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The company was originally incorporated on January 1, 1986 as a private limited company under the provisions of the Companies Act, 1956 as Vascon Engineers Private Limited. It became a deemed public company by virtue of Section 43A of the Companies Act with effect from August 25, 1997 and was renamed as Vascon Engineers Limited.
Consequent to the amendment of Section 43A of the Companies Act, it became a private limited company with effect from January 16, 2001. Pursuant to a resolution of the shareholders on December 7, 2006, it got converted to a public limited company with effect from December 7, 2006. A fresh certificate of incorporation consequent on the change of the name was granted to it on December 20, 2006 by the ROC. Further, pursuant to the provisions of Section 391 to 394 of the Companies Act and pursuant to an order of the High Court of Bombay, dated January 19, 2007, Clover Resorts Private Limited merged with the company from the appointed date being April 1, 2006. It also acquired the assets of Vascon Hadapsar Ventures, in which it was a partner, pursuant to a deed of retirement cum dissolution dated May 29, 2007.
Company commenced operations primarily as an EPC services company in 1986. However, in the past few years the Company has diversified into real estate development, including owning and operating selected projects directly or indirectly through the Subsidiaries and the Other Development Entities. The company’s operations span across all aspects of real estate development, from identification and acquisition of land to providing EPC services and sales and marketing of the projects to operation of the completed projects.
The company has significant experience of 23 years in providing EPC services, which include, constructing factories, hospitals, hospitality properties, office and residential complexes, shopping malls, multiplexes, IT parks and other buildings. The Company provides EPC services for own projects as well as to third parties. As of August 31, 2009, the company had completed an aggregate of 179 EPC Contracts, with a total contract value of Rs. 8,804.79 million, out of which 155 EPC Contracts were for third parties, with a total contract value of Rs. 6,478.89 million and 24 EPC Contracts were for projects developed by it or the Other Development Entities, with a total contract value of Rs. 2,325.89 million.
The real estate development business comprises the development of residential and office complexes, as well as shopping malls, multiplexes, hospitality properties, IT parks and other buildings directly or indirectly through the Subsidiaries or the Other Development Entities. The Ongoing and Forthcoming Projects are spread over seven states in India. As of August 31, 2009, the company and the Other Development Entities had completed an aggregate of 41 real estate development projects, with an aggregate Saleable Area of over 4.58 million square feet. In addition, the company has sold land and land development rights aggregating 2.03 million square feet in Saleable Area. The company and the Other Development Entities are in the process of developing an additional 52 Ongoing and Forthcoming real estate projects, with an aggregate Saleable Area of over 44.85 million square feet.
In addition to developing and providing EPC services for real estate projects, the company also continues to own or operate certain projects subsequent to their completion. For example, the company owns the Vista do Rio, and through the Subsidiaries or the other Development Entities, the company owns an interest in the Galaxy Resorts in Goa, the Golden Suites service apartment complex in Pune, and Marigold Premises Private Limited, which owns and operates the Mariplex mall and office complex. Additionally the company is involved in developing a multi-level car parking for Delhi International Airport Limited and has a 24.00% equity interest in a company that intends to focus on infrastructure development such as roads.
Subsidiaries:
Calypso Premises Private Limited The subsidiary, Calypso Premises Private Limited, is engaged in the business of construction and development of real estate projects. The authorized share capital of Calypso Premises Private Limited is Rs. 500 million divided into 50 million equity shares of Rs. 10 each and the paid up capital of Calypso Premises Private Limited is Rs. 150.13 million divided into 15.01 million equity shares of Rs. 10 each. The Company holds 9.46 million equity shares in Calypso Premises Private Limited, i.e. 63.01% of the issued and paid up capital of Calypso Premises Private Limited, while the remaining 36.99% is held by others. The company acquired the shares of Calypso Premises Private Limited pursuant to a shareholders agreement dated August 31, 2006 with Behram Dubash Properties Private Limited and Calypso Premises Private Limited.
Floriana Properties Private Limited The subsidiary, Floriana Properties Private Limited, is engaged in the business of construction and development of real estate projects. The authorized share capital of Floriana Properties Private Limited is Rs. 50 million divided into 5 million equity shares of Rs. 10 each and the paid up capital of Floriana Properties Private Limited is Rs. 100,000 divided into 10,000 equity shares of Rs. 10 each. The Company (including through its nominee) holds 10,000 equity shares in Floriana Properties Private Limited, i.e. 100% of the issued and paid up capital of Floriana Properties Private Limited.
Floriana Properties Private Limited became the subsidiary pursuant to the transfer of 2,000 equity shares by Vatsalya Engineers Private Limited to it on August 30, 2006. On April 1, 2008 it ceased to be a subsidiary of the Company pursuant to the transfer of 7,000 shares to Hamcon Engineers Private Limited. It became a wholly owned subsidiary pursuant to the transfer of 10,000 equity shares by Hamcon Engineers Private Limited to the company on August 25, 2008.
