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SAYA was incorporated as a Public Limited Company with the Registrar of Companies (West Bengal) in Calcutta on 02nd December 1985 and received its Certificate for Commencement of Business on 10th December 1985. SAYA was promoted by Shri Rajnikant Ajmera Shri Himanshu Ajmera and Shri Nirmalsinh Rana. The Company has been engaged in the activity of providing much needed finance in the priority sector of Housing. The Company has disbursed loans amounting to Rs.320.48 lacs to 485 accountholders for their dwelling units since commencing its operations. The Company has utilized the Equity Capital the refinance facilities from the National Housing Bank the cash accruals and the repayments of loans for the loans disbursed till date. Currently a total amount of Rs.180 lacs as on 31/12/94 is receivable on various loan accounts. The Company has met the funds requirements from Equity Capital of Rs.100 Lacs and refinance from National Housing Bank of Rs.117 Lacs (as on 31st December 1994.)The Company has filed a petition with the Company Law Board Eastern Region Bench for the transfer of its Registered Office from the State of West Bengal to the State of Gujarat. The petition has been moved as the major operations/activities of the Company are in the Western Region more specifically in Gujarat. The Company has also filed a petition with the Company Law Board Eastern Region Bench for the alteration of its Main Objects Clause to make it in confirmity with the stipulation of the Central Board of Direct Taxes for the availment of the benefit under section 36(1)(viii) of the Income Tax Act 1961. The Company is allowed a deduction of 40% of the total income credited to a Special Reserve as provided under Section 36(1)(viii) of the Income-tax Act 1961. The deduction is restricted to the extent that the aggregate of the amounts transferred to such Special Reserve Account from time to time does not exceed twice the paid-up Share Capital (excluding the amount capitalised from reserves) of the Company.Both the petitions are at a hearing stage and the Company expects to get the said amendments approved by the Company Law Board in due course.The Company has also passed a resolution for the change of its name to "SHFC Limited" for which the necessary application to the Regional Director Company Law Department is yet to be made.THE MAIN OBJECTS OF THE COMPANY The Main objects of the Company are stated in the Memorandum of Association of the Company and inter alia include: To provide long term finance to any person or persons or co-operative society or association of persons or body of individuals either at interest or without and/or with or without any security for construction purchase enlarge or repair of any houses flats row houses bunglows rooms huts used for residential purposes either in total or part thereof or to purchase any free hold or leasehold lands estate or interest in any property to be used for residential purposes.The Company has as mentioned earlier made an application to the Company Law Board for modification to the Main Objects Clause as below: To carry on business of providing long term finance to any person or persons or company or corporation or co-operative society or association of persons or body of individuals either at interest or without and/or with or without any security for construction purchase enlarge or repair of any houses flats row houses bunglows rooms huts used for residential purposes either in total or part thereof. PRESENT BUSINESS OF THE COMPANY The Company is engaged in the business of providing long term finance to any person or persons or company or corporation or co-operative society or association of persons or body of individuals either at interest or without and/or with or without any security for construction purchase enlarge or repair of any houses flats raw houses bunglows rooms huts used residential purposes either in total or part thereof. The Company has as of date disbursed loans amounting to Rs.320.48 lacs to 485 accountholders for their dwelling units. Currently a total amount of Rs.180 lacs (as on 31/12/1994) is receivable on various loan accounts.In addition to the personnel the Company has a well established infrastructural facilities with an office of 1200 sq.ft. in the prime locality of Ahmedabad with the necessary support systems like telephone fax computer fully operational.