Sobha Developers

Our Company was incorporated as Sobha Developers Private Limited on
 August 7, 1995 by our Promoter Mr. P.N.C. Menon.
 
 Our first residential project in Bangalore was launched in September
 1997 and was completed in two years by September 1999. Thereafter, we
 began constructing our first contractual project, the Corporate Block
 for Infosys Technologies Limited, Bangalore that was completed in
 September 2000, which took ten months to complete. Till date we have
 developed and constructed 21 residential projects in Bangalore
 aggregating 1,552 apartments and covering approximately 2.98 million
 sq. ft.of super built up area; and constructed 75 contractual
 projects in the eight states of India, covering approximately 8.42
 million sq. ft.of super built up area and two commercial projects in
 Bangalore aggregating 0.11 million sq. ft.of super built up area.
 
 Awards
 
 Our Company has been awarded the “Brick and Mortar Award” for the
 south zone in the “a+d & Spectrum Foundation Architecture Awards
 2005”. The Project completed in Mysore for Infosys by us, was
 declared by the Builders’ Association of India, Mysore Center as the
 “Project of the Year” for the year 2005.
 
 We have also received a memento from Infosys Technologies Limited in
 November 2000 in respect of our efforts in relation to the
 construction of the corporate maiden block. Further, on February 12,
 2005 we have received further recognition again from Infosys
 Technologies Limited in relation to the Mysore Campus of Infosys
 Technologies Limited.
 
 Sobha Space Private Limited, a company forming part of our Promoter
 group a company forming part of our Promoter group, has also been
 awarded “Project of the Year” for the year 2005 by the Builders’
 Association of India – Birla Super Well built Structures 2005-2006
 for its Infosys Pune Project.
 
 Change of Status and Registered Office
 
 Our registered office was shifted from E - 106, Sunrise Chambers, 22,
 Ulsoor Road, Bangalore 560042, India to 43, 2nd Floor, Dickenson Road,
 Bangalore 560 042 with effect from December 31, 2004 by a resolution
 of our Board and again from 43, 2nd Floor, Dickenson Road, Bangalore
 560 042 to E - 106, Sunrise Chambers, 22, Ulsoor Road, Bangalore 560
 042 with effect from February 10, 2005 by a resolution of our Board.
 
 We were initially incorporated as a private limited company on August
 7, 1995. The status of our Company was subsequently changed to a
 public limited company by a special resolution of the members passed
 at an extraordinary general meeting held on May 8, 2006. The fresh
 certificate of incorporation consequent on change of name was granted
 to our Company on June 2, 2006, by the Registrar of Companies,
 Karnataka.
 
 Recent Restructuring
 
 Our Company has, by means of three memoranda of sale all dated April
 3, 2006 with Sobha Interiors Private Limited, Sobha Space Private
 Limited and Sobha Glazing and Metal Works Private Limited
 respectively, all of which are companies in which our Promoters hold
 a significant stake, purchased certain selected assets and
 liabilities for a consideration of Rs. 126,742,716, Rs. 56,838,405
 and Rs. 132,082,024 respectively, which have been paid by our
 Company.
 
 The said assets and liabilities, which are enlisted in the schedules
 to the said agreements, include assets in the nature of stock of raw
 material, work in progress, fixed assets, plant and machinery. The
 liabilities which have been purchased by our Company include Bank
 liabilities in the nature of term loans, bill discounting liabilities
 and cash credits and dues to employees in the nature of salaries,
 leave encashment and gratuity.
 
 Further, under the terms of the above memoranda, our Company has
 agreed to retain and take over the services of the employees of the
 vendor companies as of the date of the memoranda of sale, subject to
 contracts of employment entered into with such employees, the human
 resources policy of the our Company and the provisions of labour law
 governing the employment of such employees. Under the agreement, our
 Company has undertaken not to terminate the services of such
 employees and to treat them as if they were appointed by our
 Company.
 
 Under the agreements, the companies selling the aforementioned assets
 and liabilities to our Company have undertaken to not carry out their
 present principal business either alone or in partnership with others
 or use or allow their name to be used in connection with any such
 business. They have further undertaken to surrender all the licenses,
 approvals or such regulatory approvals to the concerned statutory
 authorities required for the purpose of carrying on their principal
 business so as to ensure the discontinuance of the principal line of
 business.
 
 Key Events and Milestones
 
 September, 1997 : Launch of our first residential project, Sobha
 Sapphire in Bangalore
 
 September, 1997 : Launch of our first plot development ‘Harisree
 Garden’, in Coimbatore
 
 July, 1998            : Our Company obtains ISO 9001 (1994 series)
 certification
 
 September, 1999 : Our first residential project Sobha Sapphire in
 Bangalore is completed and handed over
 
 December, 1999  : Commencement of construction of our first
 contractual project, the Corporate Block for Infosys Technologies
 Limited, Bangalore
 
 September, 2000 :Completion and handover of the Corporate Block for
 Infosys Technologies Limited, Bangalore
 
 November, 2000    : Commencement of construction of our first
 contractual project outside Bangalore for Infosys Technologies
 Limited, Mysore
 
 September, 2001   : Completion and handover of our first contractual
 project outside Bangalore, at Mysore for Infosys Technologies
 Limited
 
 October, 2003      : Sobha Construction Academy and Sobha Research
 and Development Center commence functioning
 
 April, 2004            : Our Company obtains ISO 9001 (2000 series)
 certification
 
 October, 2005      : Commercial operation of fully automated concrete
 product division commences
 
 April, 2006            : Corporate restructuring by means of purchase
 of selected assets and liabilities from Sobha Interiors Private
 Limited, Sobha Glazing and Metal Works Private Limited and Sobha
 Space Private Limited
 
 May, 2006            :  Certificate of DA 1 rating by CRISIL*
 
 June, 2006           :  Change of status from private to public
 
 September 2006   :  Certificate of PR 1 rating by CARE