Agritech Info - Memorandum

INFORMATION MEMORANDUM
AGRI-TECH (INDIA) LIMITED

(Incorporated as Public Limited company on 13th September, 2000)
Incorporated initially as a Private Limited Company on 2nd August, 1993 in the name and style of
“SOMNATH FARMS PVT.LTD.” and converted into Public Limited Company on 5th day of
September 2000 under the name and style of "SOMNATH FARMS LTD." under the provisions of the
Companies Act, 1956 in the state of Maharashtra, and later changed the name as AGRI-TECH (INDIA)
LTD., on 5th March, 2001.
Registered Office: Nath House, Nath Road, Aurangabad – 431 005

Phone : 0240-2376314, 2376315, Fax:
INFORMATION MEMORANDUM FOR LISTING OF 64,34,00,000 EQUITY SHARES OFRS.10 EACH
NO EQUITY SHARES ARE PROPOSED TO BE SOLD OR OFFERED

PURSUANT TO THIS INFORMATION MEMORANDUM
GENERAL RISKS
Investors in equity and equity related securities involve a degree of risk and investors should not invest in
the equity shares of Agri-Tech (India) Ltd., unless they can afford to take the risk of losing their
investment. Investors are advised to read the Risk Factors carefully before taking an investment decision
in the shares of Agri-Tech (India) Ltd. For taking an investment decision, investors must reply on their
own examination of the Company including the risks involved.
ABSOLUTE RESPONSIBILITY OF AGRI-TECH (INDIA) LTD.
Agri-Tech (India) Ltd., having made all reasonable inquiries, accepts responsibility for, and confirms that
this Information Memorandum contains all information with regard to Agri-Tech (India) Ltd., which is
material, that the information contained in the Information Memorandum is true and correct in all
material aspects and is not misleading in any material respect, that the opinions and intentions expressed
herein are honestly held and that there are no other facts, the omission of which makes this Information
Memorandum as a whole or any of such Information or the expression of any such opinions or intentions
misleading in any material respect.
LISTING
The Equity Shares of Agri-Tech (India) Ltd., are proposed to be listed on the Stock Exchange, Mumbai
and the Ahemedabad Stock Exchange. The Securities and Exchange Board of India (SEBI) vide its Letter
Letter No. CFD/DIL/UR/41173/2005 dated 25th May, 2005 has granted relaxation from the strict
enforcement of the requirements of Rule 19(2)(b) of the Securities Contract (Regulation) Rules, 1957 for
the purpose of listing of shares of Agri-Tech (India) Ltd., subject to the transferee company viz. Nath
Seeds Limited complying with all the provisions of Clause 8.3.5 of the SEBI (DIP) Guidelines, 2000
SHARE TRANSFER AGENT

M/s.Bigshare Services Pvt.Ltd.,
E-2/3, Ansa Industrial Estate,
Sakivihar Road,
Saki Naka, Andheri (East),
MUMBAI – 400 072
TABLE OF CONTENTS
S.No. TOPIC Page No.

Glossary of Terms/Abbreviations 3
Risk Factors 4–5
Introduction 6–7
I. General Information 8 – 11
II. Capital Structure 12– 21
III. Objects of the Scheme of Arrangements 22 – 28
IV. History 29 – 30
V. Business 31
VI. Products 32
VII. Management of the Company 33 – 37
VIII. Management Discussion & Analysis of the Financial Condition 38 – 39
and Result of Operations as reflected in the Financial Statements
IX. Financial Information of Agri-Tech (India) Ltd. 40 – 57
X. Group Companies 58 – 69
XI. Outstanding Litigation, Defaults and Material Development 70
XII. Government Approvals 71
XIII. Other Regulatory Disclosures 72
XIV. Main Provisions of the Articles of Association of Agri-Tech 73 – 97
(India) Ltd.
XV. Material Contracts and Documents 98
XVI. Declaration 99
GLOSSARY OF TERMS/ ABBREVIATIONS
Articles / articles of Association Articles of Association of Nath Bio-Gene (India) Ltd.

Auditors The Statutory Auditors of Nath Bio-Gene (India) Ltd.
Banker)s) to the Company The Bankers of Nath Bio-Gene (India) Ltd.
Board of Directors/Board/Directors The Board of Directors of Nath Bio-Gene (India) Ltd.
BSE The Bombay Stock Exchange Limited
CDSL Central Depository Services (India) Ltd.
Companies Act / Act The Companies Act, 1956 as amended from time to time
DSE Designated Stock Exchange
EPS Earnings per equity share
Equity Shares Equity shares of the Company of Rs.10/- each unless
otherwise specified in the context thereof
Financial Year / Fiscal / FY The twelve months ended 30th June, unless otherwise stated.
HUF Hindu Undivided Family
Information Memorandum This documents as filed with the Stock Exchanges is known
as and referred to as the Information Memorandum
I.T.Act The Income Tax Act, 1961,as amended from time to time,
except as stated otherwise
Memorandum/Memorandum of Memorandum of Association of Nath Bio-Gene (India) Ltd.
Association
NAV Net Asset Value
NSDL National Securities Depository Limited
NSE The National Stock Exchange of India Limited
RBI Reserve bank of India
ROC Registrar of Companies, Maharashtra
SEBI The Securities and Exchange Board of India constituted
under the Securities and Exchange Board of India Act, 1992
SEBI Act Securities and Exchange Board of India Act,1992, as
amended from time to time
SEBI Guidelines SEBI (Guidelines for Disclosure and Investor Protection)
2000 issued by securities and Exchange Board of India
effective from January 27, 2000as emended, including
instructions and clarifications issued by Securities and
Exchange Board of India from time to time.
Stock Exchange BSE and ASE
Transferor Company Nath Seeds Limited
Transferee Company Nath Bio-Gene (India) Ltd.
RISK FACTORS
An investment in equity shares involves a high degree of risk. You should carefully consider all of the
information in this Information Memorandum, including the risks and uncertainties described below. If
any of the following risks actually occur, our business, financial condition and results of operations could
suffer, the trading price of our Equity Shares could decline, and you may loose all or part of your
investment.
Risk envisaged by the Management:
A. Risks Internal to the Company
1. Risks relating to business operations

The operations of the Company are subject to the assumptions in demand and supply
position in terms of quantity and price of raw material and finished goods.
2. The primary focus of the company is in the area of high-tech agriculture, horticulture,
floriculture and processing thereof into value added products. Being in agro based
business, productivity depends on the largesse of weather conditions. Weather plays
an important role in the prospects of the company and any deviation/change in the
weather condition may have an adverse effect on the profitability.
3. The company needs to be in constant research and development to look for improved
and effective methods of farming and to produce high quality productive crops.
Research and development cost being substantial requires larger gestation period.
4. Company’s success largely depends upon its management team and key personnel and
its ability to attract and retain such persons. Attracting and retaining talented
professionals is a key element of our strategy and we believe it to be a significant
source of competitive advantage. An inability to attract and retain talented
professionals, or the resignation or loss of key management personnel, may have an
adverse impact on our business and future financial performance.
B. Risks External to the Company
1. The company enjoys a very good rapport with farmers and the name “Nath” has
become a household name among the farmers’ community. Company is constantly
putting its efforts to develop more land to cultivate various farming products. Even
though, if faced with a bad weather condition, the operations of the company may be
affected adversely.
Management Perception
1. The Company carries appropriate sensitive analysis of various assumptions
while drawing the business plans so as to minimize the risk relating, which
may be caused due to sudden change in various assumptions considering for
drawing the business plan.
2. The company is actively considering exploring the possibilities of tapping the

export market for its products.
2. Company’s results may be affected significantly by factors outside our control such as
political unrest, cross-border hostilities, civil commotion and acts of terrorism either in
India or outside India. Change of government policies and regulations including
change in environmental regulations may also have a negative impact. The company is
also subject to the risk of loss of revenues and assets due to fire and natural calamities,
such as flood. The occurrence of all such event including natural calamities could
interrupt our business for significant periods.
3. Dismal economic conditions could adversely affect our financial results. Our business
is seasonal and largely sensitive to changes in the climatic conditions. The farming
sector is totally dependent on the weather and any unfavourable weather conditions
will prove disastrous for the farmers in particular and the whole country in general.
Under such circumstances company’s operations will come under pressure and to
sustain such pressures, company may have to compromise with its profitability.
4. After listing, the prices of our Company's shares may be volatile, or an active trading
market for our Company's shares may not develop. There has been no public market
for the Company's equity shares till now and the prices of the Company's shares may
fluctuate after listing. There can be no assurance that an active trading market for the
shares will develop or be sustained after this listing. The Company's share price could
be volatile.
Note to risk factors:

As per the Scheme of Arrangement, approved by the Hon'ble High Court of Bombay vide its
order dated 27.08.2003, the entire running business of the Farming Division of the transferor
company (Nath Seeds Limited) stand transferred to the transferee company (Agri-Tech (India)
Limited) and the same will be carried on by the transferee company on a going concern basis.
Accordingly all the above risks are being addressed and will continue to be so addressed by the
transferee company also and the company does not foresee any adverse impact on the business
of the company in future on this account.
INTRODUCTION
Summary
Nath Seeds Limited, a pioneering research driven Seed Company, had formulated a Scheme of
Arrangement to de-merge the company into three separate companies, namely Agri-Tech (India) Ltd.,
and Nath Bio-Genes (India) Ltd., on 14/03/2001. The Scheme was filed before the Hon’ble High Court
of Bombay for approval and the Hon’ble High Court of Bombay had approved the scheme vide its order
dated 27/08/2003. Pursuant to the order being passed the Hon’ble High Court of Bombay approving the
scheme, Nath Seeds Limited has transferred the Farming business to Agri-Tech (India) Ltd.
Nath, as a brand, is a household name amongst the farming community. The salient features of the
company are enumerated as under.
Vision
The company has a vision of creating a modern, state of the art, hi tech farming enterprise, comprising
2500 acres of land to produce the global quality farm produce for domestic and international markets.
Action Plan
To acquire 2500 acres of land and develop it.
To provide a dedicated water pipe line from Jayakwadi Dam to the farm site.
To create 5 independent and self sufficient blocks of 500 acres each.
To provide crop specific macro and micro irrigation system for each block, to ensure efficient
water management.
To develop a suitable cropping pattern for each block to include cash crops, horticulture,
medicinal plants and floriculture.
To develop sustainable agronomic practices with emphasis on integrated nutrition and pest
management system.
To generate employment in the nearby villages to bring about local area development.
To provide a modern, state of art Grading, Packing, Process and Storage facility which shall
cater not only for captive production but also produce of contract farmers.
To develop and Agricultural School to provide On the job training to young farmer
entrepreneurs.
To become a role model and change agent for agricultural development and transformation of
rural economy.
Land Acquisition & Development

The company had been granted permission by the Government of Maharashtra to acquire 2500 acres of
land for raising hi-tech export oriented crops. The Company has already acquired about 1152 acres of
land. The company has also entered into an agreement of sale for purchase of another 847 acres of land.
The balance land would be acquired in due course of time. The company plans to bring an area of 500
acres under hi tech cultivation by Mar 2007. The plan is to make 5 blocks of 500 acres each, which
would be self sufficient in all respects.
Irrigation System
The company has laid a pipe line of about 5 kms for lifting water directly from Jayakwadi dam to ensure
uninterrupted irrigation. The company is adapting modern agriculture techniques, more particularly in the
area of water harvesting and micro irrigation to ensure un interrupted water supply to the plants. Each
block will have its dedicated Macro and Micro irrigation system.
Cropping Pattern
Typical cropping pattern of each block of 500 acres is indicated below:-
Pattern Crop Area

Horticulture Mangoes/Mangoes 200
Cash crops Sugarcane/Cotton 200
Medicinal plants Bixa/Stavia 50
Floriculture Orchids/Bird of paradise 50
Total 500
The aim is to create a self sufficient block, with a product mix of short term as well as long term
perennial crops, to ensure regular cash flows.
I. GENERAL INFORMATION
Incorporated initially as a Private Limited Company on 2nd August, 1993 in the name and style of
“SOMNATH FARMS PVT.LTD.” and converted into Public Limited Company on 5th day of
September 2000 under the name and style of "SOMNATH FARMS LTD." under the provisions of the
Companies Act, 1956 in the state of Maharashtra, and later changed the name as AGRI-TECH (INDIA)
LTD., on 5th March, 2001.
Address of the Registered Office:

Nath House, Nath Road,
AURANGBAD- 431 005.
Phone: 0240-2376314/315/316
Registration Number 11 - 73268
Address of Registrar of Companies

Registrar of Companies, Maharashtra
MUMBAI
Board of Directors as on the date of filing of the draft Information Memorandum

1. Shri Satish Kagliwal
2. Shri Akash Kagliwal
3. Shri Shrirang Agarwal
For further details of the Board of Directors of the Company, please see the Section titled
“Management".
Authority for Listing

The Hon'ble High Court of Bombay vide its order dated 27.08.2003 had approved the Scheme of
Arrangement between Nath Seeds Limited and Agri-Tech (India) Ltd., whereby the entire business
pertaining to Farming Division of Nath Seeds Limited, has been transferred to and vested in Agri-Tech
(India) Ltd., w.e.f. January 1, 2001 (i.e. the Appointed Date under the Scheme) under Sections 391 to
394 read with Section 100 of the Companies Act, 1956. In accordance with the said Scheme, the Equity
Shares of Agri-Tech (India) Ltd., issued pursuant to the Scheme shall, subject to applicable regulations,
be listed and admitted to trading on The Bombay Stock Exchange Limited, (BSE) and the Ahmedabad
Stock Exchange (ASE). Such listing and admission for trading will be subject to fulfillment by the
Company of listing criteria of BSE & ASE for such issues and also subject to such other terms and
conditions as may be prescribed by BSE & ASE at the time of the application by the Company seeking
listing.
Eligibility Criterion
There being no Initial Public Offering or Rights Issue, the eligibility criteria in terms of Clause 2.2.1 of
SEBI (DIP) Guidelines, 2000 does not become applicable. The Securities and Exchange Board of India
(SEBI) vide its Letter No. CFD/DIL/192B/UR/41172/2005 dated 25th May, 2005 has granted relaxation
from the strict enforcement of the requirements of Rule 19(2)(b) of the Securities Contract (Regulation)
Rules, 1957 for the purpose of listing of shares of Agri-Tech (India) Limited subject to the transferee
company complying with all the provisions of Clause 8.3.5 of the SEBI (DIP) Guidelines, 2000.
The Company has submitted its Information Memorandum, containing information about itself, making
disclosures in line with the disclosure requirement for public issues, as applicable, to BSE for making the
said Information Memorandum available to public through their websites viz. www.bseindia.com.
The Company will publish an advertisement in the newspapers containing its details in line with the
details required as per clause 8.3.5.4 of SEBI (DIP) Guidelines, 2000. The advertisement will draw a
specific reference to the availability of aforesaid Information Memorandum on its website.
Prohibition by SEBI
The Company, its directors, its promoters, the companies promoted by the promoters and companies with
which the Companys directors are associated as directors have not been prohibited from accessing the
capital markets under any order or direction passed by SEBI.
Caution
The Company accepts no responsibility for statements made otherwise than in the Information
Memorandum or in the advertisements to be published in terms of Clause 8.3.5.4 of SEBI (DIP)
Guidelines, 2000 or any other material issued by or at the instance of the Company and anyone placing
reliance on any other source of information would be doing so at his or her own risk. All information
shall be made available by the Company to the public and investors at large and no selective or
additional information would be available for a section of the investors in any manner.
Disclaimer Clause of BSE

As required a copy of this Information Memorandum will be submitted to BSE. The approval of Scheme
of Arrangement under Clause 24(f) of the Listing Agreement is not applicable as the company had
submitted its scheme in the year 2001 and at the time it was not required.
The BSE does not in any manner:
o warrant, certify or endorse the correctness or completeness of any of the contents of

this Information Memorandum; or
o warrant that this Company's securities will be listed or will continue to be listed on the
BSE; or
o take any responsibility for the financial or other soundness of this Company, its
promoters, its management or any scheme or project of this Company;
and it should not for any reason be deemed or construed to mean that this Information Memorandum has
been cleared or approved by the BSE. Every person who desires to apply for or otherwise acquire any
securities of this Company may do so pursuant to independent inquiry, investigation and analysis and
shall not have any claim against the BSE whatsoever by reason of any loss which may be suffered by
such person consequent to or in connection with such subscription/ acquisition whether by reason of
anything stated or omitted to be stated herein or for any other reason whatsoever.
Filing
Copies of this Information Memorandum will be filed with BSE and ASE in due compliance.
Listing
Applications have been made to BSE and ASE for permission to deal in and for an official quotation of
the Equity Shares of the Company. The Company has nominated BSE as the Designated Stock Exchange
for the aforesaid listing of the shares. The Company has already taken steps for the completion of
necessary formalities for listing and commencement of trading at the Stock Exchanges mentioned above.
Demat Credit
Company has executed Tri-partite Agreements with NSDL and CDSL and Big Share Services Pvt.Ltd.,
for admitting its securities in demat form. Company has been allotted ISIN No. INE449G01018. All the
shareholders holding shares in electronic form have already been given credit of their respective holdings
as on. 14th January, 2006. through NSDL
Dispatch of Share Certificates

With respect to the shareholders holding shares in physical form, the new shares have been allotted and
the company is in the process of dispatching the physical share certificates at the address of such
shareholders as appearing in the records of the Registrar on the record date i.e. 23rd March, 2004 as
above.
Expert Opinions
Save as stated elsewhere in this Information Memorandum, we have not obtained any expert opinions.
Previous rights and public issues

The Company has not made any public issue since incorporation.
Companies under the same management

There are two companies under the same management within the meaning of erstwhile Section 370 (1B)
of the Companies Act, namely Nath Seeds Ltd., and Nath Bio-Gene (India) Ltd.
Promise vis--vis performance

This is for the first time the Company is getting listed on the Stock Exchange
Stock Market Data for Equity shares of the Company

Equity shares of the Company are not listed on any stock exchanges. The Company is seeking approval
for listing of its shares through this Information Memorandum.
Disposal of Investor Grievances

The Company estimates that the average time required by the Company or the Registrar for the redressal
of routine investor grievances shall be 15 days from the date of receipt of the complaint. In case of non
routine complaints and complaints where external agencies are involved, the Company will seek to
redress these complaints as expeditiously as possible. The Company has appointed Mr. Kartik
Krishnamurthy as the Compliance Officer and he may be contacted at the following address in case of
any matters pertaining to shares/securities.
Mr. Kartik Krishnamurthy

Compliance Officer,
Aurangabad – 431 005.
Tel: 0240-2376314, 2376315
E-mail: khurana@nathseeds.com
Website: www.nathseeds.com
The Company has also appointed M/s Big Share Services Pvt.Ltd., as the Registrar and Share Transfer
Agent of the Company. Investors may contact M/s.Big Share Services Pvt.Ltd., for any matters related to
shares/securities of the Company at the following address:
Mr.N.V.K.Mohan
M/s.Bigshare Services Pvt.Ltd.,
E-2/3, Ansa Industrial Estate,
Sakivihar Road,
Saki Naka, Andheri (East),
MUMBAI – 400 072.
Tel: 022-28470652, 28473747
Fax: 022-28475207
Auditors
M/s.Gautam N. Associates
Chartered Accountants
Shangrilla Complex,
2nd Floor, CBS Raod,
Aurangabad 431 005.
Bankers to the Company

Bank of India
Kranti Chowk
Aurangabad.
Dena Bank
Adalat Road
Aurangabad.
Canara Bank
Shahganj
Aurangabad.
The IDBI Bank

Aurangpura
Aurangabad.
Compliance Officer
Mr.Kartik Krishnamurthy
Aurangabad – 431 005.
Tel: 0240-2376314
Investors can contact the Compliance Officer in case of any share transfer related problem.
II. CAPITAL STRUCTURE
Consequent to the Scheme coming into effect and issue and allotment of shares pursuant to the Scheme
and Pre-Scheme, the Share Capital of the Company is as follows:
Particulars Pre-Scheme De-merger Post-Scheme De-merger

No.of
Shares Value (Rs.) No.of Shares Value (Rs.)
A. Authorised Share Capital
Equity Shares of Rs.10/-
Each 10,00,000 1,00,00,000 62,50,000 6,25,00,000
Total 10,00,000 1,00,00,000 62,50,000 6,25,00,000
B. Issued Share Capital
Each 10,00,000 1,00,00,000 59,40,000 5,94,00,000
Total 10,00,000 1,00,00,000 59,40,000 5,94,00,000
C. Subscribed & Paid-up
Share Capital
Each 10,00,000 1,00,00,000 59,40,000 5,94,00,000
Total 10,00,000 1,00,00,000 59,40,000 5,94,00,000
Details of Changes in Capital Structure of the Company

Issued, Subscribed & Paid-up
Date as on Authorised Capital Capital
Type of No.of Amount Type of No.of Amount
Shares Shares (Rs.) Shares Shares (Rs.)
12/07/1993 Equity 50,000 5,00,000 Equity 70 700
10/12/2002 Equity 50,000 5,00,000 Equity 50,000 5,00,000
16/08/2003 Equity 10,00,000 1,00,00,000 Equity 10,00,000 1,00,00,000
13/01/2004 Equity 62,50,000 6,25,00,000 Equity 59,40,000 5,94,00,000
1. The Company was incorporated initially as a Private Limited Company on 2nd August, 1993 in
the name and style of “SOMNATH FARMS PVT.LTD.” and converted into Public Limited
Company on 5th day of September 2000 under the name and style of "SOMNATH FARMS
LTD." under the provisions of the Companies Act, 1956 in the state of Maharashtra, and later
changed the name as AGRI-TECH (INDIA) LTD., on 5th March, 2001
(a) For every 100 equity shares of the face value of Rs.10/- each fully paid up held by the
equity shareholders of the transferor company, the shareholders shall be allotted 20
equity shares of face value of Rs.10/- fully paid up in the transferee company, i.e. Agri-
Tech (India) Ltd. Those shareholders holding the Shares in physical form shall get
shares in the physical form and those holding in Demat shall be credited in Demat
form.
2. The Authorized Share Capital of the Company at the time of incorporation was Rs.5,00,000/-,
divided into 50,000 equity shares of Rs. 10/- each.
3. Consequent upon the approval of the Scheme, the Authorized Share Capital of the Company
stood increased to Rs.6,25,00,000/- divided into 62,50,000 Equity Shares of Rs. 10/- each. Also
the Issued, Subscribed and the Paid up Capital of the Company is increased to Rs. 5,94,00,000/-
divided into 59,40,000 Equity Shares of Rs. 10/- each.
Statement showing Shareholding Pattern (Pre Allotment) as on 22/03/2004
Cate- Category of shareholder Number of Total Number of Total shareholding as a
gory shareholders number of shares held in percentage of total number of
code shares dematerialized shares
form
As a As a
percentage of percentage of
(A+B)1 (A+B+C)
(A) Shareholding of Promoter

and Promoter Group2
(1) Indian
(a) Individuals/ Hindu 7 70 0 0.01 0.01
Undivided Family
(b) Central Government/ State 0 0 0 0.00 0.00
Government(s)
(c) Bodies Corporate 4 999930 0 99.99 99.99
(d) Financial Institutions/ Banks 0 0 0 0.00 0.00
(e) Any Other 0 0 0 0.00 0.00
(specify)
Sub-Total (A)(1) 11 1000000 0 100.00 100.00
(2) Foreign
(a) Individuals (Non-Resident 0 0 0 0.00 0.00
Individuals/ Foreign
Individuals)
(b) Bodies Corporate 0 0 0 0.00 0.00
(c) Institutions 0 0 0 0.00 0.00
(d) Any Other (specify) 0 0 0 0.00 0.00
Sub-Total (A)(2) 0 0 0 0.00 0.00
Total Shareholding of 11 1000000 0 100.00 100.00
Promoter and Promoter
Group (A)= (A)(1)+(A)(2)
1
For determining public shareholding for the purpose of Clause 40A.
2
For definitions of “Promoter” and “Promoter Group", refer to Clause 40A.
form
As a As a
(A+B)3 (A+B+C)
(B) Public shareholding4

