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
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
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
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
MAIN OBJECTS OF THE COMPANY
The main objects of the Company as set out in the Memorandum of
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
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
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
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
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
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,
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
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.
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
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
The Company does not have any subsidiary company.
-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
-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.
-Company name has been changed from Nucleus Netsoft & GIS India Ltd
to Asit C Mehta Financial Services Ltd
- The Company has recommended dividend of 5%