HOV SERVICES Share price

Our HistoryThe Company was incorporated in 1989 under the Companies Act 1956 as Codec Communications Private Limited under registration number 25-14448 by Anil Rajadhyaksha and Sunil Rajadhyaksha. The Company commenced its operations as a software services company on January 10 1989. The name of the Company was changed to HOV Services Private Limited on February 27 2006. The Company became a public company on January 5 2006 and the name of the Company was changed to HOV Services Limited on March 9 2006.On January 31 2002 Digital Boardwalk Incorporated (a company created as an acquisition vehicle) acquired 1694 shares of the Company of the face value Rs. 100 comprising 100% of the issued and outstanding shares of the Company which were held by Anil Rajadhyaksha and Sunil Rajadhyaksha for a consideration of USD 36460. Upon completion of the acquisition theCompany retained the services of Anil Rajadhyaksha and Sunil Rajadhyaksha. Anil Rajadhyaksha has since resigned from the Board of the Company while Sunil Rajadhyaksha continued as one of the Promoters of the Company. Subsequent to this acquisition the Company entered into the BPO market and became a 100% export oriented company approved under the STPIScheme.As of January 1 2006 Digital Boardwalk Incorporated transferred the shares of the Company to HOF 2 LLC a Limited Liability Company incorporated under the laws of the State of Nevada controlled by HandsOn Ventures LLC.HandsOn Ventures LLC (?HandsOn?) is a private equity group based in the US 100% of the membership interest of which is owned by Parvinder S. Chadha and his family members and managed by a seven member management team of which four members are our Promoters. These four members have to date contributed the equity for all acquisitions undertaken by HandsOn.HandsOn is focussed on acquiring companies in the F & A segment of the BPO sector. Since 2002 HandsOn has acquired existing businesses and continues to pursue a policy of growing the business inorganically; by augmenting the overall business and the services that may be offered to customers by the acquired businesses. Typically HandsOn incorporates an acquisition company specifically to acquire the stock of the target company. These acquisition entities are owned by HandsOn Fund LLC. The beneficial interest in this acquisition company is owned by the members and managers of HandsOn who have contributed the equity for the acquisitions. HandsOn Fund LLC holds the stock of theacquisition companies for a specified period and upon the expiry of such period the stock of the acquisition companies are then transferred to entities that are owned by such managers and members of HandsOn who have contributed equity and such managers of HandsOn who are entitled to equity based on their individual performance.Presently the Company?s Promoters at all times own the beneficial interest in the acquisition companies. As and when decided by the Promoters the acquisition companies are reorganised to pass the ownership of the operating companies to the Promoters members and managers of HandsOn. This is typically done through entities that are controlled by the Promoters and such members and managers.