(1) Institutions
(a) Mutual Funds/ UTI 0 0 0 0.00 0.00
(b) Financial Institutions/ Banks 0 0 0 0.00 0.00
(c) Central Government/ State 0 0 0 0.00 0.00
Government(s)
(d) Venture Capital Funds 0 0 0 0.00 0.00
(e) Insurance Companies 0 0 0 0.00 0.00
(f) Foreign Institutional 0 0 0 0.00 0.00
Investors
(g) Foreign Venture Capital 0 0 0 0.00 0.00
Investors
(h) Any Other (specify) 0 0 0 0.00 0.00
Sub-Total (B)(1) 0 0 0 0.00 0.00
(2) Non-institutions
(a) Bodies Corporate 0 0 0 0.00 0.00
(b) Individuals - 0 0 0 0.00 0.00
i. Individual shareholders
holding nominal share
capital up to Rs. 1 lakh.
ii. Individual shareholders
capital in excess of Rs. 1
lakh.
(c) Any Other (specify) 0 0 0 0.00 0.00
Sub-Total (B)(2) 0 0 0 0.00 0.00
Total Public Shareholding 0 0 0 0.00 0.00
(B)= (B)(1)+(B)(2)
TOTAL (A)+(B) 11 1000000 0 100.00 100.00
(C) Shares held by Custodians 0 0 0 0.00 0.00
and against which
Depository Receipts have
been issued
GRAND TOTAL 11 1000000 0 100.00 100.00
(A)+(B)+(C)
3
4
For definitions of “Public Shareholding”, refer to Clause 40A.
(I)(b) Statement showing Shareholding of persons belonging to the category “Promoter and
Promoter Group”
Sr. No. Name of the shareholder Number Shares as a percentage of total number of shares {i.e.,
of shares Grand Total (A)+(B)+(C) indicated in Statement at
para (I)(a) above}
1. Mr.Sunil Buit 10
2. Mr.Satish Kagliwal 10
3. Mrs.Jeevanlata Kagliwal 10
4. Mr.Sunil Dixit 10
5. Mr.Shrirang Agarwal 10
6. Mr.Kashinath Iyer 10
7. Mr.Nandkshor Kagliwal 10
8. Nath Securities Limited 327000 32.70
9. Barkha Farms Pvt. Ltd. 337000 33.70
10. Jeevan Farms Pvt. Ltd. 15930 1.60
11. Ferry Fax Farms Pvt. Ltd. 320000 32.00
TOTAL 1000000 100.00
(I)(c) Statement showing Shareholding of persons belonging to the category “Public” and
holding more than 1% of the total number of shares – NOT APPLICABLE
of shares Grand Total (A)+(B)+(C) indicated in Statement at para
(I)(a) above}
1. NIL NIL NIL
TOTAL NIL NIL NIL
(I)(d) Statement showing details of locked-in shares – NOT APPLICABLE
Sr. No. Name of the shareholder Number of Locked-in shares as a percentage of total number of shares
locked-in {i.e., Grand Total (A)+(B)+(C) indicated in Statement at
shares para (I)(a) above}
1. NIL NIL NIL
TOTAL NIL NIL NIL
(II)(a) Statement showing details of Depository Receipts (DRs) - NOT APPLICABLE
Sr. No. Type of outstanding DR Number of Number of Shares underlying outstanding DRs as a
(ADRs, GDRs, SDRs, etc.) outstanding shares percentage of total number of shares
DRs underlying {i.e., Grand Total (A)+(B)+(C) indicated
outstanding in Statement at para (I)(a) above}
DRs
1. NIL NIL NIL NIL
TOTAL
(II)(b) Statement showing Holding of Depository Receipts (DRs), where underlying shares are in
excess of 1% of the total number of shares
Sr. No. Name of Type of outstanding Number of shares Shares underlying outstanding DRs as a
the DR DR (ADRs, GDRs, underlying percentage of total number of shares {i.e.,
Holder SDRs, etc.) outstanding DRs Grand Total (A)+(B)+(C) indicated in
Statement at para (I)(a) above}
1. NIL NIL NIL NIL
TOTAL NIL NIL NIL NIL
Statement showing Shareholding Pattern (Post Allotment) as on 23/04/2004 & as

on date.
form
As a As a
(A+B)5 (A+B+C)

and Promoter Group6
(1) Indian
Undivided Family
Government(s)
(e) Any Other 0 0 0 0.00 0.00
(specify)
Sub-Total (A)(1) 85 2967148 1683138 49.95 49.95
(2) Foreign
Individuals)
Sub-Total (A)(2) 0 0 0 0.00 0.00
Group (A)= (A)(1)+(A)(2)
5
6
form
As a As a
(A+B)7 (A+B+C)

(1) Institutions
Government(s)
Investors
Investors
Sub-Total (B)(1) 17 5020 0 0.08 0.08
(b) Individuals -
i. Individual shareholders 31048 2239998 1467577 37.71 37.71
holding nominal share 0 0 0 0.00 0.00
lakh.
Sub-Total (B)(2) 32445 2967832 2055457 49.96 49.96
(B)= (B)(1)+(B)(2)
TOTAL (A)+(B) 32547 5940000 3738595 100.00 100.00
and against which
been issued
GRAND TOTAL 32547 5940000 3738595 100.00 100.00
(A)+(B)+(C)
7
8
Promoter Group”
Sr. No. Name of the shareholder Number Shares as a percentage of total number of shares
of shares {i.e., Grand Total (A)+(B)+(C) indicated in
1. S.R.Attal 34158 0.58

2. Attal K.S. 34158 0.58
3. Ramprasad B.Attall 34158 0.58
4. Attal R.R. (HUF) 28729 0.48
5. Nandkishor Rasiklal Agarwal 26000 0.44
6. Anvikar S.J. 10495 0.18
7. Anvikar R.P. 6580 0.11
8. Jayant K. Anvikar 6070 0.10
9. Sunita Laxminarayan Attal 5488 0.09
10. A.L.Attal 5013 0.08
11. Anvikar J.G. 4861 0.08
12. Sunita Attal 4000 0.07
13. Sureshchandra Attal 3483 0.06
14. Aniket R. Attal 3467 0.06
15. Anupam R.Attal 3467 0.06
16. Attal R.R. 3366 0.06
17. Akshay Attal 3100 0.05
18. Laxminarayan Attal (HUF) 2680 0.05
19. Rameshchandra R. Attal 2635 0.04
20. Prakash (HUF) 2331 0.04
21. Anvikar R.K. 2177 0.04
22. Prakashchandra R.Attal 2128 0.04
23. Rajgopal Ramprasad Attal 2088 0.04
24. S.P.Anvikar 2040 0.03
25. Ramprasad Bhagwandas Attal 1954 0.03
26. Rajendra J.Anvikar 1894 0.03
27. Anurag Radheshyam Attal 1887 0.03
28. Saroj Rameshchandra Attal 1724 0.03
29. V.V.Bhallad 1647 0.03
30. Narauanibai R.Attal 1579 0.03
31. Attal P.S. 1267 0.02
32. Laxminarayan S.Attal (HUF) 1240 0.02
33. Radheshyam S.Attal (HUF) 1160 0.02
34. Rajni Radheshyam Attal 912 0.02
35. Kiran Sureshchandra Attal 648 0.01
36. Aruna Prakashchandra Attal 592 0.01
37. Ramesh HUF 560 0.01
38. R.S.Attal 507 0.01

39. K.G.Anvikar 507 0.01
40. Anirudh Alias Giriraj attal 492 0.01
41. Ritu Sureshchandra Attal 440 0.01
42. Geeta Anilchandra Anvikar 400 0.01
43. Ritu S.Attal 380 0.01
44. Mukund Anilchandra Attal 380 0.01
45. Attal L.S. 360 0.01
46. Rajagopal Attal HUF 320 0.01
47. Suchitra S.Attal 287 0.00
48. J.Kagliwal 267 0.00
49. Anvikar N.K. 262 0.00
50. Satyanarayan M.Baheti 260 0.00
51. Mithulal D.Baheti 260 0.00
52. Ramesh Attal HUF 220 0.00
53. Attal R.R. 160 0.00
54. Rajashree R.Attal 153 0.00
55. N.L.Kagliwal 133 0.00
56. Ramesh Attal 120 0.00
57. P.R.Attal 80 0.00
58. Attal S.R. 60 0.00
59. Fulabai Shriram Attal 60 0.00
60. Shrikishan R.Baheti 40 0.00
61. Snehal Attal 31 0.00
62. Sheetal P.Attal 31 0.00
63. Vijay Nandlal Baheti 20 0.00
64. Nandkishor Kagliwal 10 0.00
65. Satish Kagliwal 10 0.00
66. Sunil Dixit 10 0.00
67. Jeevanlata Kagliwal 10 0.00
68. Sunil Buit 10 0.00
69. Shrirang Agarwal 10 0.00
70. Kashinath Iyer 10 0.00
71. Nath Royal Ltd. 983221 16.55
72. Nath Securities Ltd. 327000 5.51
73. Barka Farms Pvt.Ltd. 337000 5.67
74. Ferry Fax farms Pvt.Ltd. 320000 5.39
75. Jeevan Inv.& Fin. Pvt.Ltd. 163059 2.75
76. Nath Holding & Inv. Pvt.Ltd. 113620 1.91
77. Nath Biotechnologies Ltd. 92000 1.55
78. Nath Pulop & Paper Mills Ltd. 61763 1.04
79. Tingli Finvest Pvt.Ltd. 56525 0.95
80. Nath Capital & Fin.Services Ltd. 49037 0.83
81. Paresh Farms Pvt.Ltd. 48380 0.81
82. Swamini Leasing & Inv.Pvt.Ltd. 48240 0.81
83. Prabha Farms Pvt.Ltd. 48220 0.81
85. Jeevan Farms Pvt.Ltd. 15930 0.27
TOTAL 2967148 49.95
(I)(a) above}
1. NIL NIL NIL
TOTAL NIL NIL NIL
1. NIL NIL NIL
TOTAL NIL NIL NIL
DRs
1. NIL NIL NIL NIL
TOTAL
1. NIL NIL NIL NIL
6. There has been no further issue of capital except as stated above whether by way of issue of
bonus shares, preferential allotment, rights issue or in any other manner during the period
commencing from the date of approval of the Scheme by the High Courts till listing of the
Equity Shares allotted as per the Scheme.
7. There shall be only one denomination for the Equity Shares of the Company, subject to
applicable regulations and the company shall comply with such disclosure and accounting
norms specified by SEBI, from time to time.
8. The Transferee Company has 32547 members as on the date of filing this Information
Memorandum.
III. OBJECTS OF THE SCHEME OF ARRANGEMENT
Nath Seeds Limited, a listed company with BSE, ASE and NSE, is a name to reckon with in the field of
research and development of high quality, high yielded hybrid seeds and plant biotechnology. The
company belongs to the renowned “Nath Group”, which is a diversified group having interests in Paper,
chemicals and biotechnology business.
Nath Seeds Limited was carrying on its business activities in three different divisions, viz. Corporate
Farming Division, Seeds Division and Plantation Division. The company has an elaborate research and
development center at Aurangabad in the state of Maharashtra and is constantly engaged in various
research and development activities to produce high quality, high yielded hybrid seeds.
In order to have a more focused business, the management of Nath Seeds Limited had decided to de-
merge the company into three separate entities. Accordingly, Nath Seeds Limited had formulated a
Scheme of Arrangement and filed it before the Hon’ble High Court of Bombay for approval.
The objective of the Scheme was mainly to split and transfer the business of Nath Seeds Limited (the
Transferor company) to the new companies. Accordingly, Nath Seeds Limited (the Transferor company)
had transferred its business of Corporate Farming division to Agri-Tech (India) Ltd., Seeds Division to
Agri-Tech (India) Ltd.,, and retained the Plantation Division with itself.
THE MAIN FEATURES OF THE SCHEME OF ARRANGEMENT

1. Nath Seeds Limited (the transferor company) is having its registered officer Nath House, Nath
Road, Aurangabad (Maharashtra). The company was engaged in the business activities with its
three divisions, viz. Seeds Division, Corporate Farming Division and Plantation Division.
2. The company had filed the Scheme of Arrangement before the Hon’ble High Court of Bombay
on 14/03/2001 for approval and the Hon’ble High Court of Bombay approved the Scheme vide
its order dated 27/08/2003.
3. Pursuant to the Scheme of Arrangement, Nath Seeds Limited had been de-merged in to three
separate entities, viz. Nath Bio-Genes (India) Ltd., Agri-Tech (India) Ltd. and Nath Seeds
Limited. Accordingly, the Seeds Division of the company has been transferred to Nath Bio-
Genes (India) Ltd., along all the assets and liabilities.
2. The Scheme of Arrangement became operational from the appointed date, which is 1st January,
2001.
3. The entire business including all assets and liabilities pertaining to the Seeds Division of Nath
Seeds Limited (the transferor company) as on the appointed date shall stand transferred to and
vested in the name of Nath Bio-Genes (India) Ltd. on a going concern basis.
4. The Paid-up Share Capital of Nath Seeds Limited is Rs.24.70 Crore divided into 2,47,00,000
Equity Shares of Rs.10/- each out of which Rs.4.94 Crore divided into 49,40,000 Equity Shares
of Rs.10/- each shall be transferred to Agri-Tech (India) Ltd. Upon the Scheme coming into
effect, the Paid-up Capital of Nath Seeds Limited shall be reduced from Rs.24.70 Crore to
Rs.14.,33 Crore divided into 1,43,26,336 Equity Shares of Rs.10/- each and the Paid-up Capital
of Agri-Tech (India)Ltd., shall be Rs.5.94 Crore divided into 59,40,000 Equity Shares of Rs.10/-
each.
5. Upon the Scheme becoming operative, in consideration of the transfer of and vesting of the
undertaking the Farming division of the Nath Seeds Ltd., (the transferor Company) in Agri-
Tech (India) Ltd., in terms of the scheme, Agri-Tech (India) Ltd., shall without any further
application or deed issue and allot to every member of Nath Seeds Ltd., (other than Agri-Tech)
holding fully paid-up equity shares in Nath Seeds and whose names appear in the Register of
members of Nath Seeds on such date thereinafter called the “Record Date” as the Board of
Directors of Agri-Tech (India) Ltd., will determine, his/her heirs, executors, administrators or
the successors in title, as the case may be in respect of every 100 equity shares of the face value
of Rs.10/- each fully paid-up held by him/her/it in Nath Seeds Ltd., 20 equity shares of the face
value of Rs.10/- each of Agri-Tech (Inida) Ltd., credited as fully paid-up with rights attached
thereto.
APPROVALS WITH RESPECT TO THE SCHEME OF ARRANGEMENT

The Honorable High Court of Bombay vide its Order dated 27th August, 2003 had approved the Scheme
of Arrangement for de-merging Nath Seeds Limited to vertically split the company into three separate
entities. Pursuant to this Scheme, Nath Seeds Limited (the Transferor Company) had transferred the
entire Farming Division together with all the assets and liabilities, to the Agri-Tech (India) Ltd. (the
Transferee Company) with effect from 1st January, 2001, (the Appointed Date under the Scheme) under
Sections 391 to 394 read with Section 100 of the Companies Act, 1956. In accordance with and pursuant
to the said Scheme, the Equity Shares of Agri-Tech (India) Ltd., issued subject to the applicable
regulations shall be admitted to trading on BSE and NSE. Such listing and admission for trading is not
automatic and will be subject to such other terms and conditions as may be prescribed by the Stock
Exchanges at the time of application by Agri-Tech (India) Ltd.
The aforesaid Court Orders were filed by Nath Seeds Limited and Agri-Tech (India) Limited with the
Registrar of Companies, Maharashtra on 9th October , 2003, which is the effective date of the Scheme of
Arrangement.
Subsequently, SEBI, vide its Letter CFD/DIL/192B/UR/41172/2005 dated 25th May, 2005 has granted
relaxation from the strict enforcement of the requirements of Rule 19(2)(b) of the Securities Contract
(Regulation) Rules, 1957 for the purpose of listing of shares of Agri-Tech (India) Ltd. subject to the
transferee company viz. Agri-Tech (India) Ltd., complying with all the provisions of Clause 8.3.5 of the Deleted: ¶
SEBI (DIP) Guidelines, 2000. Agri-Tech (India) Ltd., has submitted its Information Memorandum ¶
containing information and disclosures in line with the disclosure requirement for public issues, as
applicable, to BSE for making the said Information Memorandum available to public through their
websites.
Agri-Tech (India) Ltd., will publish an advertisement in the newspapers containing the details in line
with the details as per Clause 8.3.5.4 of the SEBI (DIP) Guidelines, 2000.
Agri-Tech (India) Ltd., also undertakes that all material information about itself shall be disclosed to
Stock Exchanges on a continuous basis so as to make the same available to public.
STATEMENT OF TAX BENEFITS

As per the present provisions of Income-tax Act, 1961 (hereinafter referred to as "the Act") and other
laws as applicable for the time being in force in India, the following tax benefits are available to the
Company and to the shareholders of the Company, subject to fulfillment of prescribed conditions:
A. To the Company under the Income Tax Act, 1961 ('the Act')
1 Under Section 32 of the Act, the Company is entitled to claim depreciation allowance at the
prescribed rates on all its tangible and intangible assets acquired and put to use for its business.
2 Under Section 10(34) of the Act, dividend income (whether interim or final) received by the
Company from any other domestic company (in which the Company has invested) is exempt
from tax in the hands of the Company.
3 The income received by the Company from distribution made by any mutual fund specified
under Section 10(23D) of the Act or from the Administrator of the specified undertaking or
from the specified companies referred to in Section 10(35) of the Act is exempt from tax in the
hands of the Company under Section 10(35) of the Act.
4 Under Section 10(38) of the Act, the Long-term Capital Gains arising on transfer of any listed
equity shares in any other company or units of equity oriented mutual funds, which are
chargeable to Securities Transaction Tax, are exempt from tax in the hands of the company.
5 As per the provisions of Section 112(1)(b) of the Act, other Long-term Capital Gains arising to
the Company are subject to tax at the rate of 20% (plus applicable surcharge and education
cess). However, as per the Proviso to that section, the long-term capital gains resulting from
transfer of listed securities or units [not covered by section 10(36) and 10(38) of the Act], are
subject to tax at the rate of 20% on long-term capital gains worked out after considering
indexation benefit (plus applicable surcharge and education cess), which would be restricted to
10% of Long-term capital gains worked out without considering indexation benefit (plus
applicable surcharge and education cess).
6 As per the provisions of section 111A of the Act, Short-term Capital Gains arising to the
Company from transfer of any listed Equity Shares in any other company or from sale of units
of any equity oriented mutual fund defined in Section 10(38) of the Act, are subject to tax @
10%(plus applicable surcharge and education cess), if such a transaction is subjected to
Securities Transaction Tax.
7 In accordance with and subject to the conditions specified in Section 54EC and Section 54ED of
the Act, the Company would be entitled to exemption from tax on Long-term Capital Gain [not
covered by section 10(36) and section 10 (38) of the Act] if such capital gain is invested in any
of the long-term specified assets (hereinafter referred to as the "new asset") to the extent and in
the manner prescribed in the said sections. If the new asset is transferred or converted into
money at any time within a period of three years in case of new assets specified in Section 54EC
and within a period of one year in case of new assets specified in Section 54ED, from the date
of its acquisition, the amount of capital gains for which exemption is availed earlier would
become chargeable to tax as long term capital gains in the year in which such new asset is
transferred or converted into money. 8 As per the provisions of section 88E of the Act, where
the business income of the Company includes profits and gains from sale of securities liable to
Securities Transaction Tax, a rebate is allowable from the amount of income tax on such
business income, to he extent of Securities Transaction Tax paid on such transaction. The
amount of rebate shall, however, be limited to the amount of income tax arrived at by applying
the average rate of income tax on such business income.
B. To the Shareholders of the Company
I. Resident Shareholders
1. Under Section 10(34) of the Act, dividend (whether interim or final) received
from a domestic company is exempt from tax in the hands of the resident
shareholders of the Company.
2. Under Section 10(38) of the Act, the Long-term Capital Gain arising on
transfer of any listed equity shares in any other company or units of equity
oriented mutual fund, which are chargeable to Securities Transaction Tax, are
exempt from tax in the hands of the resident shareholders.
3. As per the provisions of Section 112(1)(a) of the Act, other Long-term Capital
Gains arising to the resident shareholders are subject to tax at the rate of 20%
(plus applicable surcharge and education cess). However, as per Proviso to
that section, the long-term capital gains resulting from transfer of listed
securities or units [not covered by section 10(36) and 10(38) of the Act], are
subject to tax at the rate of 20% on long term capital gains after considering
the indexation benefit (plus applicable surcharge and education cess), which
would be restricted to 10% of long term capital gains without considering the
indexation benefit (plus applicable surcharge and education cess).
4. As per the provisions of section 111A of the Act, Short-term Capital Gains
arising to the resident shareholders from the transfer of any listed Equity
Shares in a company or units of equity oriented mutual fund defined in section
10(38) of the Act, are subject to tax @ 10% (plus applicable surcharge and
education cess) if such a transaction is subjected to Securities Transaction
Tax.
5. As per the provisions of section 88E of the Act, where the business income of
an assessee includes profits and gains from sale of securities liable to
Securities Transaction Tax, a rebate is allowable from the amount of income
tax on such business income, to the extent of Securities Transaction Tax paid
on such transactions. The amount of rebate shall, however, be limited to the
amount of income tax arrived at by applying the average rate of income tax on
such business income.
6. In accordance with and subject to the conditions specified in Section 54EC

and Section 54ED of the Act, the resident shareholders would be entitled to
exemption from tax on Long-term Capital Gains [not covered by section
10(36) and section 10 (38) of the Act], if such capital gains are invested in any
of the long-term specified assets (hereinafter referred to as the "new asset") to
the extent and in the manner prescribed in the said sections. If the new asset is
transferred or converted into money at any time within a period of three years
in case of new assets specified in Section 54EC and within a period of one
year in case of new assets specified in Section 54ED, from the date of its
acquisition, the amount of capital gains for which exemption is availed earlier
would become chargeable to tax as long term capital gains in the year in
which such new asset is transferred or converted into money.
7. In case of a shareholder being an individual or a Hindu Undivided Family, in

accordance with and subject to the conditions and to the extent provided in
Section 54F of the Act, the shareholder is entitled to exemption from Long-
term Capital Gains arising from the transfer of any long term capital asset, not
being a residential house [not covered by sections 10 (36) and 10 (38) of the
Act], if the net consideration is invested for purchase or construction of a
residential house. If part of the net consideration is invested within the
prescribed period in a residential house, such gains would not be chargeable to
tax on a proportionate basis. If, such new residential house in which the
investment has been made is transferred within a period of three years from
the date of its purchase or construction, the amount of capital gains for which
the exemption was availed earlier would be taxed as long-term capital gains of
the year in which such residential house is transferred.
II. Mutual Funds

In case of a shareholder being a Mutual fund, as per the provisions of Section
10(23D) of the Act, any income of Mutual Funds registered under the
Securities and Exchange Board of India Act, 1992 or Regulations made there
under, Mutual Funds set up by public sector banks or public financial
institutions and Mutual Funds authorized by the Reserve Bank of India are
exempt from income-tax, subject to the conditions notified by Central
Government in this regard.
III. Non-Resident / Non-Resident Indian Member

