercial and residential real estate projects. The Company has business interest in textiles and manufactures cotton fabrics synthetic fabric and cotton yarn. from it's factories at Lower Parel Mumbai Ambarnath both in Maharashtra and Surat in Gujarat. The company had completed the first phase of modernisation project including the new process house at Ambarnath at a cost of Rs.372.26 lacs and the new process house was fully operational in 1983-84. The third phase of modernisation programme was completed at a cost of Rs.400 lacs and the fourth phase was completed in 1990-91 at a cost of Rs.298 lacs. In Sep.'92 the company came out with a debenture issue to part-finance its fifth phase of the modernisation programme. With effect from 1 Apr.'91 the Niranjan Mills (Niranjan) was amalgamated with the company pursuant to a scheme processed under the Sick Industrial Companies (Special provisions) Act 1985. The rehabilitation programme with retrospective effect was sanctioned by the BIFR. The higlights are a) The company's 3 main division has been demerged into 3 distinctive entities. 2) The assets/libailities of both the company as well as Niranjan Mills together has been transferred to in Niranjan Piramal Textile Mills Limited from October2001. The Ambernath processing unit has been transferred to Pyarelal Textiles Limited from October20013) It has also co-opted M/s Ithaca Informatics Pvt Ltd to develop the property at Lower Parel Unit.Subsequent to all this the share capital of the company has reduced to Rs.92.59 lacs. The shareholders of the erstwhile Piramal Spg & Wvg Mills Ltd was alloted one share in each of the 3 companies for every 3 shares held by them. The name of the company was changed to Marath Nextgen Realty & Textiles Ltd.In the year 2003 Marathon Group infused additional capital and with effect from July 31 2003 the name of the Piramal Spinning and Weaving Mills Ltd. changed to Marathon Nextgen Realty and Textiles Limited. Thereafter with effect from September 7 2007 the name of Marathon Nextgen Realty and Textiles Limited was further changed to Marathon Nextgen Realty Limited a fresh certificate of incorporation was issued vide a Fresh Certificate of Incorporation by Deputy Registrar of Companies Mumbai.The Promoters had brought down their holding from 89.40% to 75% during June 2014.Pursuant to a Scheme of Amalgamation the National Company Law Tribunal Mumbai Bench sanctioned a Scheme of Merger vide its Order dated 23 July 2018 wherein Marathon IT Infrastructure Private Limited (MITI) (Transferor Company No 1) and Ithaca Informatics Private Limited (IIPL) (Transferor Company No 2) was merged with the Marathon Realty Private Limited (Transferee Company) effective from the date of merger i.e. April 01 2016 and consequently the name of Promoter Group Company changed from Ithaca Informatics Private Limited to Marathon Realty Private Limited. Marathon Nextgen Realty Ltd which hitherto was a subsidiary of Ithaca Informatics Private Limited (IIPL) (Transferor Company No 2) post the merger automatically became a subsidiary of the Marathon Realty Private Limited.During the year 2018-19 the Company acquired the entire paid up capital of Marathon Nextgen Townships Pvt Ltd (MNTP) a Marathon Group Company and effective from March 29 2019 MNTP became the Wholly Owned Subsidiary of the Company.During the year 2019-20 Company acquired the entire paid up capital of Terrapolis Assets Private Limited (TAPL) from Marathon Realty Private Limited (MRPL) a Promoter Company and effective from 31st March 2020 TAPL became the Wholly Owned Subsidiary of the Company. The Company also acquired further 24%paid up capital of Sanvo Resorts Private Limited (SRPL) from Marathon Realty Private Limited (MRPL) a Promoter Company and effective from 31st March 2020 the equity holding of the Company in SRPL stood at 91%.