Naga Dhunseri Group Ltd

Naga Dhunseri Group Ltd

NAGA DHUNSERI HOLDING GROUP LTD.OBJECTS & ACTIVITIES: Investment Investing in shares and securities and to develop land bufidings and also carry on business of leasing hire purchase finance etc.BRIEF HISTORY: The Company used to carry on the business of plantation of tea. coffee and cardamoms. Tea estates were sold in 1981-82. The Company was also owning a industires which was sold in August 1986. The Cardamom plantation was discontijued in 1984-85. The coffee estate under the Plenty Valley was sold during 1989-90. The Company started the business of investment and dealing in shares and securities in 1990-91.PLENTY VALLEY ESTATE: In 1967 the Company purchased 1000 acres of agricultural land with standing trees and timber. In annamalal Hills in Madras State. A completely new estate was opened under the name `Plenty Valley Estate' with coffee and cardamem. This estate was osl in 1989-90 to Plenty Valley Timber 8 Coffee Ltd. and it was handed over to the buyer on 1st April 1990.SCHEME OF AMALGAMATION: By a Scheme of Arrangement the Company transferred its two tea estates to Dhunseri Tea & Industries Ltd. with effect from 11.1981. As per the Scheme Dhenseri allotted 2 lakh equity shares of Rs.10 each to the Company without payment in cash and also paid a sum of Rs.20 lakhs. With this allotment of shares. Dhunseri Tea & Industries Ltd. became a subsidiary.As ner the scheme of arrangement entered into with Plenty Valley Timber and Coffee Ltd. the Company Plenty Valley Estate was vested in Plenty Valley Timber and Coffee Ltd. with effect from 1st Apirl 1990. As consideration the Company was allotted 2000000 equity shares of Rs.10 each a par of Plenty Valley Timber & Coffee Ltd. without payment in cash.REVALUATION OF ASSETS: As at 31st March 1989 land and assets at Plenty Valley Estate was revalued and the net surplus of Rs.36235402 arising out of it was credited to reveluation reserves.SCHEME OF AMALGAMATION: Bareilly Holding Ltd. was amalgamated with teh Company with effect from 1st July 1980. As per the Scheme of Amalgamation 11000 equity shares of Rs.10 each of the Company were allotted to the equity shareholders and holders of unsecured debentures (who opied for allotment of equity shares) of the amalgamated Company. The Company's investment in 40000 equity shares of Rs.10 each in Pareilly Holding was amalgamated with the Company with effect from 1st July 1981.SUBSIDIARY: During 1980-81 Dhunseri Tea & Industries Ltd. and Softex Intra Ltd. became subsidiaries. Softex Intrs. Ltd. ceased to be a subsidiary in 1984-85. Land lease Company (India) Ltd. a subsidiary of Dhunseri Tea & Indusries Ltd. is also a subsidiary of the Company.