Shree Manufacturing Company Ltd Company Summary

Shree manufacturing Company Limited was incorporated in November, 1976 to take over the assets and liabilities of Indian Copper Corporation Ltd. (ICCL). ICCL was nationalised in 1972 by the Government of India and ICCL was paid a compensation of Rs 7.50 Crore.

Initially, the Company was engaged in investment business. Subsequently, it set up a spinning mill with 15,840 spindle-capacity for the manufacture of synthetic blended yarn, in the Medak district of Andhra Pradesh. It commenced the commercial production in April, 1984.The Company issued 287000 12% Cumulative Redeemable Preference Shares of Rs.

100/- each to ICICI Ltd., in lieu of outstanding term loan of 2.87 crores on private placement basis. The Company has become a sick company as its accumulated losses exceeded the Net Worth. The company enter into an agreement with SBI,the operating agency for OTC of their dues.During the year 2012-13, M/s.Edge Consultancy Services LLP acquired 34,72,597 equity shares of Rs.10/- each, representing 6204% equity stake and voting rights accompanied with effective management control of the company from erstwhile promoters through open offer in terms of SEBI(substantial Acquisition of Shares and Takeovers) Regulations, 2011.