1 Dividend (both interim and final) income, if any, received by the
nonresident/non-resident Indian shareholders from the domestic company
shall be exempt under Section 10(34) read with Section 115-O of the Act.
2 Benefits outlined in Paragraph B(I) above are also available to a

nonresident/non-resident Indian shareholder except that under first proviso to
Section 48 of the Act, the capital gains arising on transfer of capital assets
being shares of an Indian Company need to be computed by converting the
cost of acquisition, expenditure in connection with such transfer and full value
of the consideration received or accruing as a result of the transfer into the
same foreign currency in which the shares were originally purchased. The
resultant gains thereafter need to be reconverted into Indian currency. The
conversion needs to be at the prescribed rates prevailing on dates stipulated.
Further, the benefit of indexation is not available to non-resident shareholders.
3 Benefits outlined in Paragraph A(8) above are also applicable to the

nonresident/non-resident Indian shareholder.
4 As per Section 90(2) of the Act, the provisions of the Act would prevail over
the provisions of the tax treaty to the extent they are more beneficial to the
non-resident/non-resident Indian shareholder. Thus, a non-
resident/nonresident Indian shareholder can opt to be governed by the
beneficial provisions of an applicable tax treaty.
5. Capital gains tax - Options available to a non-resident Indian under the Act:
Non-resident Indian: As per Section 115C (e) of the Act, a 'non-resident
Indian' means an individual, being a citizen of India or a person of Indian
origin who is not a 'resident'. As per the Explanation to the said clause, a
person shall be deemed to be of Indian origin if he, or either of his parents or
any of his grandparents, was born in undivided India.
6. Where shares have been subscribed in convertible foreign exchange, the

nonresident Indians [as defined in section 115C (e) of the Act], being
shareholders of an Indian company, have the option of being governed by the
provisions of Chapter XII-A of the Act, which, inter alia, entitles them to the
following benefits in respect of income from shares of an Indian company
acquired, purchased or subscribed to in convertible foreign exchange:
As per the provisions of section 115D read with section 115E of the Act and
subject to the conditions specified therein, long term capital gains (in cases
not covered under section 10(38) of the Act) arising on transfer of an Indian
company's shares, will be subject to tax at the rate of 10 percent (plus
applicable surcharge on tax and education cess on tax and surcharge), without
indexation benefit.
As per the provisions of section 115F of the Act and subject to the conditions
specified therein, gains arising on transfer of a long term capital asset (in
cases not covered under section 10(38) of the Act) being shares in an Indian
company shall not be chargeable to tax if he entire net consideration received
on such transfer is invested within the prescribed period of six months in any
specified asset or savings certificates referred to in section 10(4B) of the Act.
If part of such net consideration is invested within the prescribed period of six
months in any specified asset or savings certificates referred to in section
10(4B) of the Act then such gains would not be chargeable to tax on a
proportionate basis. For this purpose, net consideration means full value of the
consideration received or accrued as a result of the transfer of the capital asset
as reduced by any expenditure incurred wholly and exclusively in connection
with such transfer.
Further, if the specified asset or savings certificates in which the investment

has been made is transferred within a period of three years from the date of
investment, the amount of capital gains tax exempted earlier would become
chargeable to tax as long term capital gains in the year in which such specified
asset or savings certificates are transferred.
As per the provisions of section 115G of the Act, non-resident Indians are not
obliged to file a return of income under section 139(1) of the Act, if their only
source of income is income from investments or long term capital gains
earned on transfer of such investments or both, provided tax has been
deducted at source from such income as per the provisions of Chapter XVII-B
of the Act.
Under section 115H of the Act, where the non-resident Indian becomes
assessable as a resident in India, he may furnish a declaration in writing to the
Assessing Officer, along with his return of income for that year under section
139 of the Act to the effect that the Provisions of the Chapter.
XII-A shall continue to apply to him in relation to such investment income

derived from the specified assets for that year and subsequent assessment
years until such assets are converted into money.
As per the provisions of section 115I of the Act, a non-resident Indian may
elect not to be governed by the provisions of Chapter XII-A for any
assessment year by furnishing his return of income for that assessment year
under section 139 of the Act, declaring therein that the provisions of Chapter
XII-A shall not apply to him for that assessment year and accordingly his total
income for that assessment year will be computed in accordance with the
other provisions of the Act.
IV. Foreign Institutional Investors (FIIs)

1. Dividend (both interim and final) income, if any, received by the shareholder
from the domestic company shall be exempt under Section 10(34) read with
Section 115O of the Act.
2. Capital gains
Under Section 115AD, income (other than income by way of dividends
referred in Section 115O) received in respect of securities (other than units
referred to in Section 115AB) shall be taxable at the rate of 20% (plus
applicable surcharge on tax and education cess on tax and surcharge).
Under Section 115 AD, capital gains arising from transfer of securities (other
than units referred to in Section 115AB) which are not exempt under Section
10(38), shall be taxable as follows:
Securities which are held for the period of upto or less than twelve months
and where such transaction is chargeable to Securities Transaction Tax
("STT") levied under Chapter VII of the Finance (No. 2) Act of 2004, shall be
taxable at the rate of 10% (plus applicable surcharge on tax and education cess
on tax and surcharge). Securities other than those held for the period of upto
or less than twelve months and where such transaction is not chargeable to
STT levied under Chapter VII of the Finance (No. 2) Act of 2004, shall be
taxable at the rate of 30% (plus applicable surcharge on tax and education cess
on tax and surcharge);
Securities which are held for the period exceeding twelve months or more
shall be taxable at the rate of 10% (plus applicable surcharge on tax and
education cess on tax and surcharge). Such capital gains would be computed
without giving effect of indexation as provided in the first and second proviso
to Section 48. In other words, the benefit of indexation, as mentioned under
the two provisos would not be allowed while computing the capital gains.
3. Long-term capital gains arising on transfer of equity shares in the Company,

which is held for the period of more than twelve months or more and where
such transaction is chargeable to STT, shall be exempt from tax under Section
10(38) of the Act.
4. Benefit of exemption under Section 54EC and 54ED shall be available as

outlined in Paragraph B(I)(6) above.
5. Benefit as outlined in Paragraph A(8) above are also available to FIIs.
6. As per Section 90(2) of the Act, the provisions of the Act would prevail over
the provisions of the tax treaty to the extent they are more beneficial to then
non-resident. Thus, a non-resident can opt to be governed by the beneficial
provisions of an applicable tax treaty.
Note: There is a legal uncertainty over whether a FII can elect to be governed
by the normal provisions of the Act, instead of the provisions of Section
115AD.Investors are advised to consult their tax advisors in this regard.
C. Benefits available under the Wealth Tax Act, 1957

'Asset' as defined under section 2(ea) of the Wealth Tax Act, 1957, does not include share in
companies. Hence, the shares in companies are not liable to Wealth Tax.
D. Benefits available under the Gift Tax Act, 1958

Gift tax is not leviable in respect of any gifts made on or after October 1, 1998. Therefore, any
gift of shares will not attract gift tax.
Notes:
1. All the above benefits are as per the current tax law and will be available only to the first named
holder in case the shares are held by joint holders. Shareholder is advised to consider in
his/her/its own case, the tax implications of any new enactments which may change / modify the
law.
2. In view of the nature of tax consequences, being based on all the facts, in totality, of the
investors, each investor is advised to consult his/her own tax advisor with respect to specific tax
consequences.
IV. HISTORY
The Company was originally incorporated in the name and style of SOMNATH FARMS
PVT.LIMITED under the Companies Act, 1956 as Private Limited Company which was converted into
Public Limited Company on 5th day of September 2000 under the name and style of "SOMNATH
FARMS LTD." under the provisions of the Companies Act, 1956 in the state of Maharashtra, and later
changed the name as AGRI-TECH (INDIA) LTD., on 5th March, 2001. vide Certificate of
Incorporation No. 11-73268 dated 5th March, 2001 issued by the Registrar of Companies, Maharashtra,
Mumbai. The Registered Office of the Company is situated at Nath House, Nath Road, Aurangabad –
431 005.
Pursuant to the Scheme of Arrangement approved by the Hon'ble High Court of Bombay vide its order
dated 27.08.2003, the entire business and assets of Farming Division of Nath Seeds Limited (Transferor
Company) stand transferred to and vested in Agri-Tech (India) Ltd., (Transferee Company) w.e.f. 1st
January, 2001.
MAIN OBJECTS OF THE COMPANY

1. To own or acquire and cultivate agricultural land
1A. To carry on the business as cultivators, tillers, husbandrymen, nurserymen, seedsmen,

agriculturists, horticulturists, sericulturists, farmers, garderners and producers of seeds with a
view to raise crops, vegetables, plants, treesm fruits, flowers, herbs, shrubs, sprouts, bulbs,
roots, creepers, garden plants, grapes, viners, sugercane, cotton, tea, cocoa, coffee, rubber and
products and process, treat and refine seeds and to produce, breed and grow hybrid seeds, grains
and farm produce and to grow, cultivate, plant, produce, process, buy, sell, make marketable
import, export or otherwise deal in agricultural, horticultural, sericultural, botanical and garden
products and farm products, grains, seeds, crops, including commercial crops.
1B. To do scientific and industrial research and development, sale or give royalty or otherwisw deal
in the products of research work, enter into research collaboration in India or abroad, give
consultancy in the field of research in India or abroad, to establish, provide, maintain, and
conduct or otherwise subsidise research laboratories and experimental workshops for scientific
and technical research and experimental and to and tests of all kinds and to promote studies and
research, investigations both scientific and technological by conducting agricultural schools,
colleges, training centers, research centers, model towns and the like and providing for the
remuneration of professors or teachers and by providing for awards, scholarships, prizes and
encourage, promote and reward studies, research and investigations, experiments, tests and
assist any of the business with the company is authorized to carry on.
1C. To buy, sell manufacture, repair, alter, improve, exchange, let out on hire, import, export and
otherwise deal in all types of fertilizers, pesticides, agriculture and non agriculture inputs,
implements, works, plants, machinery, utensils, apparatus, produce material, substances, articles
and other things capable of being used for cultivation and irrigation.
1D. To buy, sell, let out on hire, give and take on lease, give and take on right to grow basis land,
plantation of all types.
1E. To produce seedlings by the use of Tissue Culture, Biotechnologies in the field of cultivators,
tillers husbandry men, nursery men, seed men, agriculturist, horticulturists, sericulturists,
farmers, gardeners and producers of seeds with a view of raise crops, vegetables, plants, trees,
fruits, flowers, herbs, shrubs, sprouts, bulbs, roots, creepers, garden plants, grapes, wines, sugar
canes, cotton, tea, coca, coffee and to process, treat and refined seeds and produce, breed and
grow hybrid seeds, grains and farm products and to grow, cultivate, plant, produce, process,
buy, sell, make marketable, import, export or otherwise deal in agricultural, horticultural,
sericultural, botanical and garden products and farm products, grains, seeds and crops.
Change in Memorandum of Association since the Company’s inception.
Sr.No. Date Particulars

1. 16/08/2003 Increase in Authorised Capital of the Company to
Rs.1,00,00,000/-
2. 13/01/2004 Increase in Authorised Capital of the Company to
Rs.6,25,00,000/-
V. BUSINESS
Office location and other details of business transferred to the Company as per the Scheme of
Arrangement.
Farming Division
The Farming Division of the company is located at Aurangabad in the state of Maharashtra. The Farming
Division comprises 1152 acres of agricultural land.
VI. PRODUCTS
Products Principal Raw Materials Principal End Users

Various types of Seeds and Seed Saplings Corporate and individual
vegetables, fruits, flowers, consumers
medicinal plants & other
farming products
After the Scheme becoming effective, the Company will be carrying on the same business of farming and
developing of agricultural land.
Manufacturing Process:
The company is into growing of grapes, mangoes, cotton, sugarcane and other crops. The first stage of
the process is planting of sapling in well prepared pits in the ground.
The saplings are protected through fertilizer and pesticide treatment and fertigation is made on regular
basis. Over a period of time the treatment is changed depending upon the age of the plant till its fruiting
stage.
Raw Material :
Raw material is required sapling which are procured or grown in the company Nursery.
Land, Building and Plant Machinery:
The company has 1152 Acres of land at Isarwadi, Taluka Paithan, District Aurangabad. The building
requirement is minimal, however, store and office block has been erected at the farm site.
Plant machinery basically consists of Pipe line drawn from Jayakwadi Dam to the farm site. Apart from
that motors and tractors are use for various activities of the company.
Power & Fuel:
Main sources of the power is made through the MSEB connections supplied to the company.
Water :
Water is drawn from Jayakwadi Dam, Paithan through Pipe line for irrigation purpose.
Man Power Requirement:
Total employees strength of the company as on the 30th September, 2006 are as under:
Sr. No. Department Employee

01. Farm Production 62
02. Marketing 5
03. H.R. & A 3
04. Accounts & Finance 2
05. Purchase 2
Effluent Treatment:
Being agricultural seed industry effluent treatment is not applicable.

VII. MANAGEMENT OF THE COMPANY
Sr.N Name of the Age Father’s Name Residential Address Occupation

o. Director (Yrs)
1. Satish Kagliwal 49 Laxminarayan “Utsah”, Industrialist
Kagliwal Adalat Road,
Auranagabad – 431
005.
2. Akash Kagliwal 26 Nandkishor “Akash”, Near Industrialist
Kagliwal Mahanubhav
Ashram,Paithan
Road, Aurangabad-
431 005.
3. Shrirang 60 Shreenivas 35,Bansilal Nagar, Business
Agarwal Agarwal Aurangabad – 431
005.
The details regarding the Board of Directors is as follows:
1. Mr.Satish Kagliwal
Age : 49 Years
PAN : AHKPK9953B
Position : Director
Date of Appointment : 30/08/1999
Mr.Satish Kagliwal, has a post graduate degree in management from BITS, Pilani and is
having over 25 years of rich experience in the field of agriculture and agro-industries.. He is
looking after the marketing net work of Agri-Tech (India) Ltd.
2. Mr.Akash Kagliwal
Age : 26 Years
PAN : AKHPK8131D
Position : Director
Mr.Akash Kagliwal is the executive director of the company and is looking after the day-to-day
affairs. He is BA (Hons.) in International Business from Regent Business School, London. He
is an able administrator and has the required acumen.
3. Mr.Shrirang Agarwal
Age : 60 Years
PAN : AATPA5461G
Position : Director
Mr.Shrirang Agarwal is a business man having rich experience in the field of agriculture and is
responsible for finance and accounts functions of the company.
COMPENSATION TO DIRECTORS
The company doesn’t pay any remuneration of whatsoever nature to the Directors of the company.
PROMOTERS AND THEIR BACKGROUND

Details of Promoters companies
1. Nath Royal Limited

2. Nath Securities Limited
3. Barkha Farms Private Limited
4. Ferry Fax farms Private Limited
5. Jeevan Investment and Fianance Private Limited
6. Nath Holding and Investments Private Limited
7. Nath Biotechnologies Limited
8. Nath Pulp and paper Mills limited
9. Tingly Finvest Private Limited
10. Nath Capital and Financial Services Limited
11. Paresh Farms Private Limited
12. Swamimi Leasing and Investment Private Limited
13. Prabha Farms Private Limited
14. Nath Securities Limited
15. Jeevan Farms Private Limited
CORPORATE GOVERNANCE
Corporate Governance refers to a combination of laws, regulations, procedures and practices that enable
companies to attract financial and human capital, perform efficiently and thereby maximize long
term value for shareholders, including society at large.
The essence of Corporate Governance lies in the phrase Your Company. It is Your Company because it
belongs to you, the shareholders. The Chairman and Directors are Your fiduciaries and trustees. Their
objective is to take the business forward to maximize the long-term value/wealth
The provisions of the listing agreement to be entered into with the Stock Exchanges with respect to
corporate governance will be applicable to the Company immediately upon the listing of its Equity
Shares on the Stock Exchanges.
Mr. Satish Kagliwal is the Promoter Non-executive Director of the Board. The Board of the Company
comprising three Directors, including one Independent Director. The Board has also constituted the
Audit Committee, Shareholders/Investors' Grievance Committee and Remuneration Committee as
required under the Companies Act, 1956 and Clause 49 of the Listing Agreement as under:
Director Category Member of Member of Member of

Audit Sharesholders/Inv Remuneration
Committee estors’ Grievance committee
Committee
Mr.Satish Kagliwal Promoter Non- Yes Yes Yes
Executive
Mr.Akash Promoter Yes Yes Yes
Kagliwal Executive
Mr.Shrirang Independent Yes Yes Yes
Agarwal Non-Executive
Change in Board of Directors of the Company since incorporation
Sr.No. Name of Director Date of Date of Cessation

Appointment
1 Mr.Sunil Buit 12/07/1993 30/08/1999
2. Mrs.Jeevanlata Kagliwal 12/07/1993 30/08/1999
3. Mr.Srirang Agarwal 12/07/1993 08/09/2003
4 Mr.Nandkishor Kagliwal 30/08/1999 15/03/2006
5 Mr.Satish Kagliwal 30/08/1999 NA
6 Mr.Akash Kagliwal 08/09/2003 NA
7 Mr.Shrirang Agarwal 15/03/2006 NA
The role, powers, scope of functions and duties of the Audit Committee, Shareholders/Investors'
Grievance Committee and Remuneration/Compensation Committee of the Board are as per the
applicable provisions of the Companies Act, 1956 and Clause 49 of the Listing Agreement.
AUDIT COMMITTEE
At Board Meeting held on 19.08.2006, Audit Committee was constituted.
Committee Members:
Name of Director Position held in the Committee

Mr.Shrirang Agarwal Chairman
Mr.Satish Kagliwal Member
Mr.Akash Kagliwal Member
Audit Committee consists of all Non-Executive Directors with the majority of Independent Directors.
Mr.Shrirang Agarwal, the Chairman of the Committee, is a business man. He brings with him enriched
and wide experience of 38 years.
Functions of Audit Committee

The functions of the Audit Committee include:
a) Reviewing the quarterly, half-yearly and annual financial results before submission to the Board
etc.;
b) Recommending appointment of the Statutory Auditors and overseeing their work (including
resolving disagreements between management and the independent auditors regarding financial
reporting) for the purpose of preparing or issuing an audit report or related work.
c) Reviewing the adequacy of internal control systems and the Internal Audit Reports and their
compliances thereof;
d) Reviewing the disclosure of Company’s financial information to ensure that the financial
statements are correct, sufficient and credible;
e) Reviewing the Company’s financial and risk management policies;
f) Review of Foreign Exchange Exposure.

SHAREHOLDERS GRIEVANCE COMMITTEE
At the Board Meeting held on 19.08.2006, Shareholders Grievance Committee was constituted. This
Committee primarily focuses on the shareholders grievances and strengthening the investors relations.
Committee Members:
Name of Director Position held in the Committee

Mr.Satish Kagliwal Chairman
Mr.Akash Kagliwal Member
Mr.Shrirang Agarwal Member
Name of Compliance Officer
Mr.Kartik Krishnamurthy
Shareholding of Directors
Sr.No. Name of the Director No.of Shares
1. Mr.Akash Kagliwal Nil
2. Mr.Satish Kagliwal 10
3. Mr.Shrirang Agarwal 10
Interest of the Directors

The other than reimbursement of expenses incurred for the Company, the directors of the Company have
no other interest in the Company.
Key Managerial Personnel

As per the Scheme of Arrangement, all the employees of the transferor Company who are in its
employment of the effective date of the scheme shall as from such date, become the employees of the
transferee Company on the basis that their services have not been interrupted by the vesting of the
undertaking of the transferor Company.
Accordingly details of Key Managerial Personnel being transferred from the transferor company are as
follows:
Key Managerial Persons are as under:
Sr. Name Age Father's Name Residential Designation

No. Address
01 Akash Kagliwal 27 Nandkishor Kagliwal "Akash" Director
Paithan Road,
Aurangabad
02. Shrirang Agrawal 57 Shrikishan Agrawal 35, Bansilal Director
Nagar,
Aurangabad.
03. Devinder Khurana 43 Gursharan Khurana 63, Shreya S.G.M. (Fin)
Nagar,
Aurangabad
04. Sunil Dixit 40 Ramkrishna Dixit Deva Nagari, G.M. (Acctt)
Aurangabad
05. Shaikh Rasool 42 Shaikh Ismail Buttewadi, Manager
Tal. Paithan (Prod)
Shareholding of the Key Managerial Personnel

Mr.Shrirang Agarwal, Director, is holding shareholding of 10 equity shares in the Company.
Bonus or Profit Sharing Plan for Key Managerial Personnel
The bonus is payable as per the policy of the Company as applicable to all employees. There is no profit
sharing plans.
Change in Key Managerial Personnel since inception

There is no change in Key Managerial Personnel.
VIII. MANAGEMENT DISCUSSION & ANALYSIS OF THE
FINANCIALCONDITION AND RESULT OF OPERATIONS AS
REFLECTED IN THE FINANCIAL STATEMENTS
(a) AGRICULTURAL INDUSTRY
Agriculture is the backbone of the country’s economy and is critical to the country’s progress.
During the past five years agriculture sector has witnessed phenomenal growth in the production
and productivity of food grains, oilseeds, commercial crops, fruits, vegetables etc. India has
emerged as the second largest producer of fruits and vegetables in the world in addition to being
the largest overseas exporter of cashews and spices.
The prospects of the agriculture sector in the country are very bright with near normal rainfall.
The emerging areas in agriculture like horticulture, floriculture, organic farming, genetic
engineering, food processing, branding and packaging and future trading have high potential of
growth.
Emergence of national and multi-national food chains would require steady sources of quality
fruits and vegetables from organized sector.
(b) MANGEMENT PERCEPTION OF RISKS AND CONECERNS

The primary focus of the company is in the area of agriculture. The company has acquired 1152
acres of land to be developed for farming. Being in agro based business, company largely
depends on the weather conditions. Weather plays an important role in the prospects of the
company and any deviation/change in the weather condition may have an adverse effect on the
profitability.
.
(c) PERFORMANCE
Financial Performance of the Company
(Rs. in lakh)
Particulars 31/03/2006 31/03/2005 31/03/2004
Sales 47.75 64.05 70.86

Operating Profit /(Loss) (9.54) 5.21 2.75
Profit before Dep. & Interest (9.54) 5.21 2.75
Depreciation 52.04 57.81 46.37
Net Profit/(Loss) (66.92) (4.26) 48.35
EPS (Rs.) (1.82) (1.56) 7.05
(d) FUTURE OUTLOOK

At present the Farming Division of Transferor Company which has been de-merged into the
Transferee. This includes land, building, plant & machinery and the agriculture land. The de-
merger of the transferor Company into the transferee Company would ensure expansion in the
Company’s business leading to growth in profits.
The Scheme of Arrangement will provide a strong resource base and focused business
environment, which would enable the Company to undertake expansion and growth of the
business more rapidly and advantageously.
R & D support available from associate concerns.
Near vicinity to major consuming centers of Mumbai, Pune and Nashik.

