Note: 1) Terms/Rights attached to Equity Shares: The company has only one class of Equity Shares having a par value of ? 10/- per share. Each holder of Equity share is entitled to one vote per share. In the event of liquidation of the Com pany, the holders of equity share will be entitled to receive remaining Assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the Share holders.
2) The equity shares are not repayable except in the case of a buy back, reduction of capital or winding up in terms of the provisions of the Companies Act, 2013.
3) Every member of the company holding equity shares has a right to attend the General Meeting of the Company and has a right to speak and on a show of hands, has one vote if he is present in person and on a poll shall have the right to vote in proportion to his share of the paid-up capital of the company.
a) Increase in Authorised share capital
During the financial year 2023-24 ,The authorised capital of the company has been increased fromRs. 3 cores to Rs.15 crores with 1,20,00,000 equity shares ofRs.10 each w.e.f from 24.11.2023
b) Bonus Shares
During the year financial year 2023-24,The company has allotted 60,00,000 fully paidup shares of face value Rs.10 each by way of Bonus Issue, approved by the share holders at the Extra-Ordinarygeneral Meeting dated 10-01-2024. The bonus shares were issued by capitalization of profits transferred from the General Reserve. The ratio of Bonus Issue was 2:1 ( two bonus equity shares for every one equity share). The bonus shares once allotted shall rank pari passu in all respects and carry the same rights as the existing equity share holders and shall be entitled to participate in full, in any dividend and other corporate action, recommended and declared after the new equity shares are allotted.
C) Public Issue of Share
During the financial year 2023-24, the Company came out with an Initial Public Offer in BSE SME Startup Platform turning it into a Listed Company but the public issue has been taken place in Financial Year 2024-25.
1) Gratuity
The gratuity benefit payable to the employees of the Company is as per the provisions of the Payment of Gratuity Act, 1972, as amended. Under the gratuity plan, every employee who has completed at least 5 years of service gets gratuity on separation or at the time of superannuation calculated for equivalent to 15 days salary for each completed year of service calculated on last drawn basic salary.The Company does not have a funded plan for gratuity liability.
1. Company Overview
Storage Technologies and Automation Private Limited is a Private Limited Company in India and Incorporated under the provisions of the Companies Act, 1956. It came into existence on 19th Mar 2010 vide CIN: U74900KA2010PTC052918.
The Company has been converted from Private Company to Public Company w.e.f. 12th October 2023 and the name of the said Company is changed to "STORAGE TECHNOLOGIES AND AUTOMATION LIMITED" vide CIN: U74900KA2010PLC052918. The Company was listed in BSE SME Startup platform on 08th MAY 2024.
The Company is mainly carrying out the business of Manufacturing, Trading and services of Iron Racks. Within its short span of operation, the company has achieved many milestones in the above-mentioned fields. The address of its registered office is Storage Technologies and Automation Pvt Ltd No.10, Survey No.21/6A, 21/7A, 21/7B and 21/8 Singanayakanahalli, Yelahanka, Bangalore, Bangalore, Karnataka, India, 560064.
These Financial Statements were authorized for issue by the Board of Directors on 30th May 2024
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