Kimia Biosciences Ltd Company Summary

Kimia Biosciences Limited, formerly known Laurel Organics Limited was incorporated in September, 1993. The Company has own manufacturing of Bulk Drugs-APIs at its plant located at Gurgaon, Haryana. The name of the Company was changed from Laurel Organics Limited to Kimia Biosciences Limited w.e..f 4 January, 2019.

Since then, it engages in the business of Pharmaceutical products.The company set up a bulk drug manufacturing unit at Gurgaon, Haryana, at a project cost of Rs 10.41 cr. It came out with a public issue in Feb.95 to part-finance the project. Commercial production commenced in May 95.

During the 1998-99, the company has become a sick industrial units.The Honble BIFR vide order dated 27th December, 2005 had deregistered the Company as Sick Industrial Undertaking on the ground that 100% of the capacity was utilized for manufacture of the intermediate products for M/s Ranbaxy Laboratoty Limfted (RLL) and , thereby, turning-out to be an ancillary industrial Undertaking. .The Honble AAIFR disposed the appeal of M/s Ranbaxy Lab. Ltd vide its Order dated 30.08.2006, directing them to file an application before the Hoble BIFR only to redress grievances.

Therefore, M/s Ranbaxy Lab. Ltd had filed an application-dated 31.10.06 before the Honble BIFR, requesting them to consider issuance of appropriate corrective orders. The Board has re-confirmed its earlier order.

Therefore, despite negative net worth, the Company is out of BIFR purview.Pursuant to Scheme of Amalgamation as approved by NCLT vide its order dated August 21, 2018, the business of Kimia Biosciences Limited, which was engaged in the business of Sale & Manufacturing of Bulk Drugs (API)), was merged with the business of the Company as going concern, making the Scheme effective from September 17, 2018. The merger involved the consolidation of 37,28,100 equity shares held by Kimia Biosciences Limited.