Share Transfer Formalities
GOLKONDA ALUMINIUM EXTRUSIONS LIMITED was originally incorporated on 22nd August, 1988 under the name of Progressive Aluminium Limited to produce extrusions and went into production in 1991. During the year 1993 the company was taken over by Pennar Group of Hyderabad and its name was changed to Pennar Profiles Limited.
During the year 2005, Alumeco Group, Denmark along with IFU Denmark (an Industrial Fund for Developing Countries) took over the company and its Management and the name of the company was changed to Alumeco India Extrusion Limited (AIEL). Thereafter, in 2015, the name of the company was changed to GOLKONDA ALUMINIUM EXTRUSIONS LIMITED.
As the Company was facing various problems like liquidity crunch, labour problems, power cuts, credit crunch, inability to buy material, etc., the Company stopped production in July 2013. In May 2016, the Company entered into an Asset Purchase Agreement with Sagar Asia Private Limited for the sale of substantially the whole of assets of the Company, after obtaining relevant shareholder approvals.
In July 2017, Mrs. Utpal Agrawal & Mr. H. P. Agrawal (acquirers) entered into Share Purchase Agreement with Alumeco Group, Denmark (the existing promoters of the Company) for purchasing their entire shareholding in the Company and taking control over the Company, after complying with Takeover Regulations.
After taking over the Company, the new management has been trying to settle the old legal cases / disputes and starting new business, including trading in ferrous and non-ferrous metals. In order to improve the financial position of the Company, Capital Reduction was done in Dec 2019 and Preferential Allotment was done in July 2021, after obtaining relevant shareholder approvals.
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