(e) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an adequate system of internal controls commensurate with the size and
nature of business of the Company to ensure adequate protection of the Company’s resources,
provision of accurate and speedy financial statement and reports and compliance with the
Company policies and procedures, and legal obligations.
The Company has a balanced organization structure, well-defined authority levels and set
guidelines and rules for conducting business transactions and to promote ethical conduct. The
Company’s Internal Auditors conduct audit to ensure adequacy of internal control systems,
adherence to management instructions and policies and compliance with laws and regulations of
the country. The Internal Audit Reports are circulated to the Management who initiates action
where appropriate and the action taken reports of the management is considered and discussed
by the Audit Committee.
(f) DEVELOPMENT IN HUMAN RESOURCES

Employees are the future of our company and the organization continues to develop the internal
capabilities of its people through various training and development initiatives.
The Company continued with initiatives to develop its employees at professional and personal
levels. A sizeable number of employees have undergone training that accord an opportunity to
sharpen their skills, improve their performance and widen their perspective.
Company has also put in place a system of performance appraisal to ensure a direct link
between employees’ performance and their variable pay as well as training needs. Company has
a strong belief that to attract, retain and nurture the optimal talent, effective management of
human capital is imperative and to that end, it consistently strives toward improvement in the
standards of environment, occupational health and safety of all its employees as well as at the
work place. This not only improves productivity but also provides a safe and healthy
environment and an atmosphere of congeniality.
CURRENCY OF PRESENTATION
In this Information Memorandum all references to "Rupees" or "Rs." are to Indian Rupees, the legal
currency of the Republic of India.
DIVIDEND POLICY
Dividend is intended to be declared based on the quantum and availability of future profits and will be
disbursed based on shareholder approval based on the recommendation of the Board of Directors.
The Company has not paid any dividend in the past.

IX. FINANCIAL INFORMATION OF AGRI-TECH (INDIA) LTD.,
AUDITORS REPORT
To the members of Agri-Tech (India) Ltd.

1. We have audited the attached Balance Sheet of AGRI-TECH (INDIA) LIMITED as at 31st March,
2006 and also the Profit and Loss Account of the Company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the Company's Management. Our
responsibility is to express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards generally accepted in India. Those
Standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
3. As required by the Companies (Auditor’s Report) Order, 2003 (as amended) issued by the Central
Government of India in terms of Section 227 (4A) of the Companies Act, 1956 (hereinafter referred
to as the "Act") we enclose in the Annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order to the extent applicable to the Company.
4. Further to our comments in the Annexure referred to in paragraph (3) above, we report that:
a) We are unable to express an opinion with regard to the extent of recoverability of certain
interest free loans, advances and recoverables of Rs. 2,76,86 thousands (including Rs 1,27,72
thousands receivable consequent to de-merger) due from various associate companies and
others. It is, however, explained by the management that the amount would be recovered in
due course of time and that no provisioning is required at this stage. (Refer Note No.5 (a), in
Schedule 16);
b) The accounts of certain debtors creditors, loans and advances are subject to confirmations
and reconciliation. (Refer Note No.16 in Schedule 16);
c) No provision has been made for interest aggregating to Rs. 15,25,24 thousands (including Rs
2,78,84 thousands for the current year) on Term Loan facilities from the Company’s bankers
pending finalization of the Company’s proposal for reduction in the rate of interest. (Refer
note no.12 in Schedule 16). ;
d) Had observations made by us in paragraphs (c) above been considered, the loss for the year
would have been Rs. 15,87,79 thousands (as against reported loss of Rs. 62,66 thousands),
accumulated loss would have been Rs. 15,92,16 thousands (as against reported loss of Rs.
66,92 thousands), secured loans would have been Rs. 27,57,14 thousands (as against reported
figure of Rs. 12,31,89 thousands)
e) On the basis of written representations received from the Directors, taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March, 2006 from being
appointed as a Director under section 274(1)(g) of the Act.
f) Subject to what is stated at paragraphs `b' above, we have obtained all the information and
explanations which to the best of our knowledge and belief were necessary for the purposes of
our audit;
g) Subject to what is stated at paragraphs (c) above, proper books of account as required by law
have been kept by the Company so far as it appears from our examination of those books;
h) The Balance Sheet, Profit and Loss Account dealt with by this report are in agreement with
the books of account;
i) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this report have
been prepared in compliance with the Accounting Standards referred to in Section 211(3C) of
the Act, to the extent applicable;
j) In our opinion and to the best of our information and according to the explanations given to
us, the said accounts subject to what is stated in Note No .4 in Schedule 16 regarding
Valuation of Standing crops as estimated by the management and also what is stated at
paragraphs (b) above, having consequential impact, (presently not ascertainable) on the loss
for the year, Reserves and Surplus, assets and liabilities of the Company as also subject to
Note No. 8 (i) regarding granting of loans after making default in repayment of term loan in
non-compliance with the provisions of Section 372A (2) of the Act and what is stated at
paragraphs (c) above and read together with Significant Accounting Policies, Contingent
liabilities and other notes appearing in said Schedule and elsewhere in the financial
statements, Note No. 2 & 3 in Schedule 5 regarding registration / execution of conveyance
deed for land and other assets and our comments in Annexure referred to in paragraph (3)
above, give the information required by the Act, in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted in India.
I. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st
March, 2006; and
II. In the case of the Profit and Loss Account, of the loss of the Company for the year
ended on that date.
For GAUTAM N. ASSOCIATES

CHARTERED ACCOUNTANTS
(GAUTAM NANDAWAT)
PROPRIETOR
AURANGABAD:
DATED: 19th August 2006
ANNEXURE TO THE AUDITORS’ REPORT
Annexure referred to in Para 3 of our report of even date to the Members of

AGRI-TECH (INDIA) LIMITED.
i) a) The Company has maintained its fixed assets records to show full particulars including
quantitative details and situation of its fixed assets.
b) As explained to us, the fixed assets have been physically verified by the management
during the year according to the phased programme of verification, which in our opinion, is
reasonable having regard to the size of the Company and nature of its fixed assets.
According to the information and explanations given to us, no discrepancies were noticed
between the physical quantity of fixed assets and book records.
c) The Company has not disposed off substantial part of its fixed assets during the year.
ii) a) As explained to us, the stock of standing crops has been physically verified by the
company’s technical personnel during the year. In our opinion, the frequency of verification
is reasonable.
b) The procedures of physical verification of inventories followed by the management are

reasonable and adequate in relation to the size of the company and the nature of its
business.
c) The Company has maintained proper records of Inventory. As explained to us, no material
discrepancies were noticed on verification between the physical stocks and the book
records and the same have been properly dealt with the in the books of the accounts.
iii) a) The Company had taken loan from three companies / firms covered in the register
maintained under section 301 of the Act. The maximum amount involved during the year
was Rs. 95,06 thousands and the year end balance of loans taken from such parties was Rs.
91,47 thousands. There were five Companies / Firms covered in the Register maintained
under section 301 of Act, to which the company has granted loans. The maximum amount
involved during the year was Rs. 2,78,45 thousands and the year end balance of loans
granted to such parties was Rs. 2,78,45 thousands.
b) In our opinion, the rate of interest wherever applicable, and other terms and conditions on
which the loan has been taken from/granted to companies, firms or other parties listed in
the register maintained under section 301 of the Act, are, prima facie not prejudicial to the
interest of the company subject to our comments in para 4(a) of our report.
c) The company is regular in paying the principal amounts as stipulated and they have been
regular in the payment of interests, wherever applicable. The parties have repaid the
principal amounts as stipulated and have been regular in the payment of interests wherever
applicable except Loans and Advances of Rs. 2,176,86 thousands referred to in Note 8 (i) in
schedule no. 16.
d) According to the information and explanations given to us reasonable steps are being taken
by the Company for their recovery.
(2)
iv) In our opinion and according to the information and explanations given to us, internal control
procedures are commensurate with the size of the Company and nature of its business with
regard to purchase of stores, finished goods, plant and machinery, equipment and other assets
and for the sale of goods.
v) a) According to the information and explanations given to us, we are of the opinion that the
transactions that need to be entered into the register maintained under Section 301 of the Act,
have been so entered.
b) In our opinion, the transactions of purchases and sale of goods and materials made in
pursuance of contracts or arrangements entered in the register maintained under Section 301 of
the Act and aggregating during the year to Rs. 5,00,000 or more in respect of each party have
been made at prices prevailing for such goods and materials or prices at which transactions for
similar goods and materials have been made with other parties except in case of items of
specialized nature where such comparison could not be made. There were no transactions for
sale of services with these parties during the year.
vi) The company has not accepted any deposits under the provision of Section 58A and 58AA of the
Act and the rules framed there under.
vii) The company at present does not have internal audit system.
viii) The Central Government has not prescribed for maintenance of cost records under Section
209(1)(d) of the Act, for the products of the Company.
ix) a) According to the records of the Company, the Company is regular in depositing with
appropriate authorities undisputed statutory dues including investor education protection fund,
employees’ state insurance, income-tax, wealth-tax, customs duty, cess and other statutory
dues applicable to it except Professional Tax Rs. 14 thousands, Tax deducted at sources Rs. 38
thousands, which are since paid.
b) According to the information and explanations given to us, no disputed amounts are payable in
respect of dues of income tax, customs duty, wealth tax, excise duty and cess, as applicable,
which are outstanding as at 31st March, 2006.
x) Subject to what is stated in para 4 (d) of our report, the accumulated loss of the company are not
more than fifty percentage of its net worth. The company has not incurred any cash losses
during the financial year covered by our audit and during the immediately preceding financial
year.
xi) In our opinion and according to the information and explanations given to us, the company has
defaulted in repayment of dues to banks amounting to Rs. 12,31,89 thousands.
xii) In our opinion, the company has not granted any loans and advances on the basis of Security by
way of pledge of shares, debentures and other securities.
xiii) In our opinion, the company is not a chit fund or a nidhi / mutual benefit fund/society.
xiv) In our opinion, the company is not dealing or trading in shares, securities, debenture and other
investments.
xv) As per the information and explanations given to us, the company has not given any guarantees
for loans taken by others from banks of financial institutions.
xvi) In our opinion, the company has not obtained any term loan during the period. Therefore, the
provisions of clause 4(xiv) of the Order are not applicable to the company.
xvii) According to the information and explanations given to us and on an overall examination of the
balance sheet of the company, we report that generally, no funds raised on short-term basis have
been used for long-term investment and vice versa.
xviii) According to the information and explanations given to us, the company has not made
preferential allotment of shares to parties and companies covered in the register (to be updated)
maintained under section 301 of the Act.
xix) According to the information and explanations given to us, during the period covered by our
audit report, the company has not issued any debentures.
xx) The company has not raised any money by public issues during the year.
xxi) According to the information and explanations given to us, no fraud on or by the company has
been noticed or reported during the course of our audit.
For GAUTAM N. ASSOCIATES

CHARTERED ACCOUNTANTS
(GAUTAM NANDAWAT)
PROPRIETOR
AURANGABAD:
DATED: 19th August 2006

AGRI TECH ( INDIA ) LIMITED
BALANCE SHEET AS AT 31st MARCH, 2006
(Rs.in Thousands)
Schedule As at 31st As at 31st
March, 2006 March, 2005
SOURCES OF FUNDS
SHAREHOLDERS' FUNDS
Share Capital 1 61877 61877
Reserves & Surplus 0 0
LOAN FUNDS
Secured Loans 2 123238 123260
Unsecured Loans 3 9349 6511
194464 191648
APPLICATION OF FUNDS
FIXED ASSETS 4
Gross Block 159500 159049
Less: Depreciation 33239 28233
Net Block 126261 130816
Capital Work-in-Progress 20906 20906
(Including capital advances) 147167 151722
CURRENT ASSETS, LOANS AND ADVANCES

Inventories 5 12200 12200
Sundry Debtors 6 54 4518
Cash and Bank Balances 7 2696 2863
Loans and Advances 8 27793 21909
42743 41490
LESS: CURRENT LIABILITIES AND PROVISIONS 9
Current Liabilities 2139 1991
NET CURRENT ASSETS 40604 39499
PROFIT AND LOSS ACCOUNT (LOSS) 6692 426

194463 191647
SIGNIFICANT ACCOUNTING POLICIES AND NOTES 16

FORMING PART OF THE FINANCIAL STATEMENTS
SCHEDULES REFERRED TO ABOVE FORM AN INTEGRAL
PART OF THE FINANCIAL STATEMENTS
AS PER OUR ATTACHED REPORT OF EVEN DATE

For Gautam N. Associates For and on behalf of the Board of
Chartered Accountants Directors
(Gautam Nandawat)
Proprietor Director Director
Place : Aurangabad
Dated: 19th August, 2006
AGRI TECH ( INDIA ) LIMITED
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st MARCH, 2006
Rs.in Thousands)
For the year For the year
Schedule ended 31st ended 31st
March,2006 March,2005
INCOME
Sales 10 4734 6317
Other Income 11 41 88
4775 6405
Farming Expenses 12 3780 4787

Payments to and Provision for Employees 13 748 667
Administrative and Selling Expenses 14 1202 430
5730 5884
PROFIT(+) /LOSS(-) BEFORE INTEREST,DEPRECIATION & TAX -954 521
Interest and Finance Charges(Net) 15 198 248

Depreciation / Amortisation 5006 5533
NET LOSS BEFORE EXTRAORDINARY ITEMS AND

PRIOR YEAR ADJUSTMENTS -6158 -5261
PRIOR YEAR ADJUSTMENTS

Income 15 0
Exenses 123 0
108 0
NET LOSS AFTER EXTRAORDINARY ITEMS AND
PRIOR YEAR ADJUSTMENTS -6266 -5261
Balance of Profit(+) / Loss (-) brought forward from Previous Year -426 4835
DEFICIT CARRIED TO THE BALANCE SHEET -6692 -426
Basic & Diluted Earnings per Share -1.82 1.58
SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING

PART OF THE FINANCIAL STATEMENTS SCHEDULES 16
REFERRED TO ABOVE FORM AN INTEGRAL PART OF THE
FINANCIAL STATEMENTS
AS PER OUR ATTACHED REPORT OF EVEN DATE

For Gautam N. Associates For and on behalf of the Board of
Chartered Accountants Directors
(Gautam Nandawat)
Proprietor Director Director
Place : Aurangabad
Dated: 19th August, 2006
As at
SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS 31st As at 31st
AS AT 31ST MARCH, 2006 March, March,
2006 2005
SCHEDULE-1
SHARE CAPITAL
AUTHORISED :
60,00,000 (Previous year 60,00,000) Equity Shares of Rs.10 each. 60000 60000
25,000 (Previous year 25,000 ) 16% Cumulative Redeemable Preference 2500 2500
Shares of Rs.100 each
62500 62500
ISSUED, SUBSCRIBED AND PAID UP :
59,40,000 (Previous year 59,40,000) Equity Shares of Rs.10 each fully 59400 59400
paid up
Less: Allotment Money in Arrears (From other than Directors) * -23 -23
59377 59377
25,000 (Previous year 25,000 ) 16% Cumulative Redeemable 2500 2500
Preference Shares of Rs.100 each
61877 61877
Arrangementbetween Nath Seeds Ltd. and agri-Tech (India) Ltd., equity Share
Capital of Rs.4,94,00,000 (49,40,000 Equity Shares of Rs.10/- each) and
Preference Share Capital of Rs.25,00,000 (25,000 of Rs.100/0- each) have
Been allotted to erstwhile shareholders of Nath seeds Ltd. However, share
Certificate are yet to be issued.
ii) Preference shares of Rs.25,00,000 were redeemable at par in three equal

installments at the of the 3rd, 4th and 5th year from the date of allotment,
however, non-redemption and non-declaration of dividend has resulted into
entitlement of voting power to the preference share ho0lders.
SCHEDULE-2
SECURED LOANS
TERM LOANS :
From Banks :
i) Consortium led by Bank of India 120036 120036
ii) Central Bank of India 2500 2500

Interest accrued and due 701 723
123238 123260
i) Secured by a first charge by Hypothecation of all the tangible moveable
plant and machinery, both present and future, situated at area Isarwadi,
Taluka Paithan, dist: Aurangabad and equitable mortgage of company’s
Immoveable Properties (1152 acres of land) situated at various survey
Numbers at taluka Paithan and personally guaranteed by all the directors
Of Nath seeds Ltd. Theloan is further secured by way of extension of
Charges by mortgage of immovable property owned by an associate and
Leased out to Nath Seeds Ltd. situated at Mandbane, Tal.Karjat (50 acres
Of land with Teak Plantation) with pari-pasu charge for securing working
Capitalfacilities to Nath Bio-Gene (India) Ltd.
ii) Secured by pledge of Fixed Deposit Receipts amounting to Rs.25,00,000
SCHEDULE-3
UNSECURED LOANS
From Bodies Corporate (Short Term) 9147 6511

From Directors 202 0
9349 6511
As at 31st As at 31st
March, March,
2006 2005
SCHEDULE-5
INVENTORIES
(As taken, valued and certified by the management)
Standing Crops 12200 12200
12200 12200
SCHEDULE - 6
SUNDRY DEBTORS
Unsecured: Considered good:

Due for a period exceeding six months 54 4518
Other debts 0 0
54 4518
SCHEDULE - 7
CASH AND BANK BALANCES
Cash on hand 12 2
Balances with Scheduled Banks:
i) In Current Accounts 184 361

ii) In Fixed Deposit Account 2500 2500
(FDR Pledged with Central Bank of India)
2696 2863
SCHEDULE - 8
LOANS AND ADVANCES
(Unsecured, Considered good)
Advances recoverable in cash or
in kind or for value to be received 27793 21909
(Refer Note No. 5 in Schedule No.17) 27793 21909
SCHEDULE- 9
CURRENT LIABILITIES AND PROVISIONS
CURRENT LIABILITIES
Sundry Creditors * 1311 1356

Other liabilities 828 635
* (Refer Note No.12 in Schedule No.17)

2139 1991
March, March,
2006 2005
SCHEDULE-10
SALES
Sales of Agriculture Produce 4734 6317
4734 6317
SCHEDULE-11
OTHER INCOME
Miscellaneous Income 41 88
41 88
SCHEDULE-12
FARMING EXPENSES
Fertilizer 863 770

Chemicals 755 982
Packing materials 1 133
Hammali & Transportation Exp 38
Wages 1251 702
Power and Fuel 418 381
Repairs and Maintenance (Machinery) 0 169
Other Farming Expenses 455 1650
3780 4787
SCHEDULE-13
PAYMENTS TO AND PROVISION FOR EMPLOYEES
Salaries, Wages and Bonus 707 613

Contribution to Provident and Other Funds 0 16
Staff Welfare Expenses 41 38
748 667
March, March,
2006 2005
SCHEDULE-14
ADMINISTRATIVE AND SELLING EXPENSES
Rates and Taxes 214 34

Insurance 21 13
Repairs and Maintenance (Others) 266 73
Travelling and Conveyance 22 27
Securities Charges 175
Auditors' Remuneration:
Audit Fees 28 28
Tax Audit fees 11 11
Legal & Professional Expenses 141 1
Directors' Remunaration 210 0
Vehicle Maintenance 0 57
Postage,Telegram & Telephone 62 90
Advertisement and Sales Promotion 17 20
Frienge Beneifit Tax 11 0
Sundry balance written off 0 14
Miscellaneous Expenses 23 63
1202 430
SCHEDULE-15
INTEREST AND FINANCE CHARGES (NET)
INTEREST:
On Fixed Term Loans 338 433
Less: Interest received -143 -188
195 244
Finance Charges 4 4
198 248
SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF THE
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2006.
1. SIGNIFICANT ACCOUNTING POLICIES:
(A) GENERAL
i) The financial statements are prepared on the basis of historical cost convention on the
accounting principles of a going concern and in accordance with the applicable accounting
standards. All the expenses and income to the extent considered payable and receivable,
respectively, unless specifically stated to be otherwise, are accounted for on accrual basis.
ii) Sales return is accounted for consistently in the year of settlement in view of the peculiar nature
of the business of the Company.
(B) FIXED ASSETS:
Fixed Assets are stated at cost including freight, duties, taxes and all incidental
expenses related thereto.
(C) CAPITAL WORK-IN-PROGRESS:
Expenditure related to and incurred during implementation of the projects is included under Capital
Work-in-progress and the same is capitalized under the appropriate heads on completion of
the projects.
(D) DEPRECIATION / AMORTISATION:
i) Depreciation on Fixed Assets, except Agricultural land improvement is provided for on basis of
written down value method at the rates specified in Schedule XIV to the Companies Act, 1956
(hereinafter referred to as the "Act")
ii) Land Development expenditure is amortised in ten equal yearly installments commencing from
the year of incurring of such expenditure.
(E) INVENTORIES:
i) Inventories are valued at lower of cost and net realizable value except as stated herein below.
Cost is assigned on weighted average basis. Obsolete, defective and unserviceable stocks are
provided for.
ii) Cost of finished products comprises the cost of production and other costs incurred in bringing
the inventories to their present location and condition.
iii) Work-in-Progress:
Standing Crops: At estimated realizable value (Net of expenses to be incurred, where
applicable) and / or as certified by an independent agency, and relied upon by the auditors being
a technical matter.
(F) RETIREMENT BENEFITS:
Liability as at the year end in respect of retirement benefits is provided for and/or funded and
charged to Profit and Loss Account as follows:
i) Provident / Family Pension Funds

At a percentage of salary/wages for eligible employees.
ii) Gratuity:
The liability in respect of future payments of Gratuity is provided for in accordance with the
provisions of the Payment of Gratuity Act, 1972
iii) Leave Encashment:
On the basis of accumulated leave of the employees outstanding as at the year-end.
(G) BORROWING COST:
Borrowing cost directly attributable to acquisition, construction, production of qualifying assets are
capitalized as a part of the cost of such asset upto the date of completion. Other borrowing
costs are charged to the Profit and Loss Account date of completion.
(H) TAXATION:
i) Provision for current tax is made and retained in the accounts on the basis of
estimated tax liability as per the applicable provisions of the Income Tax Act, 1961
and considering assessment orders and decisions of appellate authorities in the
Company
ii) Deferred tax for timing differences between tax profits and book profits is
accounted for using the tax rates and laws that have been enacted or
substantively enacted as of the Balance Sheet date. Deferred tax assets are
recognized to the extent there is reasonable certainty that these assets can be
realized in future and are reviewed for the appropriateness of their respective
carrying values at each balance sheet date.
2 Contingent liabilities not provided for in respect of:

a) Claims against the Company not acknowledged as debts Amount Amount
including legal cases transferred from the de-merged Company. Unascertainabl Unascertainab
e le
b) Arrears of dividend on Cumulative Redeemable Preference 45,26 40,70
Shares (Including Corporate dividend Tax)
c) Amount of interest liability/penalty/liquidated damages, if any on Amount Amount

delayed/non-payment of certain loans (secured or Unascertainabl Unascertainab
unsecured)/statutory dues. e le
3 Estimated amount of contracts remaining to be executed on

capital account and not provided for (net of advances) 1,77,92 1,77,92
4 Valuation of Standing Crops (included in Inventories) was done

on an estimated basis by the management considering their
production potentiality and the same is reviewed at an interval
of three years. This could not be verified by the auditors, being
a technical matter. 1,22,00 1,22,00
5 Loans and advances includes:

a) Interest free loans given to associate companies (including Rs
1,27,72 thousands receivable consequent to de-merger) 2,76,86 2,14,67
b) Interest aggregating to Rs. 25,68 thousands (up to previous
year 41,98 thousands) has not been charged for the year on
loans and business advances given to associate companies
considering the long term business exigencies / purposes.
6 In the opinion of the Board, Current Assets, Loans and

advances are approximately of the value stated, if realized in
the ordinary course of the business.
7 a) In view of the unabsorbed depreciation and carried forward
losses / allowances etc received from Nath Seeds Ltd up on de-
merger, and the company's Income being agricultural income, the
company does not expect any liability for income tax.
b) Deferred Tax Liability /Asset has not been provided for due to
unabsorbed depreciation and carry forward losses received pursuant
to de-merger and are unascertainable due to revised income tax
return yet to be filed by the company with the Income Tax
Authorities.
8 i) The company has given loans to various corporate bodies to

the extent of Rs. 2,76,86 Thousands (Previous Year Rs.
2,14,67 thousands) and outstanding as on balance sheet date
in non-compliance with the provisions of section 372A (2) of
the Act because of financial exigencies.
ii) The Company is in the process of appointing a Whole-time

Director and Company Secretary as required under the
provisions of Section 269 and 383 A respectively of the Act.
9. Agricultural Land of Rs. 3,86,97 thousands (Previous year Rs.

