BFL ASSET FINVEST Share price

BFL DEVELOPERS LIMITED (BFL) was incorporated on 31stAugust 95 as BFL Properties and Investments Ltd. andobtained its Certificate of Commencement of Business on 6thSept.95 from the Registrar of Companies Rajasthan atJaipur. The company subsequently changed its name to BFLDevelopers Ltd. and obtained a fresh certificate ofincorporation on 15th March 1996. The company has beanpromoted by Mr. Pannalal Baid Mrs. Sobhag Devi Baid andMr. Mahendra Said. The company was initially incorporatedwith Authorised Capital of Rs. 1 Lac which was increased toRs. 325.00 Lacs and a Resolution to such effect was passedin the Extra ordinary General meeting held on 20.09.95.The company has further increased its Authorised capital toRs. 550 Lacs by passing a special resolution in ExtraOrdinary General Meeting held on 06/04/1996.PRESENT BUSINESSThe company is a new company incorporated with the objectof construction and development of properties which hasrecently commenced its operations. The Company hasidentified two project sites at Jaipur city for thedevelopment of a Residential Complex and has signed theAgreements with the owners of the said properties fordevelopment as detailed below.i) Site at Ajmer Road Jaipur.ii) Site at Tilak Nagar Jaipur.The Company has received the approvals from JaipurDevelopment Authorities for the Ajmer Road project and hasyet to submit the development plans for the Tilak Nagarproject to Jaipur Municipal Corporation. The company hascommenced construction at Ajmer Road Project andconstruction upto basement level has been completed. Thecompany has shortlisted few more commercial and residentialland areas and is negotiating for the same.The Property Development Rights have been acquired forTilak Nagar Project from M/s. Carewell Builders Pvt. Ltd.wherein one of the Directors is relative of core promoters& for Ajmer Road Project from Shri Pannalal Said & Shrimatisobhag Devi Said who are main directors of the Company.The Company does not propose to transfer these lands in itsname and the same shall be transferred directly by theowners of these land to the buyer of the Residences. SinceCompany has not purchased the Land from Promoters/AssociateConcerns therefore no purchase price or book value is beinggiven. The main terms & conditions of the PropertyDevelopment agreement entered into by the Company are asunder :- SITE AT SITE AT AJMER ROAD TILAKNAGAR PLOT 1 PLOT 2i) AREA 352.66 Sq.Yrd. 300.44 Sq.Yrd. 836.50 Sq.Yrd.ii) PURPOSE Residential Residential Residential Complex Complex Complexiii) SECURITY Rs. 10.00 Lacs Rs. 10.00 Lacs Rs. 25.00 Lacs DEPOSITiv) INITIAL Rs. 1.00 Lacs Rs. 1.00 Lacs Rs. 1.00 Lacs PAYMENTv) DEVELOPMENT Rs. 400.00 Rs. 400.00 Rs. 450.00 RIGHT CHARGES Per Sq. Ft. Per Sq. Ft. Per Sq. Ft.The terms and conditions of Property Developmentarrangements made between the Company and owners of thePlot are commercially prudent.COMPANIES UNDER SAME MANAGEMENTThere are no Companies under the same management within themeaning of Section 370(1B) of the Companies Act 1956.