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Asit C Mehta Financial Services Ltd.

BSE: 530723 | NSE: | Series: NA | ISIN: INE041B01014 | SECTOR: Miscellaneous

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Oct 20, 16:00
117.60 5.60 (5.00%)
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30-Day
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1,705
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Dec 27, 11:22
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Asit C Mehta Financial Services is not listed on NSE
Company History - Asit C Mehta Financial Services
The company was incorporated as a Public Limited Company in the name
 of Northern India Leasing Limited (NILL) on 25th January, 1984, by Mr
 Sant Parkash Pawa and his associates.  NILL went public in 1985 with
 an issue of 2.00 lakh Equity Shares of Rs.10/- each for cash at par.
 Mr. Virender K. Arora, Mrs. Deena A. Mehta and Mr. Ajoy Bijapurkar
 joined the Board of Directors in March 1991.  In April 1991, the
 earlier Directors namely, Mr. Bishambar Das, Mr. Dalip Kumar and Mr.
 Yodhraj Singh resigned due to personal reasons resulting in the
 reconstitution of the 
 Board of Directors of the Company.  The name of the Company was
 changed to Nucleus Securities Limited with effect from 8th July 1993,
 vide fresh certificate of incorporation, consequent to change of name,
 issued by the Registar of Companies, Delhi and Haryana.  In December
 1993, Mr. Asit C. Mehta joined the Board and was appointed the
 Chairman in 
 February 1994.
 
 By and under the scheme of amalgamation framed under Sections 391 and
 394 of the Companies Act, 1956 and sanctioned by the Honourable High
 Courts of Bombay and Delhi the entire undertakings of Nucleus
 Financial Services Private Limited, a company incorporated under the
 Companies
 Act, 1956 and having its registered office at 12th Floor, Nirmal
 Building, Nariman Point, Bombay - 400 021 was transferred to, vested
 and amalgamated in NUCLEUS SECURITIES LIMITED with effect from 1st
 April, 1993.  Certified copy of the orders of the above referred
 courts were filed on 27th May, 1994 and 8th October, 1994.  Nucleus
 Financial 
 Services Pvt. Ltd. was promoted by Mr. Asit C. Mehta and Mrs. Deena
 Mehta and was engaged in the business of discounting bills,
 leasing/hire purchase and money changing business.  The amalgamation
 of the two companies was an outcome of the concurrence of the
 businesses carried out by the two Companies.
 
 Nucleus Securities Limited is a Non-Banking Finance Company
 registered with Reserve Bank of India vide their letter
 No.2602/05.1.5.3408/94-95 dated January 12, 1995.  It must, however,
 be distinctly understood that in registering the Company, the Reserve
 Bank of India does not undertake any responsibility for the financial
 soundness of the Company or for the correctness of any of the
 statements made or any commitments made or opinions expressed.  The
 Company has made an application to Reserve Bank of India at Delhi for
 re-classification as a Hire-Purchase and equipment Leasing Company.
 
 The Company has already received permission to act as a Category I
 Merchant Bankers from SEBI vide their letter dated February 22, 1995.
  The Reserve Bank of India has transferred the license from NFSPL to
 the company to operate as a Full Fledged Money Changer vide their
 endorsements on the original licenses dated 6th and 21st October
 1992.
 
 MAIN OBJECTS OF THE COMPANY
 
 The main objects of the Company as set out in the Memorandum of
 Association are:
 
 1. To carry on and undertake the business of finance, hire purchases,
 leasing and to finance lease operations of all kinds, purchasing,
 selling, hiring or letting on hire all kinds of plant and machinery
 and equipment that the Company may think fit and to assist in
 financing of all and every kind and description of hire purchase or
 deferred payment
 or similar transactions and to subsidise finance assist in
 subsidising or financing the sale and maintenance of any goods,
 articles or commodities of all and every kind and description upon
 any terms whatsoever and to purchase of otherwise deal in all forms
 of immovable and movable property including land and buildings, plant
 and machinery,
 equipment, ships, aircraft, automobiles, computers and all consumers,
 and industrial items and to lease or otherwise deal with them in any
 manner including resale thereof regardless of whether the property
 purchased and leased be new and or used.
 
 2. To advance deposit or lend money, securities and properties to or
 with any company, firm, person or association 'whether falling under
 the same management or otherwise', in accordance with and to the
 extent
 permissible under the provisions contained in Section 370 of the
 Companies Act, 1956 with or without security and on such terms as may
 be determined from time to time.  However the Company shall not carry
 on the business of Banking as defined under the Banking Regulation
 Act, 1949.
 
 3. To carry out financing operations and perform financing services
 including factoring making of loans, both short and long term with
 provision for computer software.
 
 4. To provide a leasing advisory/counselling service to other
 entities and or form the leasing arm of other entities.
 
 5. To carry on the business of the Merchant Banking and Port Folio
 Management subject to SECURITIES AND EXCHANGE BOARD OF INDIA
 (MERCHANT BANKING) Rules and Regulations 1992/and such other
 approvals as may be required from other authorities/subject to
 compliance of any other law in this regard, but not to carry on all
 or any part of Banking Business as contemplated by the Reserve Bank
 of India Act/Banking Regulations Act 1949.
 