3,86,97 thousands) is in the possession of the Company
against which advance of Rs. 2,09,06 thousands (Previous year
Rs. 2,09,06 thousands) were given in the earlier years.
Conveyance deeds (including obtaining search report) are to be
executed in due course of time on balance payment to the
landholders.
10 Share Application and Allotment Money in Arrears of Rs.23

thousands (Previous year 23 thousands) in respect of public
issue of equity shares is subject to reconciliation.
11 There are no over dues to small scale / Ancillary Industrial

Suppliers as defined under the "Industrial (Development and
Regulation) Act, 1951" and the "Interest on delayed payments
to Small Scale Ancillary Industrial Undertaking Act, 1993.
12 a) The Company has submitted a proposal to the bankers for a

reduction in the rate of interest on Term Loan facilities. In view
of expectation of favorable outcome, the interest aggregating to
Rs. 15,25,24 thousands (including Rs. 2,78,84 thousands for
the current year) has not been provided for.
13The Company has single reportable segment namely Corporate

Farming Activity for the purpose of Accounting Standard 17 on
Segment Reporting.
14 Related party disclosure as per Accounting Standard 18:
(a) List of Related Parties
(i) Associates
Nath Pulp & Paper Mills Ltd.
Barkha Farms Pvt. Ltd.
Nath Seeds Ltd.
Nath Bio Genes (India) Ltd.
Tapovan Farms Pvt. Ltd.
Ferry Fax Farms Pvt. Ltd.
Jeevan farms Pvt. Ltd.
Nath Securities Ltd.
(b) Transactions carried out with related parties as referred to in para (i) above, in the ordinary course of
business.
Nature of Transactions Current Year Previous Year

Rs. In thousands Rs. In thousands
(i) Purchase of Material 29 0

(ii) Advances Given 97,75 33,18
(iii) Advances Received/Recovered 58,01 25,55
(iv) Outstanding Balances
Loans/Advances/Deposits Given 2,76,86 2,14,68
Loans/Advances/Deposits Taken 9,147 65,11
NOTES :
1. Related party relationship is as identified by the company and relied upon by the
Auditors.
2. No amounts in respect of the related parties have been written off/back during the
year. Also, no accounts have been provided for as doubtful debts.
15. The net profit for the purpose of measurement of basic and diluted earnings per share in terms of
Accounting Standard 20 on Earnings per Share issued by the Institute of Chartered Accountants of
India has been calculated as under: -
Numerator Current Year Prev. Year

Net Profit / (Loss) as per Profit & Loss Account (62,66) (52,61)
Less : Dividend on 45,26 40,70
Preference Shares 1,07,92 93.31
Total
Denominator 59,37,700 59,37,700

Weighted Average number of Equity Shares outstanding (nos)
Basic and Diluted Earnings per share is arrived at by dividing -1.82 -1.58
Numerator by Denominator
10 10
The nominal value per Equity Share in Rupees
16 The accounts of certain debtors, creditors, loans and advances are subject to confirmation
and reconciliation, if any. The difference as may be noticed on reconciliation will be duly
accounted for on completion thereof. In the opinion of the management the ultimate difference
will not be material.
17. Item Produced Licensed Installed Production
Capacity Capacity
Agriculture Produce N. A. N. A. In view of the
peculiar nature of
activity and varied
nature of
agricultural
produce, it is not
feasible to give
quantitative details.
Current year Previous year

18. CIF value of imports Nil Nil
19. Expenditure in foreign currency Nil Nil
20 Earnings in foreign currency: Nil Nil
21 Previous year's figures have been re-grouped/rearranged wherever necessary to conform

to the current year's presentation
Aurangabad Director Director

Dated : 19th August 2006
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
SEPTEMBER 30, 2006
UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 30/09/2006

Rs. in Lacs
SR. DESCRIPTION 3 CORRESPONDING YEAR TO DATE YEAR TO DATE PREVIOUS
NO. MONTHS 3 MONTHS IN FIGURES FOR FIGURES FOR ACCOUNTING YEAR
ENDED PREVIOUS YEAR CURRENT PERIOD PERVIOUS YEAR ENDED
30/09/2006 30/09/2005 30/09/2006 30/09/2005 31/03/2006
1 Net Sales / Income 22.24 18.13 52.66 42.55 47.34

2 Cost of Sales 12.55 11.09 32.15 27.70 37.80
a) Increase/Decrease in Stock in Trade 0.00 0.00 0.00 0.00 0.00
b) Consumption in Raw Material 12.55 11.09 32.15 27.70 37.80
c) Other Expenditure 0.00 0.00 0.00 0.00 0.00
3 Gross profit 9.69 7.04 20.51 14.85 9.54

4 Administrative Expenses 3.23 2.15 5.67 4.49 7.48
5 Selling & Distribution Expenses 1.44 0.69 2.34 1.83 12.02
6 Operating Profit before
Interest & Depreciation 5.02 4.20 12.50 8.53 (9.96)
7 Non Recoverable Debts written off 0.00 0.00 0.00 0.00 0.00
8 Interest 0.00 0.00 0.00 0.00 1.98
9 Depreciation 0.00 0.00 0.00 0.00 50.05
10 Profit/Loss after Depreciation 5.02 4.20 12.50 8.53 (61.99)
11 Other Income 0.00 0.00 0.00 0.00 0.41
12 Profit / Loss before Tax 5.02 4.20 12.50 8.53 (61.58)
13 Provision for Tax 0.00 0.00 0.00 0.00 0.00
14 Prior Period Extra Ordinary Items 0.00 0.00 0.00 0.00 1.08
15 Net Proft / Loss 5.02 4.20 12.50 8.53 (62.66)
16 Paid Up Equity Share Capital
(Face Value Rs. 10/- each) 618.77
17 Reserves (excluding Revaluation Reserves) 0.00
NOTES : (1) Above financial results were taken on record by the Board of Directors in their meeting held on 30th October 2006 (2) The
Company is developing a High tech Farm for Export Oriented agriculture produce. The crops are in different stages of growth and have
diferrent maturity period. The project, by its very nature, has a long gestation period. Revenue and profits would therefore over subsequent
years. (3) The project being under implementation, the interest has been capitalised. (4) Segmenlal reporting is not applicable to the
company, since the Company is dealing in one major product.
Investor Complaints
Opening Balance 0 For AGRI-TECH (INDIA) LIMITED

Received & Solved 0
Closing Balance 0
Place : Aurangabad
Date : 30th October 2006 DIRECTOR
X. GROUP COMPANIES
Listed Companies
1. Nath Seeds Limited

Date of Incorporation : 30.10.1980
Registration No. : 11/023364
PAN : AAACN9213B
Address of ROC : Registrar of Companies, Hakoba
Compound, Kala Chowki, Mumbai
Maharashtra.
Bank Account Details : Bank of India, Kranti chowk,

Aurangabad.
Principal Business : Seeds, Plantation, Farming
Shareholding Pattern as on September 30, 2006 is set forth below:
I)(b) Statement showing Shareholding of persons belonging to the

category "Promoter and Promoter Group"

form
As a As a
(A+B)9 (A+B+C)

and Promoter Group10
(1) Indian
Undivided Family
Government(s)
(e) Any Other 0 0 0 0.00 0.00
(specify)
Sub-Total (A)(1) 75 5704729 3782304 39.82 39.82
(2) Foreign
Individuals)
Sub-Total (A)(2) 0 0 0 0.00 0.00
Group (A)= (A)(1)+(A)(2)
9
10
form
As a As a
(A+B)11 (A+B+C)

(1) Institutions
Government(s)
Investors
Investors
Sub-Total (B)(1) 17 14558 0 0.10 0.10
(b) Individuals -
lakh.
Sub-Total (B)(2) 32447 8606713 7059907 60.08 60.08
(B)= (B)(1)+(B)(2)
TOTAL (A)+(B) 32539 14326000 10842211 100.00 100.00
and against which
been issued
GRAND TOTAL 32539 14326000 10842211 100.00 100.00
(A)+(B)+(C)
11
12
Promoter Group”
1. S.R.Attal 99058 0.69

2. Attal K.S. 99058 0.69
4. Attal R.R. (HUF) 83313 0.58
5. Nandkishor Rasiklal agarwal 75400 0.53
6. Anvikar S.J. 30435 0.21
7. Anvikar R.P. 19082 0.13
10. A.L.Attal 14539 0.10
11. Anvikar J.G. 14097 0.10
16. Attal R.R. 9761 0.07
20. Prakash (HUF) 6760 0.05
21. Anvikar R.K. 6312 0.04
24. S.P.Anvikar 5916 0.04
29. V.V.Bhallad 4775 0.03
31. Attal P.S. 3673 0.03
37. Ramesh HUF 1624 0.01
38. R.S.Attal 1470 0.01

39. K.G.Anvikar 1470 0.01
43. Ritu S.Attal 1102 0.01
45. Attal L.S. 1044 0.01
48. J.Kagliwal 773 0.01
49. Anvikar N.K. 760 0.01
53. Attal R.R. 464 0.00
57. P.R.Attal 232 0.00
58. Attal S.R. 174 0.00
64. Anvikar Suresh Prabhakar 6 0.00
67. Swamini Leasing & Inv. Pvt. Ltd. 139896 0.98
70. Tingli Finvest Pvt.Ltd.. 163922 1.14
71. Nath Pulp & Paper Mills Ltd. 179109 1.25
72. Nath Biotechnologies Ltd.. 266800 1.82
73. Nath Holding & Inv. Pvt.Ltd 329498 2.30
75. Nath Royal :Ltd.. 2851340 19.90
. TOTAL…………. 5704729 39.82
(I)(a) above}
1. NIL NIL NIL
TOTAL NIL NIL NIL
1. NIL NIL NIL
TOTAL NIL NIL NIL
DRs
1. NIL NIL NIL NIL
TOTAL
1. NIL NIL NIL NIL
Board of Directors
The Board of Directors is set forth below:
1. Mr.R.S.Attal
2. Mr K.G.Anvikar
3. Mr.Akash Kagliwal
Financial Performance
(Rs. in lakh)
Particulars 31/03/2006 30/06/2005 30/06/2004
Sales 352.81 16.97 0.00

Operating Profit /(Loss) 106.57 (95.59) 0.00
Profit before Dep. & Interest 106.57 (95.59) 247.11
Net Profit/(Loss) 101.79 (100.31) 241.97
EPS (Rs.) (1.56) 0.92
Details of Listing and Highest & Lowest Market Price during the preceding six months
The shares are listed on BSE, NSE and ASE. The details of the highest and lowest price during the
preceding six months are as follows:
Month Highest Lowest

February 2004 12.65 9.60
January 2004 16.90 9.25
December 2003 14.60 8.82
November 2003 9.35 6.25
October 2003 9.35 6.71
September 2003 13.10 8.00
There is no change in capital structure during last six months and there was no public/rights issue by
Nath Seeds Ltd
Mechanism of redressal of investor grievance
Nath Seeds Limited has constituted a Share Transfer and Shareholders/ Investors Grievance Committee
which meets as and when required, to deal with matters relating to transfer/ transmission of shares and
monitors redressal of complaints/grievances from shareholders relating to transfers, non receipt of
balance sheet, non receipt of dividend declared, etc. Typically the investor grievances are dealt within a
fortnight of receipt of the complaint from the investor.
Unlisted Company
1. Nath Bio-Gene (India) Limited

Date of Incorporation : 14.07.1998
Registration No. : 11-72842
PAN : AABCN7978E
Address of ROC : Registrar of Companies, Hakoba
Compound, Kala Chowki, Mumbai
Maharashtra.
Bank Account Details : Bank of India

Kranti Chowk
Aurangabad.
Dena Bank
Adalat Road
Aurangabad.
Canara Bank
Shahganj
Aurangabad.
The IDBI Bank

Aurangpura
Aurangabad.
Saraswat Co-op bank Ltd.

Khadkeshwar
Aurangabad.
Principal Business : Seeds

Shareholding Pattern as on September 30, 2006 is set forth below:
Category of shareholder Number of Total Number of Total shareholding as a

Cate- shareholders number of shares held in percentage of total number of
gory shares dematerialized shares
code form
As a As a
(A+B)13 (A+B+C)

and Promoter Group14
(1) Indian
Undivided Family
Government(s)
(e) Any Other 0 0 0 0.00 0.00
(specify)
Sub-Total (A)(1) 85 3163863 1796450 49.17 49.17
(2) Foreign
Individuals)
Sub-Total (A)(2) 0 0 0 0.00 0.00
Group (A)= (A)(1)+(A)(2)
13
14
form
As a As a
(A+B)15 (A+B+C)

(1) Institutions
Government(s)
Investors
Investors
Sub-Total (B)(1) 17 5522 0 0.09 0.09
(b) Individuals -
lakh.
Sub-Total (B)(2) 32445 3264615 2315851 50.74 50.74
(B)= (B)(1)+(B)(2)
TOTAL (A)+(B) 32547 6434000 4112301 100.00 100.00
and against which
been issued
GRAND TOTAL 32547 6434000 4112301 100.00 100.00
(A)+(B)+(C)
15
16
Promoter Group”
1. S.R.Attal 37574 0.58

2. Attal K.S. 37574 0.58
4. Attal R.R. (HUF) 31501 0.49
5. Nandkishor Rasiklal agarwal 28600 0.44
6. Anvikar S.J. 11544 0.18
7. Anvikar R.P. 7238 0.11
10. A.L.Attal 5515 0.09
11. Anvikar J.G. 5337 0.08
16. Attal R.R. 3702 0.06
20. Prakash (HUF) 2564 0.04
21. Anvikar R.K. 2394 0.04
24. S.P.Anvikar 2244 0.03
29. V.V.Bhallad 1811 0.03
31. Attal P.S. 1393 0.02
37. Ramesh HUF 616 0.01
38. R.S.Attal 558 0.01

39. K.G.Anvikar 558 0.01
43. Ritu S.Attal 418 0.01
45. Attal L.S. 396 0.01
48. J.Kagliwal 293 0.00
49. Anvikar N.K. 288 0.00
53. Attal R.R. 176 0.00
57. P.R.Attal 88 0.00
58. Attal S.R. 66 0.00
64. Nandkishor Kagliwal 10 0.00
65. Satish Kagliwal 10 0.00
66. Sunil Dixit 10 0.00
67. Jeevanlata Kagliwal 10 0.00
68. Sunil Buit 10 0.00
69. Shrirang Agarwal 10 0.00
70. Kashinath Iyer 10 0.00
71. Nath Royal Ltd. 1081543 16.81
73. Barka Farms Pvt.Ltd. 337000 5.24
74. Ferry Fax farms Pvt.Ltd. 310000 4.82
76. Nath Holding & Inv. Pvt.Ltd. 124982 1.94
77. Nath Biotechnologies Ltd. 101200 1.57
78. Nath Pulop & Paper Mills Ltd. 67940 1.06
79. Tingli Finvest Pvt.Ltd. 62177 0.97
82. Swamini Leasing & Inv.Pvt.Ltd. 53064 0.82
85. Akash Farms Pvt.Ltd. 15930 0.25
TOTAL 3163863 49.17
(I)(a) above}
1. NIL NIL NIL
TOTAL NIL NIL NIL
1. NIL NIL NIL
TOTAL NIL NIL NIL
DRs
1. NIL NIL NIL NIL
TOTAL
1. NIL NIL NIL NIL
Board of Directors
The Board of Directors is set forth below:
1. Mr.Nandkishor Kagliwal
2. Mr Satish Kagliwal
3. Mr.S.U.Baig
Financial Performance
(Rs. in lakh)
Particulars 31/03/2006 30/06/2005 30/06/2004
Sales 352.81 16.97 0.00

Operating Profit /(Loss) 106.57 (95.59) 0.00
Profit before Dep. & Interest 106.57 (95.59) 247.11
Net Profit/(Loss) 101.79 (100.31) 241.97
EPS (Rs.) (1.56) 0.92
Details of Listing and Highest & Lowest Market Price during the preceding six months
The company is not a listed company hence details of the highest and lowest price during the preceding
six months is not applicable.
There is no change in capital structure during last six months and there was no public/rights issue by
Nath Bio-Gene (India) Ltd
Mechanism of redressal of investor grievance
Nath Bio-Gene (India) Limited has constituted a Share Transfer and Shareholders/ Investors Grievance
Committee which meets as and when required, to deal with matters relating to transfer/ transmission of
shares and monitors redressal of complaints/grievances from shareholders relating to transfers, non
receipt of balance sheet, non receipt of dividend declared, etc. Typically the investor grievances are dealt
within a fortnight of receipt of the complaint from the investor.
XI. OUTSTANDING LITIGATION, DEFAULTS AND MATERIAL
DEVELOPMENTS
There is no litigation pending against the company.
Litigation pending against Group Companies:
1) Nath Seeds Ltd.

There is a pending litigation in Debt Recovery Tribunal against Nath Seed Ltd., V/s.
Maharashtra State Financial Corporation.
2) Nath Bio-Gene (India) Ltd.
The following litigation is pending against Nath Bio-Gene (India) Ltd.
Petitioner Case No Type of suit Pending before

M.S.F.C. 31/06 Recovery Debt Recovery
Tribunal, Mumbai
XII. GOVERNMENT APPROVALS
The Company has all the necessary permissions and approvals from the Government and various
Government agencies for the existing activities.
As per the Scheme of Arrangement the entire business of Farming Division of the transferor Company
with all its approvals, permissions, benefits, rights, registrations, consents etc. is being transferred to the
transferee Company which would be carried on by the transferee Company on a going concern basis. No
further approvals from any Government authority/ Reserve Bank of India (RBI) are required by the
Company to undertake the existing activities, save and except those approvals, which may be required to
be taken in the normal course of business from time to time.
The Central Government/ RBI accepts no responsibility for the financial soundness or correctness of the
statements made in this Information Memorandum.
XIII. OTHER REGULATORY DISCLOSURES
Stock Market Data for Equity Shares of the Company Formatted
Equity Shares of the Company are not listed on any Stock Exchanges. The Company is seeking approval
for listing of its shares through this Information Memorandum.
Particulars Regarding Previous Public or Rights Issues during the Last Five Years
The Company has not made any previous public or rights issue since incorporation of the Company.
There is no issue of shares otherwise than for cash and there are no outstanding debentures. There are
outstanding 25000 16% redeemable preference shares of Rs.100/- each amounting to Rs.25,00,000/-.
Companies under the same Management

There are two companies under the same management within the meaning of Section 370(1B) of the
Companies Act, 1956 other than the ones disclosed elsewhere in the Information Memorandum.
a) Nath Seeds Limited

b) Nath Bio-Gene (India) Limited
Disclosure on negative net worth/ winding up/ sick/ BIFR/ disassociation/ strike off
from ROC
There is no group company having a negative net worth or under winding up or a sick company or under
BIFR. Further, the Company has not disassociated from any company.
XIV. MAIN PROVISIONS OF THE ARTICLES OF ASSOCIATION OF Deleted:
AGRI-TECH (INDIA) LTD.
SHARE CAPITAL
The Authorized share capital of the company is Rs. 6,00,00,00,000 (Rupees Six Crores Only)
divided into 60,00,000 (Sixty Lacs) Equity shares of Rs. 10/- (Rupees Ten only) each and
25,000 (Fifty Thousand) 16% Cumulative Redeemable Preference shares of Rs.100/- (Rupees
Hundred only), amounting to Rs.25,00,000/- (Rupees Twenty Five Lakh only)
REDEEMABLE PREFERENCE SHARES

5. Subject to the Provisions of these Articles, the Company shall have power to issue preference
shares carrying a right to redemption out of profits which would otherwise be available for
dividend, or out of the proceeds of a fresh issue of shares made for the purposes of such
redemption, or liable to be redeemed at the option of the Company, and the Board may subject
to the provision of Section 80 of the Act, exercise such power in such manner as it things fit.
ALLOTMENT OF SHARES
6. Subject to the provisions of these Articles and of section B1 of the Act the shares shall be under
the control of the Board who may allot or otherwise dispose of the same to such persons on such
terms and conditions, and at such time, as the Board thinks fit provided that option or right to
call of shares shall not be given to any other person except with the sanction of the Company in
General Meeting subject to the provision of the Act.
COMMISSION & BROKERAGE
7. The Company may exercise the powers of paying commission conferred by Section 76 of the
Act in such case shall comply with the requirements of that Section. Such commission may be
satisfied by the payment of cash or the allotment of fully or partly paid shares or partly in one
way and partly in the other. The company may also on any issue of shares or debentures pay
such brokerage as may be lawful.
INSTALLMENTS ON SHARES TO BE DULY PAID

8. If by the conditions allotment of the share, the whole or party of the amount or issue price
thereof shall be payable by installments, every such installment shall, when due, be paid to the
company by the person who for the time being shall be registered holder of the share or by his
executor or administrator.
LIABILITY OF JOINT-HOLDERS OF SHARES

9. The joint-holders of a share shall be severally as well as jointly liable for the repayment of all of
shares installments and calls due in respect of such share.
TRUSTS NOT RECOGNIZED.

10. Save as herein otherwise provided, the Company shall be entitled to threat the registered holder
of any share as the absolute owner thereof and accordingly shall not, except as ordered by a
Court of competent jurisdiction, or as by statute required, by bound to recognize any equitable
other claim to or interest in such share on the part of any other person.
WHO MAY BE REGISTERED.

