SBEC Sugar Limited (hereinafter referred to as SSL or the
Company) was incorporated on May 3, 1991, in the name and
style of Modi Sugar Limited under the Companies Act, 1956.
It was originally promoted by Mr. U.K. Modi and Associates
to set up a sugar project of 2,500 TCD. On 15 January,
1994, the company entered into a "Shareholders Establishment
Agreement" with SBEC Systems (India) Ltd. (hereinafter
referred to as SBEC), in terms of which SBEC agreed to
promote the sugar project and also to participate in the
equity capital of the Company. The salient features of this
agreement are as given below:
a. SBEC agrees to collaborate for the realisation of the
PROJECT and to participate in equity of SSL.
b. The total tentative financial requirements for
establishing the PROJECT including the margin on current
assets required for the operations is estimated to be an
amount of around Rs.50 crores.
c. The above funds requirements is proposed to be met by way
of Public Issue and/or raising funds through leasing,
foreign currency loan, term loan from Banks/Financial
Institutions, etc. For the determination of the project
feasibility and the scheme of finance, it is agreed that the
parties shall appoint a reputed Bank/Merchant Banker.
d. SBEC, along with its associates, shall bring the entire
promoters' contribution required under the scheme of
financing suggested by the merchant bankers during the
appraisal in consultation with SBEC and any amendments
thereafter.
e. The timing of Public Issue of SSL, if any, will be
decided in consultation with SBEC.
f. SSL shall be responsible for obtaining all necessary
approvals/clearances for the PROJECT.
g. In case of an over run in the cost of the Project, SBEC
will be responsible for arranging such additional funds.
h. The Board of Directors, of the Company shall not take any
action in any of the matters specified in the agreement
except upon the affirmative vote of a majority of Directors
present and voting, which majority shall include at least
one director nominated or appointed or designated by SBEC.
i. SBEC shall always be entitled to nominate one half of the
total number of directors of the Company.
Subsequently, the name of the company has changed to "SBEC
Sugar Limited" under section 21 of the Companies Act, 1956
vide Certificate No. 55-44202, dated May 17, 1994, since it
was considered to be the most appropriate name as SBEC is
its sole promoter.
SBEC Sugar Limited is presently in the process of
implementing the sugar project.
Assets and Liabilities Position as on 31.01.1996
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APPLICATION OF FUNDS Rupees Lacs
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1. Fixed Assets 1806.15
2. Pre-operative expenses
(Pending Capitalisation/Allocation) 442.60
3. Net Current Assets (378.22)
4. Misc Expenditure not written off 34.29
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Total 1904.82
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SOURCES OF FUNDS
1. Share Capital 0.04
2. Advance against Share Capital
(Pending Allotment) 1827.29
3. Unsecured Loans 77.49
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Total 1904.82
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(The Company has not revalued its fixed assets)
Significant Notes to Accounts:
1. Estimated amount of contracts remaining to be executed on
Capital Account and not provided for as on 31.01.1996 (net
of advances) is Rs.2277.59 lacs.
2. Land valuing Rs.3.25 lacs is purchased in the name of
Sadhu Ram Gupta and Rs.1.58 lacs in the name of SBEC
Systems (India) Ltd. as nominees.
3. Advance against share capital includes Rs.1456.70 lacs
being amount advanced and/or expenses incurred on behalf of
the company by a Body Corporate, being the Promoter Company,
to be adjusted against share capital to be subscribed by the
said Body Corporate.
The Advances received against PCDs amounting to Rs.1827.29
lacs have been treated as advance against Equity Shares.
Although, the promoters contribution brought in till
31.01.1996 was in excess of Rs.1690 lacs, as per the Means
of Financing, the allotment shall be restricted to Rs.1690
lacs.
Fresh applications for Equity Shares in lieu of PCDs for
Rs.1546.70 lacs have already been received and for the
balance amount, application are under receipt.
There is no business interest/financial benefits accruing to
the promoters on account of advance against share capital to
the extent of Rs.1827.29 lacs. It is confirmed that there
is no material benefit/interest accruing on account of
remaining advances of Rs.370.59 lacs (Rs.1827.29 - 1456.70).
The land was acquired in the name of Mr.Sadhu Ram Gupta, a
nominee of SBEC Sugar Limited for the project for easier
availability of the land for which the payment was made by
the Company.
2007
-The company has designed a Email.id for Investors:investors@sbecsugar.com.
2011
-SBEC Sugar Ltd has approved the Scheme of Amalgamation of M/s. SBEC Bioenergy Limited (wholly owned subsidiary company) with the Company.
2012
-Mr. Arun Kumar Gupta has been appointed as Chief Financial Officer (CFO) of the Company
-Mr. Ajay Pal Singh Saini has been appointed as the Company Secretary cum Compliance Officer of the Company.
2013
- Ms. Shwetambery Khurana has been appointed as the Company Secretary cum
Compliance Officer of the Company.
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