PRIME PROPERTY DEVELOPMEN Share price

The Company was incorporated in the State of Maharashtra on 23rdDecember 1992 with the Registrar of Companies Bombay.Maharashtra as Akhil Holdings Private Limited. The Company wasconverted into a public limited company by special resolutionpassed on 2.9.1994 at AGM and the name changed to Akhil HoldingsLimited and certificate to that effect was received fromRegistrar of Companies. Bombay. Maharashtra on 5th October 1994.As the company being an NBFC it is bound by theguidelines/regulations issued at competent authorities such asRBI with respect to capital adequacy borrowings acceptance ofthe deposit registration with RBI etc.The Company is at present engaged in fund based as well as nonfund based financial services like Investment Banking NRIinvestment counselling Bills Discounting/ Inter CorporateDeposits. Company has various clients in the ICD/BillDiscounting business which includes Tata Telecom Ltd. and KhatauJunker Ltd.MAIN OBJECTS OF THE COMPANYThe main objects of the Company as per Memorandum and Articlesof Association are1. To carry on the business of an investment Company and for thepurpose to invest in acquire subscribe for hold sharesbonds stocks securities debentures debenture stocks issuedor guaranteed by any Company constituted and carrying onbusiness in India or elsewhere any Government State dominionsSovereign Central or Provisional Commissioners Port Trustpublic body or authority supreme municipal local or otherwise.A special resolution was passed at the Board Meeting of theCompany held on 21st November 1994 has approved inter aliathe commencement of the following activities which appear underthe ''Objects Clauses'' in the Company''s Memorandum ofAssociation:1. To carry on and undertake the business of hire-purchaseleasing and to finance lease operations of all kindspurchasing selling hiring or letting of hire all kinds ofplant. machinery equipment and vehicles and to assist infinancing all and every kind and description of hire purchase ofdeferred payment or similar transactions and to subsidisefinance or assist in subsiding or financing the sale andmaintenance of any goods articles or commodities of all andevery kind and description upon any terms whatsoever and topurchase or otherwise deal in all forms of immovable and movableproperty including land and building plant and machineryequipment ships aircrafts automobiles computers electronicsdata processors tabulators air conditioners medicalequipment domestic equipment/appliances and all consumercommercial and industrial items and to lease or otherwise dealwith them in any manner whatsoever including resale thereofregardless of whether the property purchased and leased to benew and/or used from India or from any part of the world and toprovide leasing advisory/counselling services. The company shallnot carry on any business which is prohibited under the BankingRegulation Act. 1949 and Prize Chit and money Circulation Scheme(Banning) Act 1978.2. To act as consultant and to provide management financialtechnical engineering industrial administrative advisorycommercial accountancy quality control legal taxationelectronic data processing computer and other industryservices to undertake and execute design engineering andtechnical work for projects to prepare and implement projectand feasibility report and to take up contracts and jobs onTurnkeys basis or otherwise. To act as brokers negotiators withBank financial institution and others for arranging loans andunderwriting of shares and debentures and to undertake and carryout promotion and formation of Companies firms associationstrust and run and manage them for others and on own account andto assist in selection recruitment and hiring of personnel.3. To lend money and negotiate loans and to draw acceptendorse discount buy sell and deal in Bills of ExchangePromissory Notes Debentures Hundies coupons and othernegotiable instruments and Securities and or issue oncommission subscribe for purchase fake acquire and hold sellexchange and deal in any other Company and to carry on in alltheir respective branches the business of hire-purchase housinggeneral finance investment Trust legal and life insurancetrust.SUBSIDIARY COMPANYAmazon Securities Private Limited is a subsidiary of AkhilHoldings Limited with effect from 8.2.1995. The company wasincorporated on 3rd March 1994 to carry on Non-fund basedactivities. The financial results for the period 3.3.1994 to8.2.1995 is as under: Rs. in lacsGross Income 2.84Net Profit 1.06Share Capital 1.00Reserve and Surplus: Profit and Loss A/c. 1.08Book value (Rs.) 20.8