POCL Enterprises Ltd

POCL Enterprises Limited (POEL) specializes in manufacturing of inorganic chemicals and base metals. The company was incorporated in May 20,1988. The company has manufacturing units in Pondicherry, Kakkalur Thiruvallur, Maraimalai Nagar, Tamilnadu.The Scheme of Arrangement (Demerger) between M/s. Pondy Oxides and Chemicals Limited (Demerged Company) and M/s. POCL Enterprises Limited (Resulting Company) which interalia, envisaged for the Demerger of Metallic Oxides Division, Plastic Additives Division, Zinc Refining Division and Lead Alloying Refining Divisions of M/s. Pondy Oxides and Chemicals Limited into the Company was approved by the Board of Directors in their meeting held on March 20, 2014. The Scheme received the sanction of the Honble High Court of Judicature at Madras vide its Order dated December 4, 2014 which was received by the Company on December 19, 2014 and the Scheme came into effect from December 22, 2014. Subsequent thereto, the transfer of four demerged undertakings of Demerged Company into the Resulting Company with effect from the Appointed Date, April 1, 2013 has been completed.Prior to Demerger, POCL Enterprises Limited (POEL) was a wholly owned subsidiary of M/s. Pondy Oxides and Chemicals Limited (POCL). Pursuant to Scheme of Demerger, the entire 7,81,465 equity shares of Rs. 10/ each held by M/s. Pondy Oxides and Chemicals Limited in the Company were reduced and cancelled. Consequently the Company also ceases to be a subsidiary of POCL. A Demerger Reserve has been created to extent of Rs. 78.15 Lakhs on account of such cancellation of shares. In consideration to the Demerger of four divisions of POCL into the Company, each member of M/s. Pondy Oxides and Chemicals Limited, whose name stood recorded in the Register of Members as on January 9, 2015 (Record Date) have been allotted 1 Equity Share of Rs. 10/ each in the Company for every 2 Equity Shares of Rs. 10/ each held by the shareholders in M/s. Pondy Oxides and Chemicals Limited. Consequently the Share Capital of the Company increased to Rs. 557.60 Lakhs.The Company received Listing Approval from BSE on April 22, 2015. Followed by BSE listing approval, the Company also obtained approval from SEBI pursuant to Rule 19(2)(b) of SCRR, 1957 on May 20, 2015. The Directors were pleased to inform the shareholders that the Company received the trading approval from BSE on June 23, 2015.The equity shares of the Company are traded on BSE effective from June 25, 2015.The share price of the Company opened at Rs. 38/Mr. Anil Kumar Bansal, Mr. R P Bansal, Mrs. Manju Bansal, Mrs. Saroj Bansal, Mr. Ashish Bansal, Mr. Pawan Kumar Bansal, Mrs. Charu Bansal and Mrs. Megha Choudhari (collectively referred to as Reclassifying Promoters) desired to reclassify themselves from Promoter category to Public category in FY 2017. The reclassifying promoters do not, either acting individually or jointly or in concert, control the management or policies of POCL Enterprises Limited and they do not have the ability to appoint majority of the directors on the Board of the Company. Accordingly, the application for reclassification was made under Regulation 31A (2) read with Regulation 31A (7) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 by the reclassifying promoters. The Board of Directors of the Company approved the reclassification in their meeting held on November 11, 2016. Subsequently the Company forwarded the application to Bombay Stock Exchange (BSE Limited). Presently, the reclassification is due for approval from BSE.