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PRUDENTIAL PHARMACEUTICALS LIMITED was originally incorporated under the name of Pharmasia Drugs and Chemicals Private Limited on 25th June 1985 in the state of Karnataka. The Company was subsequently shifted to Andhra Pradesh with effect from 29th March 1990. The Company has been promoted by Pharmasia Limited a Company registered under the Companies Act 1956 and having its registered office at 49 BHEL Enclave Akbar Road Secunderabad - 500 003. The Company had acquired a sick bulk drug manufacturing unit of SPS Chemicals Private Limited a sick unit assisted by the Andhra Pradesh State Financial Corporation Limited located at 133 Bollaram Medak Dist. in an auction in January 1993 by paying a lumpsum consideration of Rs.13.25 lacs and undertaking to pay off the term loan overdues amounting to Rs.24 lacs to APSFC which has since been paid off.The Company became a Deemed Public Limited Company with effect from 6th February 1993 as per the provisions of section 43A(1) of the Companies Act 1956. The Company was converted to a Public Limited Company by a resolution passed by its members at the Extraordinary General Body Meeting held on 3rd November 1994. A fresh certificate of incorporation consequent upon the conversion of the Company was issued by the Registrar of Companies Andhra Pradesh on 15th February 1995. The Company''s name was subsequently changed to Prudential Pharmaceuticals Limited and a fresh certificate of incorporation consequent upon change of name of the Company was issued by the Registrar of Companies Andhra Pradesh on 22nd February 1995.Mr.Vinod Baid & his associates acquired the entire holding of Pharmasia Limited amounting to 140018 shares at their face value (the consideration for which has been paid in cash) in November 1994 with a view to implement the project to set up facilities for manufacturing bulk drugs.The controlling interest held by the erstwhile promoter group was acquired by Mr.Vinod Baid & Associates by transfer of shares by following the procedure set out in the Companies Act 1956 and the rules framed there under i.e. by executing transfer deeds in prescribed form in favour of the transferees.At the time of take-over the Company had certain plant and machinery which has been detailed elsewhere in the prospectus and had also placed orders for certain other plant and machinery. After the takeover the company under the new management had taken up the implementation of the project in right earnest. The products were identified additional equipment required (other than those already available and those ordered) were acquired and the manpower required for manning the project were hired. The trial production was completed in September 1995 and the Commercial Production has already commenced.The Details of the position of the Company as at 31st March 1994 the cut-off date considered by Mr. Vinod Baid & Associates for the purpose of acquisition of controlling interest in the Company has been given as under: