Gujarat Lease Financing Ltd

Gujarat Lease Financing Limited (GLFL) was formed in Jul.'83 as a wholly-owned subsidiary of the Gujarat Industrial Investment Corporation (GIIC) to provide financial services for all-round development of industries in and around Gujarat. The company commenced operations in 1985 and went public in 1990, reducing GIIC's stake to 51%. In 1994, GIIC entered into a joint-sector agreement with the Torrent group and reduced its stake to 26%, with the Torrent group holding 25%. GLFL also undertakes investment banking and securities-related credit. With a plan to diversify, during 1991-92, the merchant banking division became operational and the company was registered as a category-I merchant banker with the SEBI. GLFL has also entered housing finance with the launch of GLFL Housing Finance in Mar.'93 and got it recognised by the National Housing Board. GLFL Securities, a fully-owned subsidiary of GLFL, has the corporate membership of the BSE and the NSE in the debt as well as capital market segments and also trades on the Ahmedabad Stock Exchange. To venture into real estate development, GLFL Realities was incorporated in 1995. GLFL International was also established in the same year to set up branches in Singapore and Dubai. In 1995-96, the retail finance division started a scheme for financing commercial vehicles. The Company has ceased to carry on business as NBFC since 1999-2000 due to precarious financial condition and negative net worth. The Board of Directors at its meeting held on 23rdJune, 2016 had decided to surrender voluntarily a Certificate of Registration (COR) under category 'B' as Non-Banking Finance Company (NBFC) issued by Reserve Bank of India as the Company at present, was not in a position to comply the requirements of NBFCs Regulations. Based on the Company's request RBI has issued order cancelling Certificate of Registration (CoR) under category 'B' with effect from 8th March, 2017. During the year 2018-19, three wholly owned subsidiary companies, GLFL Housing Finance Ltd., GLFL Securities Ltd and GLFL International Ltd. were amalgamated with the Company through the Scheme of Amalgamation effective from 1st April, 2017. As per the Scheme, all the business undertakings of three subsidiary Companies got transferred in the Holding Company.