Balmer Lawrie Investments
The Government of India in view of its planned deregulation of the oil and globalisation of the economy, decided to disinvest 33.58% of its total equity holding of 59.58% in IBP Co. Limited to a strategic partner with management control. In consequence to such disinvestment, the shareholding of IBP Co. Limited in its erstwhile subsidiary, Balmer Lawrie & Co. Limited, was decided to be de-merged in favour of Balmer Lawrie Investments Limited, which was incorporated on 20 September 2001 under the Companies Act, 1956, in which the President of India holds 59.67% of its total paid up equity capital.
Stipulation of the Reserve Bank of India
Balmer Lawrie Investments Limited is also a non-banking financial Company as defined under section 45-I(f) of the Reserve Bank of India Act, 1934. On the basis of application given by the Company the RBI in exercise of their power conferred under section 45-NC of the Reserve Bank of India Act, 1934, has exempted the Company to comply with the formalities of registration and minimum net owned funds subject to the Compliance of the following provisions:
- The Company shall not conduct any business of financial institution as specified in section 45-I(c) and (f) of the RBI Act, 1934, other than acquiring shares of Balmer Lawrie & Co. Ltd., from IBP Co. Limited and subsequent disinvestment of these shares.
- The Company shall not deal with or transact in any other securities.
- The Company shall divest its shareholding and wind up its business on completion of disinvestment of shares of Balmer Lawrie & Co. Ltd & the exemption granted hereunder stands cancelled in the event breach of any of the above conditions by the Company
The Company does not carry on any business except to hold 7,04,52,900 equity shares of Rs.10/- each of Balmer Lawrie & Co. Ltd.
The Registered Office of the Company is situated in the State of West Bengal. The registered and only office of the Company is situated at the following address:
21 Netaji Subhas Road,
Pin code 700 001.