ABOUT THE COMPANY
The Company was incorporated as a public limited company on 27th June, 1882 under the Indian Companies’ Act, VI of 1882. The Company was issued a fresh Certificate of Incorporation dated 30th August 1948 by the Registrar of Companies, Bombay, Maharashtra after Independence. The Company is amongst the first few companies listed on the Bombay Stock Exchange.
The Company, after incorporation, was pursuing the business of manufacturing and trading of pharmaceutical products in Mumbai (Bombay) and other parts of India. Some of the dispensing outlets of the Company had become landmark locations e.g. Kemps Corner at Mumbai. The Company had gone through various diversifications from time to time including manufacturing of toys and components thereof, which was discontinued after a few years. The Company later started retailing of luggage products through its outlets.
In the year 1993, Furn Plastic Industries Limited was amalgamated with the Company pursuant to the order dated 7th January 1993 of the Hon’ble High Court of Judicature at Bombay sanctioning the scheme of amalgamation under section 391 & 394 of the Companies Act, 1956.
The undertaking of Furn Plastics became a division of the Company and was engaged in the business of manufacturing and marketing of modular Office Furniture System (OFS). This division was renamed as OFS Division.
In the year 2001, under a scheme of arrangement the Office Furniture System Division (OFS Division) of the Company was de-merged and vested as a going concern to and in a new Company viz., Blow Plast Ergonomics Limited, (since renamed as BP Ergo Ltd ) pursuant to Order dated 10th April 2001 of the Hon’ble High Court Of Judicature At Bombay, Nagpur Bench under section 391 & 394 of the Companies Act, 1956. Upon demerger of OFS Division as per the scheme the shareholders of the Company were issued and allotted 1 equity share of Blow Plast Ergonomics Ltd., for every 1 share held in the Company without any payment.
The Company, after the aforesaid demerger of OFS Division, continued with the remaining business i.e. retailing of luggage products and accessories thereof. As such, the Company is presently carrying on the business of retailing of luggage products and accessories thereof. The Company also earns rental income from its ownership of commercial property located at Mumbai.