Dharani Finance Ltd

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• Dharani Finance Ltd was incorporated in the year 1990. The authorised capital at the time of registration was Rs. 1 Crore. It was subsequently raised to Rs.5 crores on July 28, 1993. The Company went for a public issue in the year 1994 to the extent of Rs.2.5 crores besides preferential allotment to promoters, directors and their friends and relatives to the extent of Rs.74.28 lakhs. The issue was over subscribed 1.81 times and the total paid up capital after issue was Rs.5 crores. Due to entry of Banks, flush with low cost funds and ability to offer a variety of financial services, NBFCs , who were traditionally dominating the field of auto loans, commercial vehicle finance, etc. were very much affected and their survival became a problem. Dharani Finance Limited is also facing these problems for the last few years. Activities on the financial side have considerably come down due to banks entering into these fields. It has therefore diversified into other activities like running a travel agency. It is also registered with IATA as Travel Agency. The Company has acquired cars and other vehicles and the travel operations are profitable. The Company has a tie up with Le Royal Meridien, a Five Star Deluxe Hotel in Chennai, for exclusive provision of tourist cars, looking after travel arrangements, air ticket booking for the hotel guests. The Company also has Godrej Lockers for rent at its Chennai and Namakkal Office. The Company is registered with Chief Controller of Imports and Exports for doing import and export business.