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History of Tulip Finance Ltd.

The Comp. was incorporated on 22-08-1993 as Tulip Leasing & Finance Limited. On 03-12-86 the name of Comp. was changed to Tulip Roofing Industries & Finance Limited & subsequently on 06-09-92 the name was changed to Tulip Finance Limited.

The Comp. was promoted by Mr. J.L.Garg & others later to be taken over by Mr. S.P.Garg. Entire Equity shares were transferred on 23.03.97 in the name of Mr. S.P.Garg & his associates. The acquisition of shares by Mr. S.P.Garg & his Associates conformed with all the legal requirements. Clause 40B of listing requirement was not applicable as the Comp. is not listed on any sotck exchange.

The Comp. started the operation of Leasing/Hire Purchase in 1983 & the scales of business oeprations have increased since 1986 when the Comp. came under the stewardship of Mr. S.P.Garg.

The Comp. is a Non-Banking Financial Comp. & is governed by Non-Banking financial Companies [Reserve Banks] Directions 1977 issued by Reserve Bank of Indias].

Presently the Comp. is engaged in the business of providing lease finance & hire purchase finance for plant & machinery, office equipments, consumer durables, vehicles etc., & finance for Motor vehicles & consumer durables, vehicles etc., is extended to group of employees of companies, Institutions & Government Undertakings with repayments being effected by way of deduction at source from salaries.

The Comp. doesn't have any Subsidiary company.

Mr. S.P.Garg, aged 59 years [date of birth 09.08.1934s] presently Managing Director of TULIP FINANCE LIMITED, after completing his studies from Delhi School of Economics, remained in USA from 1960 to 1964, where he successfully passed higher course in Marketing & Management from New York University, USA. Also, he was looking after the affairs of Devidayal Group of Companies in USA. On his return to India in 1964, he joined M/s. Devi dayal Tube Industries Limited as EXPORT MANAGER & then was promoted to the post of ZONAL MANAGER in 1965. In 1969 he joined as Zonal Manager with M/s. Alcobex Metals Limited. From 1973 to 1979, he carried on his own agency business [Non-Ferros Metalss] in Delhi. From 1976, he also started looking after the affairs of M/s. BSES Limited, Bombay, as Advisor besides his own agency business. However, from 01.01.1986, he took over the reins of M/s. Tulip Leasing & Finance Limited as Director-in-charge, & started controlling the total affairs of Comp. as its Managing Director with effect from 26.04.1986.