OSIAJEE TEXFAB Share price

OSIAJEE HOUSING DEVELOPERS LIMITED was initiallyincorporated under the name and style of Osiajee Housingand Finance Limited as a Public Limited Company on February13 1995 in the State of Gujarat. The Company obtained thecertificate for commencement of business from the Registrarof Companies Gujarat on Feb. 15 1995. Thereafter thecompany'' name was changed to Osiajee Housing DevelopersLimited as on and with effect from 10th January 1996. TheCompany was promoted with the main object of developingproperties in Gujarat on its own initiative as well asunder contractual basis and to provide consulting serviceslike Architectural & Engineering in the same line.Present Business:The Company has already commenced business by enteringinto an agreement for purchase of 26.32 Vighas of land atKolavada Dist. Gandhinagar Costing around Rs.25.00 lacs.A sum of Rs.4.00 lacs has already been paid as an advancemoney. It has also entered into an agreement for purchaseof 42.82 vighas of land valued at Rs.30.00 lacs at AdrajDist. Gandhinagar. A sum of Rs. 5.00 lacs has been paid asan advance. Both the locations are in the periphery ofAhmedabad - Gandhinagar. The legal formalities and finalsale deed is expected to be completed by July 1996 andthus the land where the present projects are proposed isyet to be registered in the name of the company. These lands are being developed and plotted as individual units. The land development work has already commenced at both these locations. Meanwhile the Company has finalised one more plot in Satellite area Ahmedabad for residential scheme. Indian economy is on the take off stage and the demand for housing units is on a steep rise. The estimated housing shortage by year 2000 is expected to be around 41 million units. The demand for the house being ever increasing the company is confident of getting the bookings for its schemes. The company will be directly dealing with the customers and sale of the property will be done on direct basis. The promoter of the company is engaged in construction activity for well over 18 years and thus possess a deep knowledge and understanding of the potential buyer''s needs. The company will be approaching the potential buyers for its various schemes through the medium of news paper hoarding and direct mailers.2. THE MAIN OBJECT OF THE COMPANY1. To carry on the business of providing long term finance to any person or persons company or corporation society or association of persons with or without interest and with or without any security for the purpose of enabling such borrower to construct/purchase any house or any part or portions thereof in India for residential purpose on such terms and conditions as the company may deem fit. 2. To acquire by purchase lease exchange hire orotherwise land and property of any tenure or any interestin the same in India. 3. To develop and turn to account any land acquired any the company or in which the company is interested and in particular by leasing out and preparing the same for building purposes constructing altering pulling down decorating maintaining furnishing fitting up and improving buildings and by letting on building on lease or building agreement and by advancing money to and entering into contract and arrangements of all kinds with builders. The Main Object Clause of the Memorandum of Association of the company enables the company to undertake the activities for which the funds are being raised for the present issue. To carry on its present activities the company has passed a special resolution u/s 149 (2A) of the Companies Act 1956 at the Extra Ordinary General Meeting held on 16th January 1996 to pursue Clause no. 22 of the other objects of the Memorandum and Articles of Association of the Company.To carry on the business of an investment company and to invest in and acquire and hold and otherwise deal in shares stocks debentures debenture-stocks bonds obligations and securities issued or guaranteed by any company constituted or private industrial enterprises carrying on business in India or elsewhere and shares debentures debenture-stocks bonds obligations and securities issued or guaranteed by any Government State Dominion Sovereign Public body or authority Supreme Municipal local or otherwise whether in India or elsewhere. Registrars of the Companies Gujarat vide their letter no.24606/STA(V)/Misc/96 dated 28/06/96 has confirmed that theCompany has filed form no 20 A. The said form is adeclaration of compliance of provision of section 149 (2A)and 2(B) of the companies Act and section 149 deals withcommencement of other business etc.