Lancor Holdings Ltd Company Summary

Lancor Holdings Ltd Summary

Lancor Holdings Ltd (formerly known DBS Properties Ltd), was established in April, 1985. The Company is engaged in real estate development, leasing of commercial properties and allied activities.During the year 2002-03, Lancor Properties Limited became the wholly owned subsidiary of the Company.During the year 2003-04, Lancor Realty Limited became a wholly owned subsidiary of the Company, consequent upon the acquisition of entire paid up capital of the Company ie., 50,000 Equity Shares of Rs.10/- each totaling Rs.5,00,000/-. The Company incorporated M/s Lancor Gesco Properties Limited for taking projects for development with Gesco Corporation (South) Limited. It sold Lancor Royale to Indian Institute of Planning Management.During 2005-06, Lancor Properties Limited, a wholly owned Subsidiary of the Company was merged with the Company through the Scheme of amalgamation effective from 01 April, 2005. The Company further acquired 10,000 equity shares of Rs.10/- each for a consideration of Rs.5,00,000/- from the promoters of Lancor Projects Private Limited and the Company has further invested a sum of Rs.4,00,000/- by subscribing 40,000 equity shares of Rs.10/ - each in the Company. Post acquisition, the said Lancor Projects Private Limited became wholly owned subsidiary of the Company and the status of the Company was changed to Lancor Projects Limited. The project known as Abode Valley in the suburb of Chennai, consisting of 720 apartments having an average of 1,190 sq. ft. per apartment, was launched in April-May, 2008. The Central Park South project was launched on 23rd August, 2008.The Scheme of Amalgamation between Lancor G: Corp Properties Ltd. with the Company was implemented in September, 2007. As per the said Scheme of Amalgamation, the Company allotted 8,50,000 equity shares of Rs 10/- to G:Corp Pvt Ltd., Shareholder of erstwhile Lancor G:Corp Properties Ltd., against their holding of 50,00,000 equity shares of Rs.10/- each as per swap ratio of 1 equity share of Lancor Holdings Limited for every 5.88 equity shares of the said Company.Two Central Park projects involving two phases viz., The Central Park and The Central Park West were launched during 2008-09. The third phase of The Central Park South project was launched during 2010. During 2011, the Company incorporated three subsidiaries viz., Lancor Guduvanchery Developments Limited, Lancor Egatoor Developments Limited and Lancor Sriperumbudur Developments Limited during the year 2010-11. It launched a residential development project in Sriperumbudur with the name Town & Country and further another project launched as Lumina in Guduvanchery in 2011. It acquired another parcel of land opposite to The Central Park named as Central Park (Lake Front). During the year 2011-12, Lancor Projects Ltd, a Limited a wholly owned subsidiary of the Company got merged with the Company through the Scheme of Amalgamation and made effective from April 1, 2012. Similarly, during year 2014-15, the Honble High Court of Judicature at Madras, on 31st March 2015 ordered the merger of Lancor GST Developments Ltd and Lancor Realty Limited with the Company, from 01.04.2013.