11. Shares may be registered in the name of any person, company or other body corporate. Not
more than four persons shall be registered as Joint-holders of any share. Shares may also at the
discretion of the Directors, be registered in the name of a minor provided the said shares are
fully paid up.
CERTIFICATE
12(1) Every member shall be entitled free of charge to one certificate for all the shares of each class
registered in his name or, if any member so wishes to several certificates each for one or more
of such shares but, in respect of each additional certificate, which does not comprise shares in
lots of the market unit of trading, the Board my charge a fee of Rs.2 or such less sum as it may
determine. Unless the conditions of issue of any shares otherwise provide, the Company shall,
either within thee months after the date of allotment and on surrender to the company of its
letter making the allotment or of its fractional coupons of requisite value save in the case of
issue against letters of bonus shares) or within one month of receipt of the application of
registration of the transfer, sub-division, consolidation or renewal of any of its shares, as the
case maybe, complete and have ready for delivery the certificates of such shares. In respect of
any shares held jointly by several persons, the Company shall not be bound to issue more than
one certificate and delivery of a certificate to one of several joint-holder shall be sufficient
delivery to all such holders. For every certificate issued in replacement of an existing certificate
save for those which are issued on a splitting or consolidation of share certificates into lots of
the market unit or which are old, decrepit, worn out or where the cages on the reverse for
recording transfers have been full utilized charge a fee of Rs.2 or such smaller sum together
with such out of pocket expenses incurred by the Company in investigating evidence as it may
determine.
ISSUE OF SHARE CERTIFICATES
12(2) The issue of share certificates and duplicates and the issue of new share certificates on
consolidation or sub-division or in replacement of share certificates, which are surrendered for
cancellation due to their being defaced, torn, old, decrepit or worn out or he cages for recording
transfers having been utilized or of share certificates which are lost or destroyed shall be in
accordance with the provisions of the companies (issue of Share Certificates ) Rules, 1960 or
any statutory modification or re-enactment thereof. If any share certificate be lost or destroyed,
then upon poof thereof to the satisfaction of the Board, and on such indemnity as the Board
thinks fit being given, a new certificate in lieu thereof shall be given to the party entitled to the
shares to which lost or destroyed certificate shall relate.
CALLS
13. The Board may from time to time, subject to the terms on which any shares may have been
issued, and subject to the provisions of Section 91 of the Act, make such calls as the Board
thinks fit upon the members in respect of all moneys unpaid on the shares held by them
respectively, and not by the conditions of allotment thereof made payable at fixed times, and
each member shall pay the amount of every call so made on him to the persons and at the times
and places appointed by the Board. A call may be made payable by installments and shall be
deemed to have been made when the resolutions of the Board authorizing such all was passed.
NOTICE OF CALL
14. Not less than fourteen days notice of any call shall be given specifying the time and place of
payment and to who such call shall be paid.
WHEN INTEREST ON CALL OR INSTALLMENT PAYABLE

15(1) If the sum payable in respect of any call or installment be not paid on or before the day
appointed for payment thereof, the holder for the time being of the share in respect of which the
call shall have been made or the installment shall be due shall pay interest for the same at the
rate of 12 per cent per annum from the day appointed for the payment thereof to the time of the
actual payment or at such lower rate (if any) as the Board may determine.
WAIVER OF INTEREST
15(2) The Board shall be at liberty to have waive payment of any such interest either wholly or in
part.
AMOUNT PAYABLE AT FIXED TIMES OR PAYABLE BY

INSTALLMENTS AS CALLS.
16. If by the terms of issue of any share or otherwise any amount is made payable at any fixed /
time or by installments at fixed times, whether on account of the amount of the share or by way
of premium, every such amount or installment shall be payable as if it were a call duly made by
the Board and of which due notice, had been given, and all the provisions herein contained in
respect of calls shall relate to such amount or installment accordingly.
EVIDENCE IN ACTION BY COMPANY AGAINST MEMBER

17. On the trial or hearing of any action or suit brought by the company against any member or his
representatives to recover any debt of money claimed to be due to the company in respect of his
shares, it shall be sufficient to prove that the name of the defendant, is, or was when the claim
arose on the Register as a holder, or one of the holders, of the number of shares in respect of
which such claim is made, and that the amount claimed is not entered as paid in the books of the
company and it shall not be necessary to prove the appointment of the Board who made any
call, nor that a quorum was present at the Board meeting at which any call was made nor that
the meeting at which any call was made was duly convened or constituted, nor any other matter
whatsoever, but the proof of the matters aforesaid shall be conclusive evidence of the debit.
PAYMENT OF CALL IN ADVANCE

18. The Board may, if it thinks fit, receive from any member willing to advance the same all or any
part of the money due upon the shares held by him beyond the sums actually called for, and
upon the money so paid or satisfied in advance, or so much thereof as from time to time exceeds
the amount of the calls then made upon the shares in respect of which such advance has been
made, the company may pay interest at such rate not exceeding 6 per cent per annum as the
member paying such sum in advance and the Board agree upon. Money so paid in excess of the
amount of calls shall not rank for dividends or confer a right to participate in profits. The Board
may at any time repay the amount so advanced upon giving to such member not less that three
months notice in writing.
REVOCATION CALL
19. A call may be revoked or postponed at the discretion of the Board.
FORFEITURE AND LIEN
IF CALL OR INSTALLMENT NOT PAID NOTICE MAY BE GIVEN

20. If any member falls to pay any call or installment on or before the day appointed for the
repayment of the same, the Board may at any time thereafter, during such time as the call or
installment remains unpaid, serve a notice on such member requiring him to pay the same,
together with any interest that may have accrued and all expenses that may have been incurred
by the company by reason of such non-payment
FORM OF NOTICE
21. The notice shall name a day (not being less that fourteen days from the date of the notice) and a
place or paces on and at which such call or installment and such interest and expenses as
aforesaid are to be paid. The notice shall also state that in the event of non-payment at or before
the time, and at the place appointed, the shares in respect of which such call was made or
installment is made payable will be liable to be forfeited.
IF NOTICE COMPLIED WITH SHARES MAY BE FORFEITED

22. If the requirements of any such notice as aforesaid be not complied with any shares in respect of
which such notice has been given may at any time thereafter, before payment of all calls or
installments, interests and expenses, due in respect thereof be forfeited by a resolution of the
Board to that effect. Such forfeiture shall include all dividends declared in respect of the
forfeited shares and not actually paid before the forfeiture.
NOTICE AFTER FORFEITURE

23. When any share shall have been so forfeited, notice of the resolution shall be given to the
member in whose name it stood immediately prior to the forfeiture and an entry of the
forfeiture, with the date thereof, shall forthwith be made in the Register but no forfeiture shall
be in any manner invalidated by any omission or neglect to the give such notice or to make such
entry as aforesaid.
FORFEITED SHARES TO BECOME PROPERTY OF THE COMPANY

24. 25. Any share so forfeited shall be deemed to be the property of the company, and the Board
may sell, re-allot or otherwise dispose of the same in such manner as it thinks fit.
POWER TO ANNUL FORFEITURE

25. Board may, at any time before any share so forfeited shall have been sold, re-allotted or
otherwise disposed of, annul the forfeiture thereof upon such conditions as it thinks fit.
FORFEITURE
26. A person whose share has been forfeited shall cease to be a member in respect of the forfeited
share, but shall, notwithstanding such forfeiture remain liable to pay, and shall forthwith pay to
the company all calls, installments, interest and expenses, owing upon or in respect of such
share at the time of the forfeiture, together with interest thereon, from the time of forfeiture until
payment at twelve per cent per annum and the Board may enforce the payment thereof, without
any deduction or allowance for the value of the share at the time of forfeiture, but shall not be
under any obligation to do so.
EVIDENCE OF FORFEITURE
27(1) A duly verified declaration in writing that the declarant is a Director of the Company and that
certain shares in the Company have been duly forfeited on a date stated in the declaration shall
be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to
the share and such declaration and the receipt of the company for the consideration, if any,
given for the shares on the sale or disposition thereof shall constitute a good title to such shares,
and the person to whom the shares are sold shall be registered as the hold of such shares, and
shall not be bound to see to the application of the purchase money, nor shall his title to such
shares be affected by any irregularity or invalidity in the proceedings in reference to such
forfeiture, sale or disposition
EFFECT OF FORFEITURE
27(2) The forfeiture of shares shall involve the extinction of all interest in and also all claims and
demands against the company in respect of the shares and all other rights incidental to the
shares.
FORFEITURE PROVISIONS TO APPLY TO NON PAYMENT IN

TERMS OF ISSUE.
28. The provisions of Articles 20 to 27 hereof shall apply in the case of non-payment of any such
which by the terms of issue of a share, becomes payable at a fixed time, whether on account of
the nominal value of a share or by way of a premium, as if the same had been payable by virtue
of a call duly made and notified.
COMPANIES LIEN ON SHARE

29. The company shall have a first and paramount lien upon all the shares (other than fully paid
shares) registered in the name of each member (whether solely or jointly with others), and upon
the proceeds of sale thereof for moneys called or payable at a fixed time in respect of such
shares whether the period for the payment thereof shall have actually arrived or not, and no
equitable interest in any share shall be created except upon the footing and condition that Article
10 hereof is to have full effect. Any such lien shall extend to all dividends from time to time
declared in respect of such shares. Unless otherwise agreed, the registration of a transfer of
shares shall operate as a waiver of the company’s lien, if any, on such shares.
AS TO ENFORCING LIEN BY SALE

30. For the purpose of enforcing such lien the Board may sell the shares subject thereto in such
manner as it thinks fit, but no sale shall be made until such time for payment as aforesaid shall
have arrived and until notice in writing of the intention to sell shall have been served on such
member, his executors or administrators or his committee, curator bonus or other legal curator,
and default shall have been made by him or them in the payment of moneys called or payable at
a fixed time in respect of such shares for seven days after the date of such notice.
APPLICATION OF PROCEEDS OF SALE

31. The net proceeds of the sale shall be received by the company and applied in or towards
payment of such part of the amount in respect of which the lien exists as is presently payable,
and the residue, if any, shall (subject to a like lien for sums not presently payable as existed
upon the share before the sale) be paid to the person entitled to the proceeds at the date of the
sale.
VALIDITY OF SALES IN THE EXERCISE OF LIEN AND AFTER

FORFEITURE
32. Upon any sale after forfeiture or for enforcing a lien in purported exercise of the power
hereinbefore given, the Board may appoint some person to execute an instrument of transfer of
the share sold and cause the purchaser’s name to be entered in the Register in respect of the
shares sold, and the purchaser shall not be bound to see to the regularity of the proceedings, nor
to the applications of the purchase money, and after such shares the validity of the sale shall not
be impeached to any person, and the remedy of any person aggrieved by the shall be in damages
only and against the Company exclusively.
BOARD MAY ISSUE NEW CERTIFICATES
33. Where any shares under the powers in that behalf herein contained are sold by the Board and the
certificate in respect thereof has not been delivered upto the Company by the former holder of
such shares, the Board may issue a new certificate for such shares distinguishing it in such
manner as it may think fit from the certificate to so delivered up.
TRANSFER AND TRANSMISSION
REGISTRATION OF TRANSFER OF SHARES

34(1) Subject to the provisions of Section 108 of the Act, no transfer of shares shall be registered
unless a proper instrument of transfer duly stamped and executed by or on behalf of the
transferor and by or on behalf of the transferee has been delivered to the company together with
the certificate, or if no such certificate has been issued, the letter of allotment of the share. The
transferor shall ; be deemed to remain the member in respect of such share until the name of the
transferee is entered in the Register in respect thereof.
FORM OF TRANSFER
34(2) The instrument of transfer shall be in writing and all the provisions of Section 108 of the Act
and of any statutory modification thereof for the time being shall be duly complied with in
respect of all transfers of shares and the registration thereof.
APPLICATION BY TRANSFERORS
35. Application for the registration of the transfer of a share may be made either by the transferor or
the transferee, provided that where such application is made by the transferor no registration
shall in the case of partly paid share be effected unless the company gives notice of the
Application to the transferee in the manner prescribed by Section 110 of the Act, and subject to
the provisions of these Articles the company shall unless objection is made by the transferee
within two weeks from the date of the receipt of the notice, either to register the name of the
transferee in the same manner and subject to the same conditions as if the application for
registration of the transfer made by the transferee
IN WHAT CASES THE BOARD MAY REFUSE TO REGISTER

TRANSFER.
36(1) The Board, without assigning any reason for such refusal may, within two months from the date
on which the instrument of transfer was lodged with the company, refuse to register any transfer
of shares upon which the company has a lien and in the case of shares not fully paid up may
refuse to register a transferee of whom the board does not approve. Provided that registration of
a transfer shall not be refused on the ground of the transferor being either alone or jointly with
any other persons indebted to the company or any account whatsoever.
36(2) The Board shall not accept applications for transfer of less than 50 (fifty) equity shares of the
company, provided that this restriction shall not apply to;
(a) The transfer of equity shares made in pursuance of statutory provisions, government
order, or order of court of law.
(b) The transfer of the entire equity shares by an existing equity share holder of the
company holding less than 50 (fifty) equity shares by a single transfer to a single or
joint names.
( c) The transfer of more than 50 (fifty) equity shares in the aggregate in favour of the same
transferee under two or more Transfer Deeds out of which, one or more relate/s to the
transfer of less than 50 (fifty) equity shares.,
Provided that where a person is holding shares in lots higher than the market trading unit and
sells the market trading unit the remaining shares even though less than 50 (fifty) in number of
the Board of directors.
NO TRANSFER MINOR
37. No transfer shall be made to a minor unless it relates to fully paid up shares.
TRANSFER TO BE LEFT AT OFFICE AND WHEN TO BE RETAINED.

38. Every instrument of transfer shall be left at the office for registration accompanied by the
certificate of the shares to be transferred or if no such certificate has been issued by the letter of
allotment of the shares and such other evidence as the Board may require to prove the title of the
transferor or his right to transfer the shares. Every instrument of transfer which shall be
registered shall be retained by the company, but any instrument of transfer which the Board may
refuse to register shall be returned to the person depositing the same.
NOTICE OF REFUSAL TO REGISTER TRANSFER.

39. If the Board refuses whether in pursuance of the above Article 36 or otherwise to register the
transfer of, or the transmission by operation of Law of the right to any share, the company shall
give notice of he refusal in accordance with the provisions of Section 111 (2) of Act.
FEE ON REGISTRATION OF PROBATE ETC

40. A fee not exceeding Rs. 2 may be charged for the registration of grant of probate, grant of
administration, certificate of death or marriage, power-of-attorney or other instrument and shall,
if required by the board, be paid before the registration thereof. No fee will be charged for
registration of transfers of shares and debentures.
TRANSMISSION OF SHARES
41. The executors or administrators of a deceased member (not being one of several joint holders)
shall be the only persons recognized by the company as having any title to the shares registered
in the name of such ember, and in case of death of any one or more of the joint-holders of any
registered shares the survivor or survivors shall alone be recognized by the company as having
any title to or interest in such shares, but nothing herein contained shall be taken to release the
estate of a deceased joint-holder from any liability on shares held by him jointly with any other
person. Before recognizing any executor or administrator the Board may require him to obtain a
grant of Probate of Letter of administration or other legal representation as case may be, from a
competent Court in India and having effect in Bombay: Provided nevertheless that in any case
where the Board, in its absolute discretion, thinks fit, it shall be lawful for the Board to dispense
with the production of Probate or Letters of Administration or such other legal representation
upon such terms as to indemnity or otherwise as the Board, in its absolute discretion, may
consider necessary.
AS TO TRANSFER OF SHARES OF INSANE, MINOR DECEASED OR

BANKRUPT MEMBERS.
42. Any committee or guardian of a lunatic (which term shall include one who is an idiot or non-
composementis) or any person becoming entitled to or to transfer shares in consequence of the
death or bankruptcy or insolvency of an member upon producing such evidence that he sustains
the character in respect of which he propose to act under this Article or of his title as the Board
thinks sufficient, may, with the consent of the Board (which the Board shall not be bound to
give), be registered as a member in respect of such shares, or may, subject to the regulations as
to transfer hereinbefore contained, transfer such shares. This Article is hereinafter referred to as
the “Transmission Articles”
ELECTION UNDER THE TRANSMISSION ARTICLE

43(1) If the person so becoming entitled under the Transmission Article shall elect to register as
holder of the shares himself he shall deliver or send to the Company as notice in writing signed
by him stating that he so elects.
(2) If the person aforesaid shall elect to transfer the shares he shall testify his election by executing
an instrument of transfer of the shares.
(3) All the limitations, restrictions and provisions of these Articles relating to the right to transfer
and the registration of instruments of transfer of shares shall be applicable to any such notice or
transfer as aforesaid as of the death, lunacy, bankruptcy or insolvency of the member had not
occurred and the notice or transfer were a transfer signed by that member.
RIGHTS OF PERSON ENTITLED TO SHARES UNDER THE

TRANSMISSION ARTICLE
44. A person so becoming entitled under the transmission Article to a share by reason of the death,
lunacy, bankruptcy or insolvency of the holder shall subject to the provisions of Article 75 and
of Section 206 of the Act, be entitled to the same dividends and other advantages to which he
would be entitled if he were the registered holder of the shares except that no such person
(Other than a person becoming entitled under the transmission Article to the share of a lunatic)
shall before being registered as a member in respect of the share, be entitled to exercise in
respect thereof any right conferred by membership in relating to meetings of the company.
Provided that the Board may at any time give notice requiring any such person to elect either to
be registered himself or to transfer the shares, and if the notice is not compiled with within
ninety days, the Board may thereafter withhold payment of all dividends, bonuses or other
moneys payable in respect of the shares, until the requirements of the notice have been complied
with.
INCREASE AND REDUCTION OF CAPITAL
POWER TO INCREASE CAPITAL

45. The company may, from time to time, in General Meeting increases its capital by the creation of
new shares of such amounts as may be deemed expedient.
46. Subject to any special rights or privileges for the time being attached to any shares in the capital
of the company already issued, the new shares may be issued upon such terms and conditions
and with such rights and privileges attached thereto as the General Meeting resolving upon the
creation thereof shall direct and if no direction be given, as the Board shall determine, and in
particular such shares may be issued with a preferential or qualified right to dividends and in the
distribution of assets of the company.
PROVISION RELATING TO ISSUE

47. Before the issue of any new shares, the company at General Meeting may make provisions as to
the allotment and issue of the new shares, and in particular may determine to whom the same
shall eb offered in the first instance and whether at par or at a premium or, subject to the
provisions of section 79 of the Act, at a discount, in default of any such provision, or so far as
the same shall not extend, the new shares may be issued in conformity with the provisions of
Article 6.
HOW FAR NEW SHARES TO RANK WITH EXISTING SHARES

48. Except so far as otherwise provided by the conditions of issue or by these Articles any capital
raised by the creation of new shares shall be considered part of the then existing capital of the
company and shall subject to the provision herein contained with reference to the payment of
dividends, voting rights, calls and installments, transfer and transmission, forfeiture, lien,
surrender and otherwise.
INEQUALITY IN NUMBER OF NEW SHARES

49. If, owing to any inequality in the number of new shares to be issued and the number of shares
held by member entitled to have the offer of such new shares, any difficulty shall arise in the
appointment of such difficulty shall, in the absence of any direction in the resolution creating
the shares or by the company in general meeting, be determined by the Board.
DEDUCTION OF CAPITAL ETC

50. The company may, from time to time, by Special resolution, reduce its capital and any Capital
Redemption Reserve Account or Shares Premium Account or Shares Premium Account in any
manner and with and subject to any incident authorized and consent required by law.
ALTERTION OF CAPIT
POWER TO SUBDIVIDE AND CONSOLIDATE SHARES.

51. The company in General Meeting by ordinary resolution may from time to time:
(1) Consolidate and divide all or any of its shares capital into like shares of larger amount than its
existing shares:
(2) Sub-divide existing shares or any of them into shares of smaller amount than is fixed by the
Memorandum so however that in the sub-division the proportion between the amount, paid and
the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the
share from which the reduced share is derived.
(3) Cancel any shares which, at the date of passing of the resolution, have not been taken or agreed
to be taken by any person and diminish the amount of its share capital by the amount of the
shares so cancelled.
POWERS ON SUB-DIVISION
52. The resolution whereby any share is sub-divided may determine that, as between the holders of
the shares resulting from such sub-division, one or more of such shares shall have some
preference or special advantage as regards dividend, capital, voting, or otherwise over or as
compared with the others or other, subject nevertheless to the provisions of Sections 85, 87, 88
and 106 of the Act.
SURRENDER OF SHARES
53. Subject to the provisions of Sections 100 to 104 inclusive of the Act, the Board may accept from
any member the surrender on such terms and conditions as shall be agreed of all or any of his
shares.
MODIFICATION OF RIGHTS
POWER TO MODIFTY RIGHTS

54. If at any time the share capital is divided into difference classes of shares the rights attached to
any class (unless otherwise provided by the terms of issue of the shares of that class) may,
whether or not the company is being wound up, be varied with the consent in writing of the
holders of three-fourths of the issued shares of that class, or with the sanction of a Special
Resolution passed at a Separate General Meeting of the holders of the shares of that class. To
every such separate meeting at the provisions of these Articles relating to General Meetings
shall apply but so that the necessary quorum shall be two persons at least holding or
representing by proxy one-firth of the issued shares of that class but so that if at any adjourned
meeting of such holders a quorum as above defined is not present, those members who are
present shall be a quorum and that any holder of shares of the class present in person or by
proxy may demand a poll and, on a poll shall have one vote for each share of the class of which
he is the holders. This Article is not by implication to curtail the power of modification which
the company would have if this Articile were omitted. The company shall comply with the
provisions of section 192 of the Act as to forwarding a copy of any such agreement of resolution
to the Registrar.
BORROWING POWERS
POWER TO BORROW
55. The Board, may from time to time, as its discretion, raise or borrow and secure the payment of
any sum or sums of money for the purposes of the company.
CONDITIONS ON WHICH MONEY MAY BE BORROWED

56. The Boad may raise or secure the repayment of such sum or sums in such manner and upon
such terms and conditions in all respects as it thinks fit, and, in particular, by the issue of bonds,
perpetual or redeemable debentures, stock or any mortgage or other security on the undertaking
of the whole or any part of the property of the company (both present and future) including its
uncalled capital for the time being.
ISSUE AT DISCOUNT ETC. OF WITH SPECIAL PRIVILEGES

57. Any debentures, debenture-stock, bonds or other securities may be issued at a discount,
premium or otherwise and with any special privileges as to redemption, surrender, drawings,
allotment of shares, appointment of Directors and otherwise Debentures, debenture-stock, bonds
and other securities may be made assignable free from any equities between the company and
the person to whom the same may be issued; Provided that debenture with the right to allotment
of or conversion into shares shall not be issued except in conformity with the provisions of
Section 81(3) of the Act.
INSTRUMENT OF TRANSFER
58. Save as provided in Section 108 of the Act, no transfer of debentures shall be registered unless a
proper instrument of transfer duly stemped and executed by the transferor and transferee has
been delivered to the company together with the certificate or certificates of the debentures.
NOTICE OF REFUSAL TO REGISTER TRANSFER

59. If the Board refuses to register the transfer of any debentures, the company shall, within two
months from the date on which the instrument of transfer was lodged with the company, send to
the transferee and to the transferor, notice of refusal.
GENERAL MEETINGS
WHEN ANNUAL GENERAL MEETING TO BE CALLED

60. In addition to any other meetings, General Meetings of the company shall be held within such
intervals as are specified in Section 166(1) of the Act, and subject to the provisions of Section
166(2) of the Act at such times and places as may be determined by the Board. Each such
General Meeting shall be called and `Annual General Meeting’ and shall be specified as such in
the notice convening the meeting. Any other meeting of the company shall be called an
“Extraordinary General Meeting”.
WHEN EXTRA ORDINARY GENERAL MEETING TO BE CALLED

61. The Board may, whenever it thinks fit, and it shall on the requisition of the members in
accordance with Section 169 of the Act, proceed to call an Extraordinary General Meeting. The
requisition may in default of the Board convening the same convene the Extraordinary General
Meeting as provided by Section 169 of the Act, provided that unless the Board shall refuse in
writing to permit the requisitionists to hold the said meeting at the Office, it shall be held at the
office.
CIRCULATION OF MEMBERS’ RESOLUTION

62. The company shall comply with the provisions of Section 188 of the Act, as to giving notice of
resolutions and circulating statements on the requisition of members.
NUMBER OF MEETINGS
63. Subject to the provisions of Sections 171 and 176(2) of the Act, notice of every meeting of the
company shall be given to such persons and in such manner as provided by Section 172 of the
Act. Where any business consists of “Special Business” as hereinafter defined in Article 64
there shall be annexed to the notice a statement complying with Sections 173(2) and (3) of the
Act.
A General Meeting of the company can be called up by giving not less than 21 days Notice in
writing.
The Accidental omission to give any such notice to or its non-receipt by any member or other
person to whom it should be given shall not invalidate the proceedings of the meeting.
PROCEEDINGS AT GENERAL MEETING
BUSINESS OF MEETING
64. The ordinary business of an Annual General Meeting shall be to receive and consider the Profit
& Loss Account, the Balance Sheet and the Reports of the Directors and the Auditors, to elect
Directors in the place of those retiring by rotation, to appoint Auditors and fix their
remuneration and to declare dividends.
QUORUM TO BE PRESENT WHEN BUSINESS COMMENCES

65. No business shall be transacted at any General Meeting unless an quorum of members is present
at the time when the meeting proceeds to business. Save as herein otherwise provided five
members personally present shall be a quorum.
WHEN IF QUORUM NOT PRESENT, MEETING TO BE

