VLS Finance Share price

VLS FINANCE LTD was incorporated on 20th January 1986 as aPublic Limited Company under the Companies Act 1956 registered with the Registrar of Companies Delhi and Haryana at NewDelhi under the name of VARDHMAN LEASING AND SERVICES LIMITED.The Company''s name was changed to VLS FINANCE LTD (VLS) pursuantto a Special Resolution passed by the shareholders of theCompany in its 8th Annual General Meeting held on 2nd August1994 and fresh Certificate of Incorporation issued by theRegistrar of Companies Delhi and Haryana at New Delhi dated8.9.94. The Company became entitled to commence business on 4thAugust 1987 pursuant to receipt of the Certificate forCommencement of Business issued by the Registrar of CompaniesDelhi and Haryana at New Delhi and commenced business in theyear 1989.The Company was originally incorporated by Mr.Rakesh KumarJain Mr.Rajiv Jain and Mr.Mahendra Kumar N. Shah. Thecontrolling interest in the Company (which had a capital ofonly Rs.70/- at the time take over) was subsequently acquired bythe promoter Mr.M.P. Mehrotra in May 1987.The Company made a maiden public issue of its equity shares inthe month of February 1993 and subsequently got its shareslisted on Stock Exchanges at Delhi Bombay Calcutta Madras UPat Kanpur and Ahmedabad. As the number of shares offered to thepublic at that time was less than the minimum requirement forpublic issue stipulated by the Securities Contracts RegulationAct 1956 the Company obtained relaxation under Rule 19(2)(b)of the Securities Contracts Regulation Rules for getting itsshares listed. The Delhi Stock Exchange vide its letter dated27th November 1992 had communicated to the Company theapproval of the Central Government for listing of the Company''sshares on the Stock Exchanges subject to the condition that theCompany shall make another offer within a period of three yearsfrom the date of enlistment with the regional Stock Exchange inorder to raise the total public offer to 40% and the Companyseeking necessary approval regarding disclosure investorprotection etc. from SEBI. The Company through this issue isalso complying with this requirement.