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History of Asya Infrastructure and Tourism Corporation Ltd.

SAYA was incorporated as a Public Limited Comp. with the Registrar of Companies [West Bengals] in Calcutta on 02nd December, 1985 & received its Certificate for Commencement of Business on 10th December, 1985. SAYA was promoted by Shri Rajnikant Ajmera, Shri Himanshu Ajmera & Shri Nirmalsinh Rana. The Comp. has been engaged in the activity of providing much needed finance in the priority sector of Housing. The Comp. has disbursed loans amounting to Rs.320.48 lacs to 485 accountholders for their dwelling units since commencing its operations. The Comp. has utilized the Equity Capital, the refinance facilities from the National Housing Bank, the cash accruals & the repayments of loans for loans disbursed till date. Currently a total amount of Rs.180 lacs as on 31/12/94 is receivable on various loan accounts. The Comp. has met the funds requirements from Equity Capital of Rs.100 Lacs & refinance from National Housing Bank of Rs.117 Lacs [as on 31st December, 1994.s]

The Comp. has filed a petition with the Comp. Law Board, Eastern Region Bench for transfer of its Registered Office from the State of West Bengal to the State of Gujarat. The petition has been moved as the major operations/activities of Comp. are in the Western Region, more specifically in Gujarat. The Comp. has also filed a petition with the Comp. Law Board, Eastern Region Bench for alteration of its Main Objects Clause to make it in confirmity with the stipulation of Central Board of Direct Taxes, for availment of benefit under section 36[1s][viiis] of Income Tax Act, 1961. The Comp. is allowed a deduction of 40% of total income credited to a Special Reserve as provided under Section 36[1s][viiis] of Income-tax Act, 1961. The deduction is restricted to the extent that the aggregate of amounts transferred to such Special Reserve Account from time to time, doesn't exceed twice the paid-up Share Capital [excluding the amount capitalised from reservess] of Company.

Both the petitions are at a hearing stage & the Comp. expects to get the said amendments approved by Comp. Law Board, in due course.

The Comp. has also passed a resolution for change of its name to 'SHFC Limited' for which the necessary application to the Regional Director, Comp. Law Department is yet to be made.

THE MAIN OBJECTS OF THE COMPANY

The Main objects of Comp. are stated in the Memorandum of Association of Comp. and, inter alia, include:

To provide long term finance to any person or persons or co-operative society or association of persons or body of individuals either at interest or without and/or with or without any security for construction, purchase, enlarge or repair of any houses, flats, row houses, bunglows, rooms, huts used for residential purposes either in total or part thereof or to purchase any free hold or leasehold lands, estate or interest in any property to be used for residential purposes.

The Comp. has as mentioned earlier made an application to the Comp. Law Board for modification to the Main Objects Clause as below:

To carry on business of providing long term finance to any person or persons or Comp. or corporation or co-operative society or association of persons or body of individuals either at interest or without and/or with or without any security for construction, purchase, enlarge or repair of any houses, flats, row houses, bunglows, rooms, huts used for residential purposes either in total or part thereof.

PRESENT BUSINESS OF THE COMPANY

The Comp. is engaged in the business of providing long term finance to any person or persons or Comp. or corporation or co-operative society or association of persons or body of individuals either at interest or without and/or with or without any security for construction, purchase, enlarge or repair of any houses, flats, raw houses bunglows, rooms, huts used residential purposes either in total or part thereof.

The Comp. has as of date disbursed loans amounting to Rs.320.48 lacs to 485 accountholders for their dwelling units. Currently a total amount of Rs.180 lacs [as on 31/12/1994s] is receivable on various loan accounts.

In addition to the personnel, the Comp. has a well established infrastructural facilities with an office of 1200 sq.ft. in the prime locality of Ahmedabad with the necessary support systems like, telephone, fax, computer fully operational.