 6. To buy, sell, trade, exchange, deal, or otherwise engage in India
 or abroad in trade and investment instruments of all kinds and types,
 whether securitised or not, including shares, stocks, securities,
 debentures, bonds, cumulative convertible preference shares
 certificates of deposits, commercial paper, participation
 certificates, bills of
 exchange, letters of credit, promissory notes, cheques whether
 negotiable or not, currencies, drafts, travellers' cheques, all kind
 of units, coupons, warrants, options and such other derivatives,
 issued or to be issued by companies, governments, corporations,
 banks, co-operatives, firms, organisations, mutual benefit societies,
 in India or abroad and trade in either as principal, broker, agent,
 dealer, stockist, trader, consignee or any other capacity. 
 
 7. To barter, swap, borrow, lend, assure, underwrite, guarantee, give
 comfort for pledge, hypothecate, charge, mortgage, procure or mobilise
 funds for or arrange placement of or otherwise deal in stock
 securities, debt, commodity, foreign exchange, bullion, housing
 finance, futures and options, currencies, credit savings and loan and
 factoring of debt and any other financial services in India or abroad
 and deal in either as principal, broker, agent, dealer, stockist,
 trader, consignee or any other capacity.
 
 8. To acquire membership, dealership, directorship, licences,
 permits, registration or such other positions in such Associations,
 Exchanges, Organisations and bourses in India and abroad carry on the
 businesses as members, dealers, licensee or any other capacity in any
 of these.
 
 The Honourable Company Law Board has confirmed the amenedment and
 incorporation of the objects clauses no. 5, 6, 7 & 8 in the
 Memorandum of Association vide its order dated December 7, 1994.  The
 Company has received a certified copy of the order of the Board,
 subsequently
 filed it with Registrar of Companies, National Capital Territory of
 Delhi at New Delhi, on 24th February, 1995 and Registered by
 Registrar of Companies, National Capital Territory of Delhi and
 Haryana on 9th March, 1995.
 
 PRESENT ACTIVITIES OF THE COMPANY
 
 Nucleus Securities Limited is a diversified Financial Services
 Company, offering a wide range of financial services as detailed
 below.
 
 Leasing and Hire Purchase
 
 Through this activity the company finances medium sized business. 
 Funding in these activities is done through the company's owned funds
 and through credit limits with commercial banks.  The leased assets of
 the Company as on March 31, 1994, was Rs. 120 lakhs.
 
 Corporate Services
 
 The Company has a strong presence in the fee-based Corporate Advisory
 Services.  Drawing its knowledge and expertise from the vast
 experience and reputation of Mr. Asit C. Mehta, the Chairman, as one
 of the largest money market traders in the Country, the Company
 advises a host of Corporates in this field.  The services are
 rendered both in the form of assistance in raising short to medium
 term funds by placing instruments like Commercial Papers and Inter
 Corporate Deposits, or by helping to invest short to medium term
 surpluses in similar papers.
 
 Foreign Exchange (Money Changing)
 
 The exchange service division provides money changing facilities to
 inbound and outbound passengers at two primary locations in Bombay. 
 The company has established this service in record time and handles
 large volume of a variety of currencies and traveller's cheques.
 
 Research and Advisory Services
 
 This activity involves carrying out company and industry specific
 studies for in-house use and for specific client use.  A fortnightly
 news letter, Nucleus Views, published by the company includes
 industry studies, capital market recommendations and a review of the
 happenings in the stock markets.  The division is equipped with
 necessary computerised infrastructure.
 
 Over The Counter Trading in Securities
 
 Nucleus Financial Services Private Limited was empaneled by the Over
 The Counter Exchange of India (OTCEI) as a dealer. In view of merger
 of Nucleus Financial Services Private Limited with Nucleus Securities
 Limited, the company has applied to OTCEI for transfer of registration
 in favour of Nucleus Securities Limited.  Apart from broking, it is
 engaged in market making and trading in select scrips on the OTCEI.
 
 Trading in Debt and other Securities
 
 The Company is also engaged in trading in Debt Securities and
 Equities.
 
 Merchant Banking
 
 Nucleus Financial Services Pvt. Ltd. was Category II Merchant Bankers
 registered with SEBI.  NFSPL had acted as Co-Managers/Advisors to the
 Rights Issues of Associated Stone Industries (Kotah) Limited, Geekay
 Exim (India) Limited and Hardcastle nd Waud Manufacturing Company
 Limited, and is associated as Co-Managers to the Public Issues of
 Arun Mantex Limited, Ramgopal Polytex Limited, Standard Capital
 Markets Limited and Kabsons Industries Limited.  Besides, Nucleus
 Financial Services Pvt. Ltd. had oftered underwriting in 22 Public
 Issues aggregating Rs. 524.80 Lakhs.  SEBI has already authorised NSL
 to act as a Category I Merchant Banker as mentioned earlier in this
 Prospectus.
 
 SUBSIDIARIES
 
 The Company does not have any subsidiary company.
 
 
 2004
 
 -Nucleus Securities Ltd has informed that the management of the
 company has decided to close down the Money Changing operations at
 the following 8 branches: Ahmedabad, Infantry Road Bangalore,
 Chennai, Coimbatore, Pune, Secunderabad, Tiruchirapally and
 Trivandrum.
 
 2006
 -Nucleus Netsoft & GIS India Ltd has appointed M/s Intime Spectrum
 Registry Ltd (Intime), Mumbai, as the new RTA in place of MCS Ltd
 whose registry business has been taken over by Intime.
 
 -Company has changed its name from Nucleus Securities Ltd. to Nucleus
 Netsoft & GIS India Ltd.                                           
                                                     
 2007
 
 2008
 -Company name has been changed from Nucleus Netsoft & GIS India Ltd
 to Asit C Mehta Financial Services Ltd
 
 2010 
 - The Company has recommended dividend of  5%