Amalgamated Electricity Company Ltd

The Amalgamated Electricity Company Limited was incorporated in the year June 17th, 1936. The Company provides a wide range of consultancy and management services.The Honble High Court at Mumbai, while reviewing the LPA of Company challenging the judgement dated 24th September, 2011 of the Estate Officer as well as the order dated 2nd April had ruled that the Company is liable to pay reduced rent/ compensation Rs 125/ per sq.ft and interest 9% for the area occupied by the company from 1st September, 2007. Consequently, the company was liable to pay rent/ compensation from 1st September, 2007 to 31st March, 2013 together with interest. The Company thereafter filed a Special Leave Petition before the Honble Supreme Court in April, 2013 which was disposed off on 10th May, 2013. Further to dismissal of Special Leave Petition by the Honble Supreme Court, the Company handed over peaceful possession of premises to Dena Bank on 9th November 2013. As Company handed over peaceful possession of premises to Dena Bank and as Dena Bank has not initiated any further legal steps in any other court, the Company does not foresee any other liability vide a legal opinion.During the year 2014, the premises at Dena Bank Building, 1st Floor, 17B, Horniman Circle, Fort, Mumbai 400 023, wherein the Companys Registered Office was situated, were required to be surrendered consequent to the Court orders. Consequently, the Company shifted its Registered Office to Bhupen Chambers, Ground Floor, Unit 1, Dalai Street, Fort, Mumbai 400 001, in compliance with the directive of the Honble Supreme Court to hand over peaceful possession of the premises to Dena Bank.During the year 2014, Amalgamated Business Solutions Limited (ABSL), Subsidiary of the Company, made a preferential issue of 1,000 equity shares of Rs 10/ each pursuant to Section 81 (A) of the Companies Act, 1956. Further to the allotment of the said shares, the Companys holding in ABSL reduced to 49.40% of the enhanced capital of ABSL. Consequently, ABSL ceased to be a Subsidiary Company.