DISSOLVED AND WHEN TO BE ADJOURNED
66. If within half-an-hour from the time appointed for the meeting, a quorum be not present, the
meeting, if convened upon the requisition of members as aforesaid, shall be dissolved; but in
any other case it shall stand adjourned in accordance with the provisions of sub=section (3) , (4)
and (50 of Section 174 of the Act.
RESOLUTION TO BE PASSEE BY COMPANY IN
GENERAL MEETING
67. Any act or resolution which, under the provisions of these Artichles or of the Act, is permitted
or required to be done or passed by the company in General Meeting shall be sufficiently so
done or passed if effected by an Oridinary Resolution as defined in Section 189(1) of the Act
unless either the Act or these Articles specifically require such act to be done or resolution
passed by a Special Resolution as defined Section 189(2) of the Act.
CHAIRMAN OF GENERAL MEETING

68. The Chairman of the Board shall take the chair at every General Meeting, if, however, there be
no such Chairman, or if at any meeting he shall not be present within fifteen minutes after the
time appointed for holding such meeting, or is unwilling to act, the member present shall choose
another Director as Chairman, and if no Director be present, or if all the Directors present
decline to take the chair, then the members present shall, on a show of hands or on poll if
properly demanded, elect one of their members, being a member entitled to vite, to the Chair.
HOW QUESTION TO BE DECIDED AT THE MEETINGS

69. Every question submitted to a meeting shall be decided, in the first instance by a show of hands,
and in the case of equality of votes, both on a show of hands and on a poll, the Chairman of the
meeting shall have a costing vote in addition to the vote to which he may entitled as a member.
WHAT IS TO BE EVIDENCE OF PASSING OF A RESOLUTION

WHERE POLL NOT DEMANDED
70. At any General Meeting, unless a poll is (before or on the declaration of the result of the show
of hands) demanded in accordance with the provisions of Section 179 of the Act, a declaration
by a particular majority, and on entry to that effect in the book containing the minutes of the
proceedings of the Company shall be conclusive evidence of the fact, without proof of the
number of proporation or the votes casts in favour of, or against the resolution.
71(1) If, as aforesaid, a poll be demanded it shall be taken forthwith on a question of adjournment or
election of a Chairman and in any other case in such manner and at such time, not being later
than forty-eight hours from the time when the demand was made, and at such place as the
Chairman of the meeting directs, and, subject as aforesaid, either at once or after an interval or
adjournment or otherwise, and the result of the poll shall be deemed to be the decision of the
meeting on the resolution on which the poll was demanded.
(2) The demand of a poll may be withdrawn at any time.
(3) Where a poll is to be taken the Chairman of the meeting shall appoint two scrutineers, one at
least of whom shall be a member (not being an officer or employee of the company) present at
the meeting provided such a member is available and willing to be appointed, to scrutinise the
votes given on the poll and to report to him thereon.
(4) On a poll a member entitled to more than one vote, or his proxy or other person entitled to vote
for him, as the case may be need not, if he votes, use all his votes of cast in the same way all the
votes he uses.
(5) The demand for a poll shall not present the continuance of a meeting for the transaction of any
business other than the question on which a poll has been demanded.
POWER TO ADJOURN GENERAL MEETING

72(1) The Chairman of a General Meeting may adjourn the same from time to time and from place to
place, but no business shall be transacted at any adjourned meeting other than the business left
unfinished at the meeting from which the adjournment took place.
(2) When a meeting is adjourned for thirty days or more, notice of the adjourned meeting shall be
given as in the case of an original meeting. Save as aforesaid and as provided in Article 66 it
shall not be necessary to give any notice of an adjournment or of the business to be transacted at
an adjourned meeting.
VOTES OF MEMBERS
VOTES OF MEMBERS
73(1) On a show of hands every member present in person and being a holder of Equity Shares shall
have one vote and every person present either as a proxy on behalf of a holder of an Equity
Share or as a representative of a body corporate (in accordance with Article 74) being a holder
of an Equity Share, if he is not entitled to vote in his own right, shall have one vote.
(2) On a poll the voting rights of a holder of Equity Shares shall be as specified in Section 87 of the
Act.
(3) No company or body corporate shall vote by proxy so long as a resolution of its Board of
Directors under the provisions of Section 187 of the Act is in force and the representative named
in such resolution is present at the General Meeting at which the vote by proxy is tendered.
(4) The voting rights of holders of preference shares shall be as specified in Section 87 of the Act.
PROCEDURE WHERE A COMPANY OR THE PRESENT OF INDIA

OR THE GOVERNOR OF A STATE IS A MEMBER OF THE
COMPANY
74(1) Where a company or a body corporate (hereinafter called `member company’) is a member of
the company, a person duly appointed by resolution in accordance with the provisions of section
187 of the Act to represent such member company at a meeting of the company shall not, by
reason of such appointment, be deemed to be a proxy and the production at the meeting of a
copy of such resolution duly signed by one Director of such member company and certified by
him as being a true copy of the resolution shall be accepted by the company as sufficient
evidence of the validity of his appointment. Such a person shall be entitled to exercise the same
rights and powers, including the right to vote by proxy on behalf of the member company which
he represents, as that member company could exercise if it were an individual member.
(2) Where the President of India or the Governor of a State is a member of the company, the
Present or, as the case may be, the Governor may appoint such person as he thinks fit to act as
his representative at any meeting of the company or at any meeting of any class of members of
the company and such person shall be deemed to be a member of the company and shall he
entitled to exercise the same rights and powers, including the right to vote by proxy, as the
President or, as the case may be, the Governor could exercise as a member of the company.
VOTES IN RESPECT OF INSANE MEMBERS

75. If any member be a lunatic, idiot or non-composementis, he may vote whether of a show of
hands or at a poll by his committee, curator bonis or other legal curator and such last mentioned
persons may give their votes by proxy, provided that forty-eight hours at least before the time of
holding the meeting or adjourned meeting, as the case may be, at which any such person
proposes to vote he shall satisfy the Board of his rights under the Transmission Article to the
shares in respect of which he proposes to exercise his right under this Article, unless the Board
shall have previously admitted his right to vote at such meeting in respect thereof.
JOINT HOLDERS
76. Where there are joint registered holders of any shares any one of such persons may vote at any
meeting either personally or by proxy in respect of such share as if he were solely entitled
thereto; and if more than one of such joint holders be present at any meeting either personally or
by proxy, that one of the said persons so present whose name stands first on the Register in
respect of such share shall alone be entitled to vote in respect thereof. Several executors or
administrators of a deceased member in whose name any deemed joint-holders thereof.
INSTRUMENT APPOINTING PROXY TO BE IN WRITING

77. The instrument appointing a proxy shall be in writing under hand of the appointer, or of his
Attorney duly authorised in writing or if such appointer is a body corporate be under its
common seal or the hand of its officer or Attorney duly authorised. A proxy who is appointed
for a specified meeting only shall be called Special Proxy. Any other proxy shall be called a
General Proxy.
A person may be appointed a proxy though he is not a member of the company and every notice
convening a meeting of the company shall state this and that a member entitled to attend and
vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself.
INSTRUMENT APPOINTING A PROXY TO BE DEPOSITED AT THE

OFFICE
78. The instrument appointing a proxy and the Power of Attorney or other authority (if any0 under
which it is signed, or a notarisally certified copy of that power or authority, shall be deposited at
the office not less than forty-eight hours before the time for holding the meeting at which the
person named in the instrument purports to vote in respect thereof and in default the instrument
of proxy shall not be treated as valid.
WHEN VOTE BY PROXY VALID THOUGH AUTHORISED

REVOKED
79. A vote given in accordance with the terms of an instrument appointing a proxy shall be valid
notwithstanding the previous death or insanity of the principal, or revocation of the instrument,
transfer of the share in respect of which the vote is given provided no intimation in writing of
the death, insanity, the company at the office before the vote is given; provided nevertheless that
the Chairman of any meeting shall be entitled to require such evidence as he may in his
discretion think fit of the due execution of an instrument of proxy and that the same has not
been revoked.
FORM OF INSTRUMENT APPOINTING A SPECIAL PROXY

80. Every instrument appointing a Special proxy shall be retained by the company and shall, as
nearly as circumstances will admit, be in any form set out in Schedule ix to the Act or as near
thereto as possible or in any other form which the Board may accept.
RESTRICTION ON VOTING
81. No member shall be entitled to exercise any voting rights either personally or by proxy at any
meeting of the company in respect of any shares registered in his name on which any calls or
other sums presently payable by him have not been paid or in regard to which the company has,
and has exercised, any right of lien.
ADMISSION OR REJECTION OF VOTES

82(1). Any objection as to the admission or rejection of a vote, either on a show of hands or on a show
of hands or on a poll, made in due time shall be referred to the Chairman who shall forthwith
determine the same, and such determination made in good faith shall be final and conclusive.
(2) No objection shall be raised as to the qualification of any voter except at the meeting or
adjourned meeting at which the vote objected to is given or tendered and every vote not
disallowed at such meeting shall be valid for all purposes.
DIRECTORS
NUMBER OF DIRECTORS
83. The number of Directors of the company shall not be less than three nor more than twelve.
FIRST DIRECTOR
84. The persons hereinafter named were the First Directors of the company; that is to say;
1. Smt. Jeevanlata Kagliwal
2. Shri Shrirang Agrawal
3. Shri Sunil Buit
SHARE QUALIFICATION OF DIRECTORS
85. Unless otherwise determine by the company in General Meeting, as Director shall not require a
share qualification.
REMUNERATION OF DIRECTORS
86(1). The remuneration of a Director for his services for attending a Board Meeting on a Committee
of the Board shall be a sum not exceeding Rs.250/- for each meeting attended by him as may be
fixed by the Directors from time to time.
The Directors (other than a Managing Director) and a Director in the whole time employment of
the company shall also be paid by way of further remuneration three per cent of the annual net
profits of the company; (the rate of such commission shall be reduced to one per cent in the
circumstances referred to in Section 309(4) of the Act); such net profits being computed in the
manner laid down in Section 349 of the Act; except that the remuneration of Directors shall not
be deducted from the gross profit. Such remuneration under this sub-para shall be paid to all the
Directors for the time being or to any one or more of them in such proportioin as the Directors
may by the resolution of the Board authorising such payments decide, and in default of such
decision, equality amongst all the Directors for the time being in office during the year. Such
remuneration in respect of each financial year shall be paid in the next subsequent year.
TRAVELLING AND OTHER EXPENSES

(2) The Directors may allow and pay to any Director who travels for the purpose of attending and
returning from meetings of the Board of Directors or any Committee thereof or General
Meetings, or otherwise in connection with the business of the company, traveling and hotel and
other expenses for himself, his wife and an attendant as approved by the Board for the purpose
of his attendance, and in connection with the business of the company in addition to his fees for
attending such meetings as above specified and other remuneration payable to him. The
Directors shall be entitled to all fees for filing documents which they may be required to file
under the Act.
WHERE OF THIS COMPANY APPOINTED DIRECTOR OF

COMPANY IN WHICH THIS COMPANY IS INTERESTED
87. A Director of this company may be or become a Director of any company promoted by this
company or in which it may be interested as a vendor, shareholder or otherwise, and no such
Director shall be accountable for any benefits received as a Director or member of such
company.
BOARD MAY ACT NOTWITHSTANDING VACANCY

88. The continuing Directors may act, not withstanding any vacancy in their body; but so that if the
number falls below the minimum above fixed the continuing Directors or continuing Director,
as the case may be, shall not, except for the purpose of filling in vacancies or for summoning a
General Meeting of the company, act so long as the number is below the minimum.
VACATION OF OFFICE OF DIRECTORS

89. The office of a Director shall ipso facto become vacant if at any time he commits any of the acts
set out in Section 283 of the Act.
HOLDING OF OFFICE OR PLACE OF PROFIT UNDER THE

COMPANY
90. Any Director or other person referred to in Section 314 of the Act, may be appointed to or hold
any office or place of profit under the company or under any subsidiary of the company in
accordance with the provisions of Section 314 of the Act.
CONDITIONS UNDER WHICH DIRECTORS MAY CONTACT

WITH THE COMPANY
91. Subject to the provisions of Section 297 of the Act, a Director shall not be disqualified from
contracting with the company either as vendor, purchaser or otherwise for goods, materials or
services or for underwriting the subscription of any shares in or debentures of the company nor
shall any such contract or arrangement entered into by or on behalf of the company with a
relative of such Director, or a firm in which such director or relative is a partner or with any
other partner in such firm or with a private company of which such director is a member or
director be avoided nor shall any director so contracting or being such member or so interested
be liable to account to the company, for any profit by any such contract or arrangement by
reason of such director holding office or of the fiduciary relating thereby established.
DISCLOSURE OF A DIRECTOR’S INTEREST

92. Every Director shall comply with the provisions of Section 299 of the Act, in regard to
disclosure of his concern or interest in any contract or arrangement entered into or to be entered
into by the company.
DISCUSSION AND VOTING BY DIRECTOR INTERESTED

93. No Director shall, as a Director, take any part in the discussion of, or vote on any contracts or
arrangements in which he is in any way whether directly or indirectly concerned or interested
nor shall his presence count for the purpose of forming a quorum at the time of such discussion
or vote. This prohibition shall not apply to (a) any contract of indemnity against any loss which
the Directors or a surety for the company; or (b) any contract or arrangement entered into or to
be entered into by the company with a public company, in which the interest of the Director
consist solely in his being a Director of such company and the holder of shares not exceeding in
number of value the amount requisite to qualify him for appointment as a Director thereof, he
having been nominated as such director by the company or in his being a member of the
company holding not more than two per cent of the paid up share capital of the company.
APPOINTMENT AND RETIREMENT OF DIRECTORS
BOARD MAY FILL UP CASUAL VACANCIES

94. Any casual vacancy occurring among the Directors may be filled up by the Board but any
person so appointed shall retain his office so long only as the vacating Director would have
retained the same if no vacancy had occurred. Provided that the Board may not fill such a
vacancy by appointing thereto any person who has been removed from the office of Director
under Article 100.
POWER OF BOARD TO ADD TO ITS NUMBER

95. The Board shall have power at any time and from time to time to appoint any person as a
Director as an addition to the Board but so that the total number of Directors shall not at any
time exceed the maximum number fixed by these Articles. Any Director so appointed shall hold
office only until the next Annual General Meeting of the company and shall then be eligible for
re-election.
POWER TO APPOINT ALTERNATE DIRECTOR

96. The Board may appoint any person to act as Alternate Director for a Director during the latter’s
absence for a period of not less than three months from the State in which meetings of the Board
are ordinarily held and such appointment shall have effect and such appointee, whilst he holds
office as an Alternate Director shall be entitled to notice of meetings of the Board and to attend
and vote thereat accordingly, but he shall not require any qualification and shall ipso facto
vacate office if and when the absent Director vacates office as a Director, whichever is earlier.
ROTATION AND RETIREMENT OF DIRECTORS

97. At each Annual General Meeting of the company on-third of such of the Directors for the time
being as are liable to retire by rotation, or if their number is not three or a multiple of three, then
the number nearest to one-third shall retire from office. A Managing Director shall not be liable
to retire by rotation within the meaning of this Article.
PROPORTION TO RETIRE BY ROTATION

98. Not less than two-thirds of the total number of Directors shall be persons whose period of office
is liable to determination by retirement of Directors by rotation.
99(a) Subject to the provisions of the Companies Act, 1956 and notwithstanding anything to the
contrary contained in these Articles, so long as any moneys remain owning by the company to
any Financing Company or Body or Financial Corporation or Credit Corporation or Bank or any
Insurance Corporation (each such Financing company or Body or Financial Corporation, Credit
Corporation or Bank or any Insurance Corporation is hereinafter referred to as “Financial
Institution”) out of any loans granted by the Financial Institution to the company or so long as
the Financial Institution continues to hold debentures in the company by director subscription or
private placement, or so long as the Financial Institution hold shares in the company as a result
of underwriting or direct subscription or so long as any liability of the company arising out of
any guarantee furnished by the Financial Institution on behalf of the company remain
outstanding, the Financial Institution shall have a right to appoint from time to time, its
nominee/s as a Director or Directors which Director or Directors is/are (hereinafter referred to
as Nominee Director/s) on the Board of the company and to remove from such office the
Nominee Director/s so appointed, and at the time of such removal and also in the case of death
or resignation of the Nominee Director/s so appointed at any time appoint any other
person/persons in his/their place/s and also fill any vacancy which may occur as a result of such
Director/s ceasing to hold office for any reasons whatsoever; such appointment or removal shall
be made in writing on behalf of the Financial Institution appointing such Nominee Director/s
and shall be delivered to the company at its registered office.
(b) The Nominee Director/s shall not be required to hold any qualification shares in the company to
qualify him/them for the office of a Director/s nor shall he/they be liable to retirement by
rotation. The Board of Directors of the company shall have no power to remove from office the
Nominee Director/s so appointed. Subject to the aforesaid, the said Nominee Director/s shall be
entitled to same rights and privileges and be subject to the same obligations as any other
Director of the company.
(c ) The Nominee Director/s so appointed shall hold the office only so long as any moneys remain
owing by the company to the Financial Institution or so long as the Financial Institution holds
debentures in the company as a result of direct subscription or private placement or so long as
the Financial Institution holds shares in the company as a result of underwriting or direct
subscription or the liability of the company arising out of any guarantee, is outstanding and the
Nominee Director/s so appointed in exercise of the said power shall ipso facto vacate such
office, immediately the moneys owing by the company to the Financial Institution is paid of or
on the Financial Institution ceasing to hold debentures/shares in the company or on the
satisfaction of the liability of the company arising out of any gurantee furnished by the Financial
Institution.
(d) The Nominee Director/s appointed under this Article shall be entitled to receive all notices of
and attend all General Meetings, Board Meetings and the Meetings of the Committee of which
the Nominee Director/s is/are member/s as also the minutes of such meeting. The Financial
Institution shall also be entitled to receive all such notices and minutes.
(e) The company shall pay to the Nominee Director/s sitting fees and expenses to which the other
Directors of the company are entitled. Provided that if the Nominee Director is an officer of the
Industrial Development Bank of India (IDBI) the sitting fees in relation to such Nominee
Director shall accrue to IDBI and the same shall accordingly be paid by the company directly to
the IDBI. Any expenses that may be incurred by the Financial Institution or such Nominee
Director/s in connection with his/their appointment of Directorship shall be paid by the
company. The IDBI or the Financial Institution shall be entitled to depute observer to attend the
Meeting of the Board or any other Committee constituted by the Board.
(f) The Nominee Director/s shall, notwithstanding anything to the contrary contained in these
Articles, be at liberty to disclose any information obtained by him/them to the Financial
Institution appointing him/them as such Director/s.
WHICH DIRECTORS TO RETIRE

100(1) The Directors to retire by rotation at every Annual General Meeting shall be those who have
been longest in office since their last appointment, but as between persons who became
Directors on the same day those to retire shall, in default of and subject to any agreement among
themselves by determined by lot.
(2) If at any Annual General Meeting all the Directors appointed under Articles 99 and 116 hereof
are not exempt from retirement by rotation under Section 255 of the Act, then to the extent
permitted by the said Section the exemption shall extend to the Director or Directors appointed
under Article 99, Subject to the foregoing provisions as between Directors appointed under any
of the Articles referred to above, Director or Directors who shall not be liable to retire by
rotation shall be determined by and in accordance with their respective seniorities as may be
determined by the Board.
POWER TO REMOVE DIRECTORS BY ORDINARY RESOLUTION

ON SPECIAL NOTICE
101. The company may, subject to the provisions of Section 254 of the Act, by Ordinary Resolution
of which Special Notice has been given remove any Director before the expiration of his period
of office and may by Ordinary Resolution of which Special Notice has been given, appoint
another person in his stead, if the Director so removed was appointed by the company in
General Meeting or by the Board under Article 94. The person so appointed shall hold office if
he had not been so removed. If the vacancy created by the removal of a Director under the
provision of this Article is not so filled by the meeting at which he is removed the Board may at
any time thereafter till such vacancy under the provisions of Articles 94.
PROCEEDINGS OF DIRECTORS
MEETINGS OF BOARD
102. The Board shall meet together at least once in every three months for the dispatch of business
and may adjourn and otherwise regulate its meetings and proceedings as it thinks fit. Notice in
writing of every meeting of the Board shall be given to every Director for the time being in
India, and at his usual address in India to every other Director.
DIRECTOR MAY SUMMON MEETING

103. Any director or the Secretary shall, upon the request of one third of the total number of
Directors mat at any time convene a meeting of the Board.
CHAIRMAN
104. The Board may appoint a Chairman of its meetings and determine the period for which he is to
hold office. If no such Chairman is appointed or if at any meeting of the Board the Chairman be
not present within fifteen minutes after the time appointed for holding the same, the Directors
present shall choose someone of their members to be Chairman of such meeting.
QUORUM
105. The quorum for a meeting of the Board shall be determined from time to time in accordance
with the provisions of the Section 287 of the Act. If a quorum shall not be present within fifteen
minutes from the time appointed for holding a meeting of the Board, it shall be adjourned until
such date and time as the Chairman of the Board shall appoint.
POWER OF QUORUM
106. A meeting of the Board at which a quorum be present shall be competent to exercise all or any
of the authorities, powers and discretions by or under these Articles or the Act, for the time
being vested in or exercisable by the Board.
HOW QUESTIONS TO BE DECIDED

107. Subject to the provisions of Sections 316, 375(5) and 386 of the Act, questions arising at any
meeting shall be decided by a majority of votes, and, in case of an equality of votes the
Chairman shall have a second or casting vote.
POWER TO APPOINT COMMITTEE AND TO DELIGATE
108. The Board may, subject to the provisions of the Act, from time to time and at any time delegate
any of its powers to a committee consisting of such director or directors as it thinks fit, and may
from time to time revoke such delegation. Any committee so formed shall, in the exercise of
the power so delegated, conform to any regulations that may from time to time be imposed upon
it by the Board.
PROCEEDINGS OF COMMITTEE
109. The meetings and proceedings of any such committee consisting of two or more members shall
be governed by the provisions herein contained for regulating the meetings and proceedings of
the Board so far as the same are applicable thereto and are not superseded by any regulations
made by the Board under the last preceding Article.
WHEN ACTS OF A DIRECTOR VALID NOTWITHSTANDING

DEFECTIVE APPOINTMENT
110. Acts done by a person as a Director shall be valid notwithstanding tat it may afterwards be
discovered that its appointment was invalid by reason of any defect or disqualification or had
terminated by virtue of any provisions contained in the Act or in these Articles. Providing that
nothing in this Articles shall be deemed to give validity to acts done by a Director after his
appointment has been shown to the Company to be invalid or to have terminated.
RESOLUTION WITHOUT BOARD

111. Subject to the provisions of the Act, a resolution circulated in draft, together with the necessary
papers, if any, to all the Directors or to all the members of the Committee, then in India (not
being less in number then the quorum fixed for meeting of the Board or committee, as the case
may be, and to all other directors or members, at their usual addresses in India and approved by
such of the Directors as are then in India or by a majority of such of them as are entitled to vote
on the Resolution, shall be valid and effectual as if it had been passed at a meeting of the
Directors duly called and constituted. A statement in the Minutes that a Resolution has been
passed in accordance with this Articles shall be prima facie evidence of the fact.
MINUTES
MINUTES TO BE MADE
112. (i) The Board shall, in accordance with the provisions of Section 193 of the Act, cause
minutes to be kept of every General Meeting of the Company and of every meeting of the
Board or of every Committee of the Board.
(2) Any such Minutes of any meeting of the Board or of any Committee of the Board or of
the Company in General Meeting, if kept in accordance with the provisions of Section 193
of the Act, shall be evidence of the matters stated in such minutes. The Minute Books of
General Meetings of the Company shall be kept at the office and shall be open to inspection
by members during the hours of 10 a.m. and 12 noon on such business days as the Act
requires them to be open for inspection.
POWER OF THE BOARD
GENERAL POWER OF COMPANY VESTED IN THE BOARD

