The Company was incorporated on 1st August, 1990 as a Public Limited
Company at Ahmedabad in the State of Gujarat. The Certificate of
commencement of business was obtained on 27th August 1990. The main
objects of the company are set out in the Memorandum of Association
of the Company as mentioned elsewhere in the prospectus, which
include, inter-alia manufacture and sale of pollution control
equipment and nitrogen generators.
The Company initially intended amalgamation of Kemp Nitrogen
Generators (P)Ltd. & Croll Reynolds Vaccum Systems (India) Pvt.Ltd.
with Cromakem Ltd., according to the appraisal report of Corporation
Bank, Bombay and carry on its main objects as stated above. Owing to
the delay that might result in obtaining permission from various
interested bodies like Banks, Institutions, Shareholders of each of
the aforesaid Companies, subsequent approval of Gujarat High Court
etc. and its implementation, the Company decided to take up the
project at hand now and go for amalgamation of the Companies with
Cromakem Ltd.,later at an appropriate time.
The Company has been promoted by Shri Rohit Shah, who has 12 years
experience in the manufacture of pollution control equipments. He
had been a consultant to Gujarat State Fertilisers Corporation.
He is a Director in Croll Reynolds Vaccum System (India) Pvt.Ltd.
which produces vaccum systems. The Company has supplied vaccum
systems to Hindustan Door Oliver, Colourchem & Simon & Carves Ltd.
Shri Rohit Shah is also a Director in Kemp Nitrogen Generators
(P)Ltd., whcich manufactures nitrogen generators. This Company had a
technical collaboration with permea Inc.,USA. Kemp Nitrogen
Generators (P)Ltd., has executed orders for various companies such as
Herdillia Chemicals, Hindustan Organic Chemicals, Garware Polyesters,
Century Enka & Gujarat Nylons. Apart from these, Shri Rohit Shah is
a director in Bajoria Synthetics Ltd. & Romiplast Ltd.
Kemp Nitrogen Generators Pvt.Ltd. promoted by Shri Rohit Shah and/or
its Directors &/or guarantors who are common Directors & guarantors
for both Kemp Nitrogen Generators Pvt.Ltd. & Croll Reynolds Vacuum
Systems Pvt.Ltd. have been served legal notices by Bank of India,
Bhadra, Ahmedabad for recovery of dues of Rs 45,57,161.97 and
interest in their Cash Credit Account on account of Kemp Nitrogen
Croll Reynolds and Kemp Nitrogen were promoted by Shri Rohit Shah.
Both the companies products cater to the chemical industry
nationwide. So Cromakem was promoted by Shri Rohit Shah to synergise
and streamline the operations of the aforementioned companies, because
these two companies will merge with Cromakem as has been stated
earlier in the Prospetus.