Global Infratech & Finance Ltd

Global Infratech & Finance Ltd

Global Infratech & Finance Ltd. was incorporated in January 06th 1995. The Company is into the business of investing in shares & securities doing treasury operations by way of providing financial assistance to Corporate Houses and HNIs (high net worth individuals) as well as investing its surplus funds in Equity Market and infra-projects activities. At present the company operates under Infra and Finance division.The Board of Director at the Board meeting held on 17th November 2014 allotted 23855300 Equity Shares of Re. 1/- each as Bonus Shares to existing Shareholders of the Company in the ratio of 1 Equity Shares for every 10 Equity shares held by members as on the record date (i.e 17th November 2014) in accordance with the approval for Bonus received from Shareholders of the company at the 19th Annual General Meeting held on 29th September 2014 and subsequent necessary approvals from BSE Limited. The Said Bonus shares were listed and permitted to trade on the BSE Limited with effect from Wednesday November 26 2014. The Company paid the Listing Fees to BSE Limited for the year 2014-15 as well as 2015-16 in terms of listing agreement entered with the said Stock Exchange. Further is it informed that the Company in FY 2013-2014 had applied for de-listing from Ludhiana Stock Exchange Limited and the approval for De-Listing was awaited during this period SEBI vide its Order No. WTM/RKA /MRD/166/2014 dated 30th December 2014 has de-recognised the Ludhiana Stock Exchange Limited w.e.f. the date of the order thus securities of the company is deemed to be delisted from the Ludhiana Stock Exchange limited w.e.f. 30th November 2014. SEBI vide its Ex-parte Ad- Interim Order No. WTM/RKA/ ISD/ 162 /2014 dated 19th December 2014 issued under sections 11(1) 11(4) And 11B of The Securities and Exchange Board of India Act 1992 in the matter of First Financial Services Ltd has barred the company from accessing the Securities Market till further directions thus cutting off the Investment wing of the Company which has caused fall in the revenues of the Company. The company is taking necessary steps to vacate the said order so as far as it related to the Company. Except for the above-mentioned instance where in the order is an Ex-parte Ad-Interim Order there has been no instance of non-compliance by the Company on any matter related to Capital Markets.BSE had vide Notice No. 20160304-28 dated 04th March 2016 informed all the Trading Members of the Exchange about the requirement of Company's which had issued shares on Preferential basis in the previous 5 years to submit a Certificate to BSE from the Auditor failing which the trading in securities of those Company's shall be suspended as a surveillance measure. In continuation with the above said notice BSE issued another Notice No. 20160328-15 dated 28th March 2016 informing all Trading Members of the Exchange that trading in securities in a list of 31 entities shall stand suspended w.e.f. Thursday March 31 2016 till further action. In this regards the Company filed a Write Petition vide W.P(C) 2808/2016 & CM No. 11833/2013 with Hon'ble High Court of Delhi for Stay on the Suspension of trading in the Script of the Company. Subsequently Hon'ble High Court of Delhi issued Order dated 30th March 2016 stating that due to absence of Counsel of BSE Limited the said hearing in the said matter shall be held on 31st March 2016 and till then there shall be a stay of the order suspending trading in securities of the Company. Thereafter Hon'ble High Court of Delhi issued Order dated 31st March 2016 stating that the next hearing date shall be 04th April 2016 and further the stay of the order suspending trading in te securities of the company shall continue. Subsequently BSE vide notice 20160331-36 dated 31st March 2016 informed the Company and the trading members that the trading in the equity shares of the Company shall resume w.e.f. 1st April 2016. Thereafter Hon'ble High Court of Delhi issued Order dated 04th April 2016 directing the Company to submit the required documents with BSE Limited by 8th April 2016 and to appear before the BSE officials for personal hearing on 22nd April 2016 if the Company so desires and further directed BSE Limited to pass a speaking order on or before 30th April 2016 in the said matter and further the stay of the order suspending the trading in securities of the company shall continue. The Company on 08th April 2016 had submitted the requisite documents to the BSE vide its letter dated 06th April 2016. Further the Company vide its mail dated 18th April 2016 requested BSE Limited to let the Company know if the Company officials needs to be present for the personal hearing with BSE officials on 22nd April 2016 at 11:00 Hrs. Further upon receiving no communication from BSE even till 22nd April 2016 the company decided not to send its officials for personal hearing as the High Court order has empowered the Company to decide if they wish to go for the personal hearing or not. Further it is found that BSE has not issued any speaking order on or before 2nd September 2016 thus it is assumed that the trading in equity shares of the Company shall remain active.