113. Subject to the provisions of the Act, the contract of the Company shall be vested in the
Board who shall be entitled to exercise all such powers, and to do all such acts and things as
the Company is authorized to exercise and do, provided that the Board shall not directed or
required, whether by the Act or any other statute or by the Memorandum of the Company
or any other Articles or otherwise, to be exercised or done by the company in general
meeting. Provided further that in exercisi8ng any such power or doing any such act or
thing, the Board shall be subject to the provisions in that behalf contained in the Act, or any
other statute or in the Memorandum of the Company or in these Articles, or in any
regulations not inconsistent therewith and duly made thereunder including regulations made
by the company in general meeting shall invalidate any prior act of the Board which would
have been valid if that regulation had not been made.
LOCAL MANAGEMENT
LOCAL MANAGEMENT POWERS OF ATTORNEY SEAL FOR USE

ABROAD AND FOREIGN REGISTRARS.
114. Subject to the provisions of the Act, the Board, may make such arrangements as it may
think fit for the management of the Company’s affairs abroad or in any specified locality in
India and for this purpose appoint local boards, attorneys and agents and fix their
remuneration and delegate to them such powers as the Board may deem requisite or
expedient. Any such Board member or Attorneys or agents as aforesaid may be authorized
by the Board to sub-delegate all or any of the powers, authorities and discretions for the
time being vested in them. The company may exercise all the powers of Section 50 of the
Act and the official seal shall be affixed by the authority and in the presence of and the
instruments sealed therewith shall be signed by such persons as the Board shall from time
to time by writing under the Seal appoint. The company may also exercise the powers of
Sections 157 and 158 of the Act with reference to the keeping of Foreign Registrars.
MANAGING DIRECTORS
POWER TO APPOINT MANAGING DIRECTOR

115. Subject to the provisions of Section 316 and 317 of the Act, the Board may, from time to
time appoint one or more Directors to be Managing Director or Managing Directors of the
Company, for a fixed term and may from time to time, subject to the provisions of any
contract between him or them and the company remove or dismiss him or them from office
and appoint another or others in his or their place or places.
WHAT PROVISION SHALL BE THE SUBJECT

116. (1) Subject to the provision of Section 255 of the Act, a Managing Director shall not while
he continues to hold that office be subject to retirement by rotation and he shall not be
reckoned as a director for the purpose of determining the rotation of retirement of Directors
or in fixing the number of Directors to retire, and (subject to the provisions of any contract
between him and the company) he shall be subject to the same provision as to resignation
and removal as the other director, and he shall ipso facto and immediately cease to be
Managing Director if he ceases to hold the office of Directors from any cause.
(2) If at time total number of Managing Director is more than one-third of the total number
of directors, the Managing Directors who shall not retire shall be determined by in
accordance with their respective seniorities. For the purpose of this Article the seniorities
of the managing Directors shall be determined by the date of their respective appointments
as Managing Directors by the Board.
REMUNERATION OF MANAGING DIRECTOR

117. Subject to the provisions of ‘section 309, 310 and 311 of the Act, a Managing Director shall
in addition to the remuneration payable to him as Director of the company under these
Articles, receive such additional remuneration as may from time to time be sanctioned by
the company.
POWER OF MANAGING DIRECTOR

118. Subject to the provisions of the Act and in particular to the prohibition and restrictions
contained in Section 292 thereof, the Board may, from time to time, entrust to and confer
upon a Managing Director for the time being such of the powers exercisable under these
presents by the Board as it may think fit, and may confer such powers for such time and to
be exercised for such objects and purposes, and upon such terms and conditions, and with
such restrictions as it thinks fit, and it may confer such powers, either collaterally with, or
to the exclusion of and in substitution for all or any of the powers of the Board in that
behalf and may from time to time revoke, withdraw, alter or vary all or any of such powers.
SECRETARY/SECRETARIES
POWER TO APPOINT SECRETARY/SECRETARIES

119. The Board may appoint a Secretary or Secretaries of the Company on such terms and
conditions as it may think fit and may remove any such persons so appointed and may fill
in the vacancy in th e said office. The Secretary or Secretaries shall exercise such powers
and carry out such duties as the Board may from time to time determine
THE SEAL
CUSTODY OF SEAL
120. The Board shall provide for the safe custody of the Seal and the Seal shall never be used
except by the authority previously given by the Board of a committee of the Board
authorized by the Board in that behalf and, save as provided in Article 12 hereof, any two
Directors or one director and the secretary/Secretaries or one director and such other person
as the Board may appoint shall sign every instrument to which the seal is affixed. Provided
nevertheless, that any instrument being the Seal of the Company and issued for valuable
consideration shall be binding on the company notwithstanding any irregularity touching
the authority of the Board to issue the same.
RESERVES
RESERVES
121. The Board may, before recommending any dividend, set aside out of te profits of the
company such sums as it thinks proper as a reserve or reserves which shall at the discretion
of the Board, be applicable for any purpose to which the profits of the company may be
properly applied and the Board may, whether or not it places any sum to reserve, carry
forward any profits which the Board may think it prudent to divide.
INVESTMENT MONEY
122. All moneys carried to reserve shall nevertheless remain and be profits of the company
applicable, subject to due provisions being made for actual loss or depreciation, for the
payment of dividends and such moneys and all the pother moneys of the company not
immediately required for the purposes of the company may, subject to the provisionss of
Sections 370 and 372 of the Act, be invested by the Board in or upon such investments or
securities as it may select or may be used as working capital or may be kept at any Bank on
deposit or otherwise a the Board may from time to time think proper.
CAPITALISATION OF RESERVES
123. Any General Meeting may resolve that any moneys, investments, or other assets forming
part of the undivided profits of the company stranding to the credit of the reserves, or any
Capital Redemption Reserves Account, or in the hands of the Company and available for
dividend or representing premium received on the issue of shares and standing to the credit
of the Share Premium Account be capitalized and distributed amongst such of the
shareholders as would be entitled to receive the same if distributed by way of dividend and
in the same proportions on the footing that they become entitled thereto as capital and that
all or any part of such capitalized fund be applied on behalf of such shareholders in paying
up in full any unissued shares of the Company which shall be distributed accordingly or in
or towards payments of the uncalled liability on any issued shares, and that such
distribution or payment shall be accepted by such shareholders in full satisfaction of their
interest in the said capitalized sum, provided that any sum standing to the credit of a Share
Premium Account or a Capital Redemption Reserve Account, for the purpose of this
Article, only be applied in paying up unissued shares to be issued to shareholders of the
Company as fully paid bonus shares.
DISTRIBUTION OF CAPITAL PROFITS
124. The Company in General Meeting may at any time and from time to time resolve that any
surplus moneys in the hands of the Company representing capital profits arising from the
receipt of moneys received or recovered in respect of or arising from the realization of any
capital assets of the company or any investment representing the same instead of being
applied in the purchase of other capital assets or for other capital purposes be distributed
amongst the ordinary shareholders on the footing that the receive the same as capital and in
the shares and proportions in which they would have been entitled to receive the same if it
had been distributed by way of dividend, provided always that no such profits and aforesaid
shall be so distributed unless there shall remain in the hands of the company a sufficiency
of other assets to answer in full the whole of the liabilities and paid-up share capital of the
company for the time being.
FRACTIONAL CERTIFICATE
125. For the purpose of giving effect to any resolution under the two last preceding Articles the
Board may settle any difficulty which may arise in regard to the distribution as it thinks
expedient and, in particular, may issue fractional certificates, and may determine that cash
payments shall be made to any members fixed in order to adjust the rights of all parties and
may vest such cash in trustees upon such trusts for the persons entitled to the dividend or
capitalized fund as may seem expedient to the Board. Where requisite a proper contract
shall be filed in accordance with Section 75 of the Act, and the Board may appoint any
person to sign such contract on behalf of the person entitled to the dividend or capitalized
fund and such appointment shall in effective
DIVIDENDS
HOW PROFITS SHALL BE DIVISIBLE

126. Subject to the rights of members entitled to shares (if any) with preferential or special rights
attached thereto, the profits of the company which shall from time to time be determined to
be divided in respect of any year or other shall be applied in the payment of a dividend on
the equity shares of the Company but so that a partly paid up share shall only entitle the
holder with respect thereof to such a proportion of the distribution upon a fully paid up
share as the amount paid thereon bears a fully paid up share as the amount paid thereon
bears to the nominal amount of such share and so that where capital is paid up in advance
of calls such capital shall not rank for dividends or others a right to participate in profits.
DECLARATION OF DIVIDENDS
127. The Company in Annual General meeting may declare a dividend to be paid to the
members according to their rights and interest in the profits and may, subject to the
provisions of Section 207 of the Act, fix the time for payment.
RESTRICTION ON AMOUNT OF DIVIDEND

128. No larger dividend shall be declared than is recommended by the Board, but the company
in General Meeting may declare a smaller dividend.
DIVIDEND OUT OF PROFIT ONLY ASND NOT

TO CARRY INTEREST
129. Subject to the provisions of Section 205 of the Act no dividend shall be payable except out
of the profits of the Company or of moneys provided by the Central or State Government
for the payment of the dividend in pursuance of any guarantee given by such Government.
WHAT TO BE DEEMED NOT PROFITS

130. The declaration of the Board as to the amount of the net profits of the company shall be
conclusive, subject to the provisions of the Act.
INTERIM DIVIDENDS
131. The Board may from time to time pay to the members such interim dividends as in its
judgment the position of the Company justifies.
DEBTS MAY BE DEDUCTED

132. The Board may deduct from any dividend payable to any member all sums of money, if
any, presently payable by him to the company on account of calls or otherwise in relation to
the shares of the Company.
DIVIDEND AND CALL TOGETHER

133. Subject to the provisions of Article 14, any General Meeting declaring a dividend may
make a call on the members of such amount as the meeting fixes, but so that the call on
each member shall not exceed the dividend payable to him, and so that the call be made
payable at the same time as the dividend and the dividend may be set off against the call.
DIVIDEND IN CASH
134. No dividend shall be payable except in cash, provided that nothing on the foregoing shall
be deemed to prohibit the capitalization of profits or reserves of the Company for the
purpose of issuing fully paid up bonus shares or paying up any amount for the time being
unpaid on the shares held by the members of the Company.
EFFECT OF TRANSFER
135. A transfer of shares shall not pass the right to any dividend declared thereon before the
registration of the transfer by the Company.
PAYMENT OF INTEREST ON CAPITAL

136. The Company may pay interest on capital for the construction of works or buildings when
and so far as it shall be authorized to do by and subject to Section 208 of the Act.
TO WHOM DIVIDENDS PAYABLE

137. No dividend shall be paid in respect of any share except to the registered holder of such
share or to his order or to his bankers, but nothing contained in this Article shall be deemed
to require the bankers of a registered shareholder to make a separate application to the
Company for the payment of the dividend. Nothing in this Article shall be deemed to affect
in any manner the operation of Article 135.
DIVIDEND TO JOINT HODERS

138. Any one or several persons who are registered as the joint holders of any share may give
effectual receipts for all dividends, bonuses and other payments in respect of such share.
PAYMENT BY POST
139. unless otherwise directed in accordance with Section 206 of the Act, any dividend, interest
or other moneys payable in cash in respect of shares may be paid by cheque or warrant sent
through the post to the registered address of the holder o, in the case of joint-holders, to the
registered address of that one of the joint-holders who is first named on the Register in
respect of the joint-holding or of such person and such address as the holder or joint-
holders, as the case may be, may direct and every cheque or warrant so sent shall be made
payable to the order of the person to whom it is sent.
UNCLAIMED DIVIDEND
140. Subject to Section 205A of the Act, all dividends unclaimed for one year after having been
declared may be invested or otherwise made use of by the Board for the benefit of the
Company until claimed and all dividends unclaimed till the claim thereto becomes barred
by law may be forfeited by annual the forfeiture wherever it may think proper.
ACCOUNTS
BOOKS OF ACCOUNTS TO BE PRESERVED

141. The Books of Account of the Company relating to a period of not less than eight years
immediately preceding the current year together with the vouchers relevant to any entry in
such books of account shall be preserved in good order.
WHEN ACCOUNTS TO BE DEEMED

FINALLY SETTLED
142. Every Balance Sheet and Profit and Loss Account of the Company when audited and
adopted by the company in General Meeting shall be conclusive except as regard any error,
discovered therein.
SERVICE OF NOTICES AND OTHER DOCUMENTS
HOW NOTICES TO BE SERVED ON MEMBERS

143. A notice or other document may be given by the Company to its members in accordance
with Sections 53 and 172 of the Act.
Where a document is sent by post, service of notice shall be deemed to be effected by

properly addressing, prepaying and posting a letter containing the document. Provided
where a member has intimated to the company in advance that the document should be sent
to him under Certificate of Posting or by Registered Post with our without
acknowledgement due and has deposited with the Company a sum sufficient to defray the
expenses of doing so, service of the document shall not be deemed to be effected unless it is
sent in the manner intimated by the member, and unless the contrary is proved such service
shall be deemed to have been effected.
(i) in the case of notice of a meeting at the expiration of forty-eight hours after the same is
posted and would be delivered in the ordinary course of post.
TRANSFEREE ETC. BOUND BY PRIOR NOTICE

144. Every person who by operation of law, transfer or other means whatsoever shall become
entitled to any share shall be bound by every notice in respect of such share which
previously to his name and address being entered on the Register shall have been duly
given to the person from whom he derives his title to such share.
NOTICE VALID THOUGH MEMBER DECEASED

145. Subject to the provisions of Articles 143, any notice or document delivered or sent by post
to or left at the registered address of any member in pursuance of these Articles shall,
notwithstanding such member be then deceased and whether or not the company have
notice of his decease, be deemed to have been duly served in respect of any registered
shares, whether held solely or jointly with other persons by such member, until some other
person be registered in his stead as the holder or joint-holder thereof and such service shall,
for all purposes of these presents, be deemed a sufficient service of such notice or
documents on his heirs, executors or administrators and all persons, if any, jointly
interested with him in any such share.
SERVICE OF PROCESS IN WINDING UP

146. Subject to the provisions of Section 497 and 509 of the Act, in the event of winding up of
the company, every member of the Company who is not for the time being in Bombay may,
within eight weeks after the passing of an effective resolution to wind up the company
voluntarily or the making of an order for the winding up of the company, serve notice in
writing in the company appointing some householder residing in the neighborhood of the
office upon whom all summons, notices, process, orders and judgments in relation to or
provisions of this Article shall not prejudice the right of the Liquidator of the company to
serve any notice or other document in any other manner prescribed by these Articles.
INSPECTION
INSPECTION
147(1) The Books of Accounts and other books and papers shall be opened to inspection by any
Director during business hours.
(2) The Board shall, from time to time, determine whether and to what extent, and at what
times and places, and under what conditions or regulations, the Books of Account and
books and documents of the company, other than those referred to in articles 112(2) and
148 or any of them, shall be opened to the inspection of the members not being Directors
and no member (net being a director) shall have any right of inspecting any Books as
conferred by law or authorized by the Board or by the company in General Meeting.
INSPOECTION OF REGISTERS ETC.

148. Subject to the provisions of Section 209(4)(b) of the act, whereunder any provision of the
Act, any person, whether a member of the company or not, is entitled to inspect any
register, return, certificates, deed, instrument or document required to be kept or maintained
by the company, the person so entitled to inspection, shall, on his giving to the company not
less than twenty four hours previous notice in writing of his intention specifying which
register, etc., he intends to inspect, be permitted to inspect the same between the hours of
11.00 a.m. and 1.00 p.m. on such business days as the Act requires them to be opened for
inspection.
RECONSTRUCTIONS
RECONSTRUCTION
149. On any sale of the undertaking of the company the board or the liquidator, on a winding up
may, if authorized by a Special Resolution accept fully paid-up shares, debentures or
securities of any other company, whether incorporated in India or not, either then existing
on to be formed for the purchase in whole or in part of the property of the company, and the
Board (if the profits of the company permit) or the Liquidators (in a winding up) may
distribute such shares or securities or any other property of the company amongst the
members without realization, or vest the same in trustees for them and any Special
Resolution may provide for the distribution or appropriation of the cash, shares or other
securities, benefits or property otherwise then in accordance with the strict legal rights of
the members or contributors of the company and for the valuation of any such securities or
property at such price and in such manner as the meeting may approve and all holders of
shares shall be bound to accept and shall be bound by any valuation or distribution so
authorized, and waive all rights in relation thereto, save only in case the company is
proposed to be or in the course of being wound up, such statutory rights, if any, under
section 492 of the Act, as are incapable of being varies or excluded by these Articles.
WINDING UP
DISTRIBUTION OF ASSETS
150. If the Company shall be wound up and the assets available for distribution among the
members as such shall be insufficient to repay the whole of the paid-up capital such assets
shall be distributed so that as nearly as may be the losses shall be borne by the member in
proportion to the capital paid up or which ought to have been paid up at the commencement
of the winding up on the shares held by them respectively. And if in a winding up the
assets available for distribution among the members shall be more than sufficient to repay
the whole of the capital paid up at the commencement of the winding up the excess shall be
distributed amongst the members in proportion to the capital at the commencement of the
winding up paid up or which ought to have been this Article is to be without prejudice to
the rights of the holders of shares issued upon special terms and conditions.
DISTRIBUTION OF ASSET IN SPECIE
151. If the company shall be wound up, whether voluntarily or otherwise, the Liquidator may,
with the sanction of a Special Resolution, divide among the contributories, in specie or kind
any part of the assets of the company and may, with the like sanction, vest and part of the
assets of the company in trustees upon such trusts for the benefits of the contributors, or any
of them as the Liquidators, with the like sanction, shall think fit.
SECRECY
SECRECY
152. Every director, manager, secretary, trustee for the company, its members, or debenture
holders, member of a committee, officer, servant, agent, accountant or other person
employed in or about the business of the company shall, if so required by the Board before
entering upon his duties sign a declaration pledging himself to observe a strict secrecy
respecting all transactions of the company with its customers and the state of accounts with
individuals and in matters relating thereto, and shall by such declaration pledge himself not
to revel any of the matters which may come to his knowledge in the discharge of his duties
except when required so to do by the Board or by any General Meeting in order to comply
with any of the provisions of these Articles contained.
NO MEMBER TO ENTER THE PREMISES OF THE

COMPANY WITHOUT PERMISSION
153. No member or other person (not being a director) shall be entitled to enter upon the
property of the company or to inspect or examine the company’s premises or properties
without the permission of the Board or, subject to Articles 147(2) to require discovery of or
any information respecting any details of the trading of the company or any matter which is
or may be in the nature of a trade secret, mystery of trade pr secret to process or of any
matter whatsoever which may relate to the conduct of the Board it will be inexpedient in
the interest of the company to communicate to the public.
INDEMNIFY
INDEMNIFY
154. Every Director , Manager, secretary or office of the Company or any person (whether an office
of the company or not) employed by the Company and any person appointed as Auditor shall be
indemnified out of the funds of the company against all liability incurred by him as such
Director, Manager, Secretary, Officer, employee or Auditor in defending any proceedings,
whether civil or criminal in which judgment is given in his favour or in which he is acquitted, or
in connection with any application under Section 633 of the ‘act, in which relief is granted to
him by the Court.
XVI. MATERIAL CONTRACTS AND DOCUMENTS
1. Memorandum and Articles of Association of the Company

2. Certificate of Incorporation dated 2ND August, 1993.
3. Certificate of Commencement of Business dated 2nd August, 1993
4. Scheme of Arrangement between Nath Seeds Limited and Agri-Tech (India) Limited
5. Order dated 27th August 2003 of the Hon’ble High Court of Bombay approving the
Scheme of Arrangement.
6. Application made to BSE for listing of the securities.
7. Copies of Agreement with National Securities Depository Ltd. (NSDL) dated 19th
April, 2004.
8. SEBI Letter bearing reference No. CFD/DIL/192B/UR/41172/2005 dated 25th May,
2005.
9. Annual Report 2006.
XVII. DECLARATION
NO STATEMENT MADE IN THIS INFORMATION MEMORANDUM SHALL

CONTRAVENCE ANY OF THE PROVISIONS OF THE COMPANIES ACT,
1956 AND THE RULES MADE THEREUNDER. ALL THE LEGAL
REQUIREMENTS AS ALSO THE GUIDELINES INSTRUCTIONS, ETC.,
ISSUED BY SEBI, GOERNMENT OR ANY OTHER COMPETENT
AUTHORITY IN RESPECT OF LISTING OF SECURITIES HAVE BEEN
DULY COMPLIED WITH.
Yours faithfully,
By the Order of the Board of Directors
Of AGRI -TECH (INDIA) LTD.
AKASH KAGLIWAL
DIRECTOR
DATE:

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INFORMATION MEMORANDUM

AGRI-TECH (INDIA) LIMITED

Registered Office: Nath House, Nath Road, Aurangabad – 431 005

INFORMATION MEMORANDUM FOR LISTING OF 64,34,00,000 EQUITY SHARES OFRS.10 EACH

NO EQUITY SHARES ARE PROPOSED TO BE SOLD OR OFFERED

ABSOLUTE RESPONSIBILITY OF AGRI-TECH (INDIA) LTD.

SHARE TRANSFER AGENT

S.No. TOPIC Page No.

Articles / articles of Association Articles of Association of Nath Bio-Gene (India) Ltd.

Risk envisaged by the Management:

A. Risks Internal to the Company

1. Risks relating to business operations

B. Risks External to the Company

2. The company is actively considering exploring the possibilities of tapping the

Note to risk factors:

Land Acquisition & Development

Pattern Crop Area

Address of the Registered Office:

Registration Number 11 - 73268

Address of Registrar of Companies

Board of Directors as on the date of filing of the draft Information Memorandum

Authority for Listing

Disclaimer Clause of BSE

The BSE does not in any manner:

o warrant, certify or endorse the correctness or completeness of any of the contents of

Dispatch of Share Certificates

Previous rights and public issues

Companies under the same management

Promise vis--vis performance

Stock Market Data for Equity shares of the Company

Disposal of Investor Grievances

Mr. Kartik Krishnamurthy

Bankers to the Company

The IDBI Bank

Particulars Pre-Scheme De-merger Post-Scheme De-merger

Details of Changes in Capital Structure of the Company

(A) Shareholding of Promoter

(B) Public shareholding4

(I)(d) Statement showing details of locked-in shares – NOT APPLICABLE

(II)(a) Statement showing details of Depository Receipts (DRs) - NOT APPLICABLE

Statement showing Shareholding Pattern (Post Allotment) as on 23/04/2004 & as

(A) Shareholding of Promoter

(B) Public shareholding8

1. S.R.Attal 34158 0.58

38. R.S.Attal 507 0.01

(I)(d) Statement showing details of locked-in shares – NOT APPLICABLE

(II)(a) Statement showing details of Depository Receipts (DRs) - NOT APPLICABLE

THE MAIN FEATURES OF THE SCHEME OF ARRANGEMENT

APPROVALS WITH RESPECT TO THE SCHEME OF ARRANGEMENT

STATEMENT OF TAX BENEFITS

B. To the Shareholders of the Company

6. In accordance with and subject to the conditions specified in Section 54EC

7. In case of a shareholder being an individual or a Hindu Undivided Family, in

II. Mutual Funds

III. Non-Resident / Non-Resident Indian Member

2 Benefits outlined in Paragraph B(I) above are also available to a

3 Benefits outlined in Paragraph A(8) above are also applicable to the

6. Where shares have been subscribed in convertible foreign exchange, the

Further, if the specified asset or savings certificates in which the investment