Starlite Components Ltd Company Summary

Starlite Components Ltd Summary

Starlite Components Limited was incorporated on November 13, 1991 and commenced production in 1992. The company took over the running business of Filaments & Filaments. The same was promoted by Subashchandra Bharati, Rochana Bharati, Arvind Bharati, Ramesh Shahpukar, Bharat Jaiswal. Presently, the Company is engaged in the business of Electronic Ballast, LED products like Lamp Components & Drivers, Lighting Fixtures, Fittings and LED Lamps.The company established a unit to manufacture GLS and FTL filaments, speciality filaments and lamp caps bases with an installed capacity of 150 mln pcs, 1200 mln pcs and 90 mln pcs respectively at Satpur, Nasik. In 1994, the company came out with a public issue to part-finance the cost of expansion/diversification and to meet the margin for working capital requirements.Since the Companys investment in Paragon Plastics Ltd. did not prove fruitful, the Company sold 12000 shares, out of 23549 shares, during the year 2004, to a creditor against its outstanding dues @ Rs. 55.40/- per share i.e. at a price higher than its book value. Due to this, the Companys investment in Paragon Plastics Ltd. reduced to 49% and hence was no longer a subsidiary of the Company. Company is under Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC) pursuant to terms of Order passed by the Honble National Company Law Tribunal (NCLT), Mumbai Bench with effect from 29 January 2020. CA Naren Sheth was appointed as Interim Resolution Professional by NCLT vide its Order dated 29 January 2020. Its affairs, business and assets are being managed by the Interim Resolution Professional CA Naren Sheth who was appointed vide order dated 29January 2020 by Honble NCLT, Mumbai Bench.