Atlas Jewellery India Ltd Company Summary

Atlas Jewellery India Ltd Summary

Atlas Jewellery India Ltd was incorporated on May 31, 1989. The Company is engaged in the business of domestic retail and export trade of gold jewellery and other precious metal ornaments. The jewellery has three subsets consisting of gold, diamonds and others. It opened two retail showrooms in Mumbai (Vashi) and Bangalore (Phoenix Mall) and is doing well in the retail market. During FY 2014-15, the Board of Directors of Company, with approval of shareholders, allotted 50,000,000 equity shares of face value of Rs. 10/- each fully paid up at a price of Rs 20 per equity share [inclusive of a share premium of Rs. 10 per equity share] to M. M. Ramachandran, a Promoter Group of the Company on preferential allotment basis. Subsequent to said allotment the paid up capital of the Company increased to Rs. 100654533 and shareholding of promoter group increased to 51.30%.The Promoters, M.M. Ramachandran and ATLAS Jewellery Private Ltd have been facing significant liquidity issues in the year under review. The promoter himself is in judicial custody for alleged default in repaying bank borrowings. During FY16, ATLAS Jewellery Private Limited is facing financial difficulties and its lender (South Indian Bank) has filed an application before the Debts Recovery Tribunal (DRT) for the realization of their dues. South Indian Bank in their application before DRT has also sought to take possession of the entire shareholding of the Promoter in ATLAS Jewellery India Ltd (AJIL) in FY2016.The Jaipur Stock Exchange, Delhi Stock Exchange and Ahmedabad Stock Exchange were de-recognized by SEBI w.e.f. March 23, 2015, January 23, 2017 and April 02, 2018 respectively.