Panabyte Technologies Ltd

Panache Innovations Ltd. was incorporated in June 16,1981. The company is into the business like wholesale of machinery, equipment and supplies and plastic granules. As on 31 March 2019, the company had two wholly owned subsidiaries, named Eddy Andy International Limited (Hong Kong) and Panache Innovations DMCC (DubaiUAE).The Companys equity shares were previously listed in The Calcutta Stock Exchange Limited, The U.P. Stock Exchange Limited and BSE Limited. The Company on 7th October 2014 received listing approval from BSE Limited for listing of its securities on BSE Limited. Further it has received trading approval on 27th October 2014 from BSE Limited. Further on 12th May, 2015 the equity shares of the company got delisted from The Calcutta Stock Exchange Limited vide voluntary delisting application filed by the Company to the exchange. Further SEBI vide order No. WTM /RKA /MRD/ 49 /2015 dated 9th June, 2015, granted exit to The U.P. Stock Exchange Limited from being a stock exchange w.e.f 9th June, 2015. Therefore the equity shares of the company stood delisted from UPSE from 9 June 2015. During the year 201516, Mr. Sonal Gupta was the promoter of the Company. However, pursuant to open offer under Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, Act 2011, the shares of promoter were acquired by the acquirer and hence post completion of open offer, which was after the reporting period 201516, the new promoters of the Company as on 31 March 2016 are Amit Rambhia, Nikit Rambhia and Devchand Rambhia.During the year under review 2017, Company has changed the main objects of the Company from trading in textiles to manufacture, trade, distribution of Information Technology Products vide resolution passed by the members of the Company on 1st April, 2016 and the same was approved by the Registrar of Companies, West Bengal through Certificate of Registration of the Special Resolution Confirming Alteration of Object Clause on 10th June, 2016 and the Company has done well in this area of business. Further the Company in order to expand the business plans proposed to enter in to the market of dealing in water bottles containing ionized water. This line of business is expected to give an increase in the revenues of the Company since the new business of dealing in water bottles of ionized water is technologically innovative product and has accordingly altered the object clause of the company by according members approval on 9th March, 2017 and the same being approved by the Registrar of Companies, West Bengal through Certificate of Registration of the Special Resolution Confirming Alteration of Object Clause on 21st March, 2017.During the year under review, the name of the Company was changed from Ruby Traders Exporters Limited to Panache Innovations Limited which was approved by the Board of Directors on 14th January 2017 and subsequently received Members approval on 9th March 2017. The changes of name was approved by the Registrar of Companies, West Bengal vide Fresh Certificate of Incorporation pursuant to change of name having effect 23rd March, 2017.During the year under review, the Company has incorporated a wholly owned subsidiary under the name Eddy and Andy International Limited having address of 13/F, Wah Kit Commercial Centre, 300 Des Voeux Road Central vide Certificate of Incorporation received on 18th July, 2016.During the year under review 2017, the Company was considering merger plan with Vardhaman Technology Private Limited, however, the discussion with Vardhaman Technology Private Limited didnt work out and the merger plan was withdrawn.During the year 2017, the Board of the Company proposed to shift registered office of the Company from the state of West Bengal to the State of Maharashtra and received the approval of the members of the Company by postal ballot on 4th May 2017.During the year under review 2018, Panache Innovations DMCC became wholly owned subsidiary of the company.The Regional Director (RD), Kolkata, vide its order dated April 24, 2018, approved the shifting of Companys registered office from State of West Bengal to State of Maharashtra. The Board on August 1, 2018, vide their resolution passed through circulation, have approved the registered office address in Bhiwandi situated at 2nd Floor, Building No. A3, Unit No. 201A, Babosa Industrial Park, MumbaiNashik Highway (NH3), Saravali Village, Talathi Saja Temghar, Taluka Bhiwandi, Dist. Thane 421302, Maharashtra, India with effect from August 1, 2018. During the year 2018, the prayer was filed by the Company before the Honble Court of Chief Judicial Magistrate, Alipore, Kolkata, for compounding and disposal of case no. C.C. No. 6330A/14 of 2014 and C.C. No. C/2523/14 of 2014 which was filed before the said Honble Court by the Office of the Registrar of Companies, West Bengal, for the violation under Section 220 of the erstwhile Companies Act, 1956. Pursuant to same, the Honble Court passed an order dated 10 January 2018 and 15 February 2018 respectively for both the cases in the following manner: For C.C. No. 6330A/14 of 2014: Company was imposed a fine of Rs. 500/ wherein total fine involved in the order was Rs. 1,000/. For C.C. No. C/2523/14 of 2014: Company was imposed a fine of Rs. 500/ wherein total fine involved in the order was Rs. 2,500/ The Company has paid the fine to the Honble Court within the stipulated period. During the year 2019, the company altered its Main Object Clause of Memorandum of Association with a view to increase, expand and diversify the business of the Company backed with the objective of carrying on the business more efficiently and effectively. Approval of shareholders was obtained in the 37th AGM for the amendment in the object clause of the Memorandum of Association.During the year under review 2019, the Company in its Board meeting dated 12th November 2018, decided to initiate the process to close Panache Innovations DMCC, wholly owned subsidiary of the Company, due to poor performance and sluggish market conditions in Dubai.