NAGA DHUNSERI HOLDING GROUP, LTD.
OBJECTS & ACTIVITIES: Investment, Investing in shares and securities and to
develop land, bufidings and also carry on business of leasing, hire purchase
finance, etc.
BRIEF HISTORY: The Company used to carry on the business of plantation of
tea. coffee and cardamoms. Tea estates were sold in 1981-82. The Company was
also owning a industires which was sold in August 1986. The Cardamom
plantation was discontijued in 1984-85. The coffee estate under the Plenty
Valley was sold during 1989-90. The Company started the business of
investment and dealing in shares and securities in 1990-91.
PLENTY VALLEY ESTATE: In 1967, the Company purchased 1,000 acres of
agricultural land with standing trees and timber. In annamalal Hills in
Madras State. A completely new estate was opened under the name `Plenty
Valley Estate' with coffee and cardamem. This estate was osl in 1989-90 to
Plenty Valley Timber 8 Coffee, Ltd. and it was handed over to the buyer on
1st April, 1990.
SCHEME OF AMALGAMATION: By a Scheme of Arrangement, the Company transferred
its two tea estates to Dhunseri Tea & Industries, Ltd. with effect from
11.1981. As per the Scheme, Dhenseri allotted 2 lakh equity shares of Rs.10
each to the Company without payment in cash and also paid a sum of Rs.20
lakhs. With this allotment of shares. Dhunseri Tea & Industries Ltd. became a
subsidiary.
As ner the scheme of arrangement entered into with Plenty Valley Timber and
Coffee Ltd., the Company, Plenty Valley Estate was vested in Plenty Valley
Timber and Coffee Ltd. with effect from 1st Apirl, 1990. As consideration,
the Company was allotted 20,00,000 equity shares of Rs.10 each a par of
Plenty Valley Timber & Coffee, Ltd. without payment in cash.
REVALUATION OF ASSETS: As at 31st March, 1989, land and assets at Plenty
Valley Estate was revalued and the net surplus of Rs.3,62,35,402 arising out
of it was credited to reveluation reserves.
SCHEME OF AMALGAMATION: Bareilly Holding Ltd. was amalgamated with teh
Company with effect from 1st July, 1980. As per the Scheme of Amalgamation,
1,10,00 equity shares of Rs.10 each of the Company were allotted to the
equity shareholders and holders of unsecured debentures (who opied for
allotment of equity shares) of the amalgamated Company. The Company's
investment in 40,000 equity shares of Rs.10 each in Pareilly Holding was
amalgamated with the Company with effect from 1st July, 1981.
SUBSIDIARY: During 1980-81, Dhunseri Tea & Industries, Ltd. and Softex Intra
Ltd. became subsidiaries. Softex Intrs. Ltd. ceased to be a subsidiary in
1984-85. Land lease Company (India), Ltd. a subsidiary of Dhunseri Tea &
Indusries Ltd. is also a subsidiary of the Company.