Mangalam Worldwide Share price

The Company was originally incorporated on December 11 1995 as ‘Temchem Exports Private Limited’ as a privatelimited company under the provisions of the Companies Act 1956. Thereafter the name of the Company was changedto ‘Hindprakash Exim Private Limited’ and received fresh Certificate of Incorporation dated April 30 2007 from Registrar of Companies Gujarat Dadra and Nagar Haveli. Later on the name of the Company was changed to ‘Mangalam Worldwide Private Limited’ and received fresh Certificate of incorporation dated October 13 2014 issued by Assistant Registrar of Companies Registrar of Companies Ahmedabad. Later on consequent upon the conversion of the Company into public limited company the name of the Company was changed to “Mangalam Worldwide Limited” and fresh Certificate of Incorporation dated March 16 2022 was issued by Registrar of Companies Ahmedabad. The Corporate Identification Number of the Company is U27100GJ1995PLC028381.The Company was originally formed in the year 1995 by shareholders namely Mr. Suresh J Sharma and Mr. Bhavin KShah with the main object of trading in textile Chemicals and other Intermediates etc. Later in November 2000 suchthen existing shareholders had transferred their stake to Mr. Dinesh Gupta and Mr. Sachin Modi. In the year 2002company was taken over by Mangalam group by subscribing 10000 Equity Shares at a price of Rs. 10 each. At presentmajority of the stake belongs to Mr. Vipin Prakash Mangal Mr. Chanakya Prakash Mangal and Mr. Chandragupt PrakashMangal.During 1995 to 2019 the Company was primarily engaged into business of trading of textile Chemical and otherIntermediate items etc. the company had taken the Units along with plant and machinery on lease & license basis fromthe lessors M/s. Agarwal Mittal Concast Private Limited (Lessor company) and M/s. Vicor Stainless Private Limited(Lessor company) having their plants located at Halol (Unit-I) and Changodar (Unit – II) respectively on November 292019 in order to tap the opportunities in the steel industry. Thereafter both the lessor companies faced financial liquiditycrises and consequently admitted to National Company Law Tribunal (“NCLT”) under Insolvency and Bankruptcy Code2016 (“IBC”). the Company seeing the opportunity in the Steel Sector submitted the Resolution Plan under section30(6) 31 and section 60(5) of Insolvency and Bankruptcy Code 2016 read with Regulation 39(4) of the Insolvency andBankruptcy Board of India (Insolvency Process of corporate Persons) Regulations 2016 on November 11 2020 & FinalResolution Plan on May 06 2021 with the Resolution professional for taking over M/s. Agarwal Mittal Concast PrivateLimited (Lessor company/Corporate Debtor). the company had proposed an amount of Rs. 4817.70 Lakhs against the total claim of Rs. 24355.87 Lakhs against the Corporate Debtor. The total haircut under the proposed plan was 80.22%. The Bankers of the Corporate Debtor had issued Bank Guarantees amounting to Rs. 411 lakhs to electric supply companies for electric connections to manufacturing unit of Agarwal Mittal Concast Private Limited. As per the Resolution Plan submitted by the Company these bank guarantees were to be replaced by the company or to be reimbursed by ourcompany in case of invokement. The NCLT vide its order no. IA NO. 368/2021 in CP (IB) NO. 533/AHM/2018 passed on December 13 2021 approved the resolution plan submitted by the company for M/s. Agarwal Mittal Concast Private Limited. As on the date of Prospectus in adherence with the Resolution plan and NCLT order the company has madeentire payment of Rs.4817.70 Lakhs towards acquisition of Agarwal Mittal Concast Private Limited. Further The Company has paid Rs. 42.36 Lakhs (including interest and additional charge) towards the Stamp duty as per Resolution Plan.Additionally the company has replaced bank guarantees totaling to Rs. 260.33 Lakhs and also reimbursed Rs.136.86 Lakhs towards bank guarantees invoked by electric supply companies. Consequently the Agarwal Mittal Concast PrivateLimited is deemed to be Amalgamated with the Company on effective date i.e. May 27 2022 being Date of last paymentunder resolution plan with effect from appointed date i.e date of NCLT Order being December 13 2021. the Companyis under process to get the required records updated with respective regulatory authorities including Registrar of Companies Ahmedabad w.r.t. impact of Amalgamation of AMCPL with the Company.In addition the Company has submitted the Resolution Plan under section 30(6) 31 and section 60(5) of Insolvency andBankruptcy Code 2016 read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Processof corporate Persons) Regulations 2016 on January 04 2021 & Final Resolution Plan on March 30 2021.with the Resolution professional for taking over the Unit II belonging to company M/s. Vicor Stainless Private Limited (Lessorcompany/Corporate Debtor). the company has proposed an amount of Rs. 635 Lakhs against the total claim of Rs. 1661.88 Lakhs against the Corporate Debtor. The total haircut under the proposed plan was 61.79%. the company has received the Letter of Intent dated April 13 2021 from the Resolution Professional of Vicor Stainless Private Limited and the company has given the acceptance of the same. As per the requirement the company has also submitted the requisite Performance Guarantee. As on the date of Prospectus the company is awaiting for the requisite order from the NCLT. Further as per resolution plan submitted by the company alongwith scheme of amalgamation (forming part of resolution plan) Vicor Stainless Private Limited is proposed to be merged with Mangalam Saarloh Private Limited a subsidiary company of MWL.