Polo Queen Industrial and Fintech Ltd

Polo Queen Industrial and Fintech Ltd

Polo Queen Industrial and Fintech Ltd. a public limited company was incorporated on July 19 1984. The Company along with its divisions viz Doan Rajkamal Polo Queen Solutions Polo Queen Minchems and Polo Queen Pharma is a company which has its activities spread over many business like production and marketing of FMCG products in the domestic market with supplies to defense sector development of I.T. Park as well trading in chemicals and minerals. During the year under review the Company had surrendered the NBFC Certificate No. B-13.00738 to RBI since the Company being a multi divisional entity was not able to meet the RBI guidelines relating to minimum 50% of the assets of the Company to be employed for NBFC business and more than 50% of the income to be generated from NBFC business. The RBI vide its order dated November 15 2016 which was passed in terms of Section 45-IA (6) of the Reserve Bank of India Act 1934 has cancelled of Certificate of Registration No. B-13.00738 dated April 20 1998. The Company's wholly owned subsidiary Polo Queen Capital Ltd. has subsequently applied for registration as an NBFC and this is awaited.The Company has acquired 250000 Equity Shares of Rs. 10/- each amounting to Rs. 2500000/- of Polo Queen Capital Limited wholly owned subsidiary of the Company through Rights Issue during the financial year 2017.The Company had made an application for Voluntary Delisting of the Equity Shares of the Company from Calcutta Stock Exchange Limited (CSE) since there was no trading of the Shares at CSE and therefore there was no benefit to the Shareholders from continued listing on CSE. The Company has received Letter from CSE granting approval for Voluntary Delisting and the Company is now delisted from the official Exchange List w.e.f November 21 2018.