Siel Financial Services Ltd Management Discussions.
Siel Financial Services Limited was mainly engaged in the business of leasing, advancing loan/lCDs, making investments, bill discounting and other financial activities. The Company is not doing any business activities and had been lying dormant for the last more than twelve years.
The Company has submitted its reply to exchange that as the Company is dormant since more than ten (10) years, there are no employees in the Company, except minimum number of Directors appointed for compliance purpose and the Company has very limited cash which is placed in Fixed Deposits. The interest earned on FD is being used by the Company to meet expenses relating to various filing and other fees for statutory compliances.
The Securities and Exchange Board of India (SEBI) passed an order dated 26.8.2014 under Section 11(1), 11(2)(j), 11(4) and 11B of the SEBI Act, 1992 read with Section 12A of the Securities Contracts (Regulation) Act, 1956 in the matter of non-compliance with the requirement of Minimum Public Shareholding (MPS) under clause 40A of the Listing Agreement and restrained the Company, its promoters and directors from trading in company scrip.
The financial performance of the Company is covered in the Directors Report.
As there is no employee on the rolls of the Company, there is nothing to report on the development of human resources.