BACKGROUND OF THE COMPANY
Vallabh Poly-Plast International Limited, was originally incorporated on April 1, 1989 as a Partnership Firm, bearing the name Vallabh Poly-Plast. The said firm was reconstituted thrice on January 27, 1993, April 2, 1993 and July 14, 1993. Thereafter, on October 7, 1994, it was converted into a Private Limited Company. On December 1, 1994, the company was converted to a Public Limited Company. The Company had made its maiden Public Issue of 15,00,000 equity shares of Rs. 10/- each, at par, aggregating to Rs. 1,50,00,000 (Rupees One Crore Fifty Lakhs only), on March 20, 1995. Subsequently, the equity shares of the Company were listed on BSE and Ahmedabad Stock Exchange Limited (“ASE”). The present Board of Directors comprises of
- Mr. Bhagwat Swarup Sharma, Whole Time Director
- Mr. Placid Naronha, Independent Director
- Mr. Ilidio Manuel Pereria, Independent Director
- Mrs. Michelle Dolphie Sequeria, Non Executive Director (Women Director)
The Authorised Share Capital of the Company as on date is Rs. 25,00,00,000 (Rupees Twenty Five Crore Only) divided into 2,50,00,000 equity shares of Rs. 10/- each. The issued, subscribed and paid-up capital of the Company, as on the date is Rs.4,19,59,000/- (Rupees Four Crore Nineteen Lakhs and Fifty Nine Thousand Only) comprising of 41,95,900 equity shares of face value of Rs. 10/- each fully paid-up.
VPPIL was engaged in manufacturing of Plastic Plain / Printed Bags, Rolls, Garbage and Zhabala Bags, etc. The manufacturing facilities were located at Dabhel, Daman (U.T.). Due to adverse market conditions, competition from unorganised sector, change in government policies whereby the plastic bags below 50 microns were banned and interest burden on the loans taken from the bank, created financial crunch resulting in the Company incurring huge losses and the Networth of the Company was completely eroded in the financial year 2001-02. Consequently, it filed a reference to Board for Industrial and Financial Reconstruction (“BIFR”) under a covering letter dated June 28, 2002 under Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (“SICA”). BIFR passed an Order dated October 9, 2003 for liquidation and winding-up of the Company. Thereafter, BIFR referred the Company to the Bombay High Court for appointment of Official Liquidator and winding-up. During the process of liquidation, the Company entered into a One-Time Settlement Scheme (“OTS”) with Bank of Baroda, its sole secured creditor. To fulfil the terms of the OTS, the Company took loans from their friends and relatives of the Promoters / Promoter Group in the month of July 2007 to settle the dues payable to Bank of Baroda. Subsequently, the Company received a No Objection Certificate (“NOC”) from Bank of Baroda on July 25, 2007 upon settlement of their dues under OTS. Upon successful implementation of the OTS, the Networth of the Company turned positive. The Company filed an application with the BIFR for de-registering from the purview of SICA, as the Networth of the Company turned positive and that there were no outstanding loans or interest burden from any bank or institution, thereby making the Company sustainable on long-term basis. BIFR vide its Order dated December 18, 2007 came to the conclusion that the Networth of the Company was positive and likely to be sustained on long term-basis, hence, deregistered the Company from the purview of SICA. Based on the Order of BIFR, the Bombay High Court also removed the Official Liquidator with immediate effect vide its Order dated February 14, 2008. To repay the loans and dues payable to the friends and relatives, from whom the Company had taken loan for settlement under OTS, the Company obtained approval of shareholders by passing a Special Resolution dated March 25, 2008 through Postal Ballot and sold the Land, Building, Plant and Machinery.
In the year 2010, Mr. Dheeraj Wadhawan, as “Acquirer” and Mr. Kapil Wadhawan and Mrs. Aruna Wadhawan, as “Persons Acting in Concert” have acquired 36.65% of shareholding in the Company from the exiting “Promoter and Promoter Group” and also pursuant to open offer made by them in accordance with Regulation 10 and 12 of the SEBI (Substantial Acquisition of Shares and Takeover) Regulation, 1997.
Currently, the Company is not carrying out any manufacturing activities and is a debt free company. The Company is presently carrying the activities of commission, brokerage and packing services.
The equity shares of the Company are currently listed at Bombay Stock Exchange under code no. 530403. The equity shares of the Company are admitted in dematerialized form with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited under ISIN Number – INE862K01014.