IT – Citi Infopark Private Limited
The subsidiary, IT – Citi Infopark Private Limited, is engaged in the business of construction and development of real estate projects. The authorized share capital of IT – Citi Infopark Private Limited is Rs. 100,000 divided into 10,000 equity shares of Rs. 10 each and the paid up capital of IT – Citi Infopark Private Limited is Rs.100,000 divided into 10,000 equity shares of Rs. 10 each. The Company (including through its nominee) holds 10,000 equity shares in IT – Citi Infopark Private Limited, i.e. 100% of the issued and paid up capital of IT – Citi Infopark Private Limited.
IT – Citi Inforpark Private Limited became the subsidiary pursuant to the transfer of 10,000 equity shares by Hamcon Engineers Private Limited and Conamore Resorts Private Limited to us on April 2, 2006.
Marvel Housing Private Limited The subsidiary, Marvel Housing Private Limited, is engaged in the business of construction and development of real estate projects. The authorized share capital of Marvel Housing Private Limited is Rs. 100,000 divided into 10,000 equity shares of Rs. 10 each and the paid up capital of Marvel Housing Private Limited is Rs. 100,000 divided into 10,000 equity shares of Rs. 10 each. The Company (including through its nominee) holds 10,000 equity shares in Marvel Housing Private Limited, i.e. 100% of the issued and paid up capital of Marvel Housing Private Limited. Marvel Housing Private Limited became the subsidiary pursuant to the transfer of 10,000 equity shares by Vatsalya Engineers Private Limited to it on January 2, 2006.
Vascon Dwellings Private Limited
The subsidiary, Vascon Dwellings Private Limited, is engaged in the business of construction and development of real estate projects. The authorized share capital of Vascon Dwellings Private Limited is Rs. 100,000 divided into 10,000 equity shares of Rs. 10 each and the paid up capital of Vascon Dwellings Private Limited is Rs. 100,000 divided into 10,000 equity shares of Rs. 10 each. The Company (including through its nominee) holds 10,000 equity shares in Vascon Dwellings Private Limited, i.e. 100% of the issued and paid up capital of Vascon Dwellings Private Limited. Vascon Dwelling Private Limited became the subsidiary pursuant to the transfer of 10,000 equity shares by Kulin Mehta and Rajesh Gosia to it on April 1, 2006.
Vascon Pricol Infrastructures Limited The subsidiary, Vascon Pricol Infrastructures Limited, is engaged in the business of construction and development of real estate projects. The authorized share capital of Vascon Pricol Infrastructures Limited is Rs. 100 million divided into 10 million equity shares of Rs. 10 each and the paid up capital of Vascon Pricol Infrastructures Limited is Rs. 71 million divided into 7.1 million equity shares of Rs. 10 each. The Company (including through its nominees) holds 4.97 million equity shares in Vascon Pricol Infrastructures Limited, i.e. 70% of the issued and paid up capital of Vascon Pricol Infrastructures Limited while the remaining 30.00% is held by others. The company has paid Rs. 2000,000 as share application money.The company has acquired shares in Vascon Pricol Infrastructures Limited pursuant to a shareholders agreement dated April 27, 2007 with Pricol Property Development Limited and Vascon Pricol Infrastructures Limited.
Wind Flower Properties Private Limited The subsidiary, Wind Flower Properties Private Limited, is engaged in the business of construction and development of real estate projects. The authorized share capital of Wind Flower Properties Private Limited is Rs. 500,000 divided into 50,000 equity shares of Rs. 10 each and the paid up capital of Wind Flower Properties Private Limited is Rs. 100,000 divided into 10,000 equity shares of Rs. 10 each. The Company (including through its nominee) holds 10,000 equity shares in Wind Flower Properties Private Limited, i.e. 100% of the issued and paid up capital of Wind Flower Properties Private Limited.Wind Flower Properties Private Limited became the subsidiary pursuant to the transfer of 5,000 equity shares by Vatsalya Engineers Private Limited to it on November 2, 2006.
Greystone Premises Private Limited The subsidiary, Greystone Premises Private Limited, is engaged in the business of construction and development of real estate projects. The authorized share capital of Greystone Premises Private Limited is Rs. 80 million divided into 8 million equity shares of Rs. 10 each and the paid up capital of Greystone Premises Private Limited is Rs. 100,000 divided into 10,000 equity shares of Rs. 10 each. The Company holds 6,500 equity shares in Greystone Premises Private Limited, i.e. 65% of the issued and paid up capital of Greystone Premises Private Limited while the remaining 35% is held by others. Greystone Premises Private Limited became the subsidiary pursuant to the transfer of 6,500 equity shares by Shiv Prakash Nair to it on January 4, 2008.
Compress Infocom Private Limited The subsidiary, Compress Infocom Private Limited is engaged in the business of construction and development of real estate projects. The authorised share capital of Compress Infocom Private Limited is Rs. 100,000 divided into 10,000 equity shares of Rs. 10 each and the paid up capital of Compress Infocom Private Limited is Rs. 100,000 divided into 10,000 equity shares of Rs. 10 each. The Subsidiary Vascon Pricol Infrastructures Limited (including through its nominees) holds 10,000 equity shares in Compress Infocom Private Limited, i.e. 100% of the issued and paid up capital of Compress Infocom Private Limited. The Company effectively holds 70% in Compress Infocom Private Limited.
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