Bharat Ekansh Limited was originally incorporated under the name and style of “Ahimsa Imports Limited” on May 18, 1985 under the provisions of the Companies Act, 1956 vide certificate of incorporation issued by Registrar of Companies, NCT of Delhi & Haryana. The Company had received the Certificate of Commencement of Business dated July 22, 1985 issued by Registrar of Companies, NCT of Delhi & Haryana.
Subsequently, the name of the Company was changed from “Ahimsa Imports Limited” to its present name “Bharat Ekansh Limited” and a fresh Certificate of Incorporation consequent upon change of name was issued on May 05, 1993 by Registrar of Companies, NCT of Delhi & Haryana. Presently the registered office of the Company is situated at Plot 586, Pocket C, IFC, Ghazipur, Delhi 110096 and its Corporate Office is located at Chamber no. 2/1, First Floor, Tower C Plot No. 1, Sector 90 Expressway, Noida 201305. The Corporate Identification Number is L74899DL1985PLC020973.
The Company was registered as Non -Banking Financial Company (Non-Deposit) with Reserve Bank of India (“RBI”) vide certificate of registration issued dated September 22, 1998 issued by RBI. However, RBI vide its order dated September 16, 2019 had cancelled the Certificate of Registration (CoR) issued to the Company for carrying on the business of a Non- Banking Financial Institution (NBFI), as the Company was unable to achieve the minimum Net Owned Funds requirement stipulated by the RBI vide its circular no. RBI/2014-15/520 DNBR (PD) CC. No. 024/03.10.001/2014-15 dated March 27, 2015, read with notification No. DNBR.007/CGM(CDS)-2015. The Company had preferred an appeal against the stated order of the RBI. However, the Appellate Authority, vide its order dated December 21, 2020, rejected the appeal filed by the Company and upheld the decision of the RBI to cancel the CoR of the Company.
The Company was earlier listed on The Calcutta Stock Exchange Limited (“CSE”). However,
as per the directions of the Securities and Exchange Board of India (SEBI) contained in its letter Ref. SEBI/HO/MRD/DSA/OW/P/18973/1 dated July 5, 2018 addressed to CSE read with SEBI’s email to CSE dated August 10, 2018, the Company was moved to the dissemination board of the National Stock Exchange of India Limited (“NSE”).
Since the Company was moved to the dissemination board of NSE, provisions of SEBI Circular No. SEBI/HO/MRD/DSA/CIR/P/2016/110 dated October 16, 2016 (“Exit Circular”) became applicable to the Company. Accordingly the Company was under obligation to either seek listing on a Nationwide Stock Exchange or to provide exit to the investors, in terms of the Exit Circular.
The Board of Directors of the Company decided to exercise the option of seeking listing of the Company on a Nationwide Stock Exchange. For the purpose of fulfilling the direct listing requirement of MSEI, after receiving approval from Shareholders and In-Principle approval from NSE (in terms of Exit Circular), Board of Directors of the Company at their meeting held on September 02, 2020 allotted 41,73,100 Equity Shares of Rs. 10 each at a price of 13.30 per share (including a premium of Rs. 03.30 per share). (“ Preferential Allotment”).
Now, the Company is proposing to list 50,00,021 Equity Shares of Rs. 10 each of Bharat Ekansh Limited (including 41,73,100 Equity Shares allotted on September 02, 2020 post receiving the In-Principle approval from NSE) on MSEI subject to fulfilment of direct listing conditions of MSEI.
Earlier the Company was engaged in the NBFC activities like investment in shares, loans to entities etc. However, post cancellation of the CoR issued by the RBI, the Company is no longer permitted to carry on NBFI activities, accordingly, the Company has shifted its focus to the real estate sector.