SUNGARNER ENERGIES LTD Share price

Sanathnagar Enterprises Limited was initially incorporated as BakelIte Hylam Limited in June 1947. Down the years, the original name got shortened to Hylam India and later by merger with Bakelite India (then agents for Bakelite, UK), and the Company became Bakelite Hylam Limited in 1969. Name of the Company was changed from BakelIte Hylam Limited to Sanathnagar Enterprises Limited on June 30, 2009. The Company is primarily engaged in the business of real estate development. The Company, whose brands Decolam and Decolite have become generic names, have pioneered in laminates and resins. Set up by a trust and named Hyderabad Laminates, it was one of the few private sector units to exist and flourish at that time. The Company's Casa Paradiso project is a large mid income residential project with supersized 3 room residences in at Sanathnagar in Central Hyderabad. The target profile of this project is the middle / upper middle income segment of the market. The project was designed by Hafeez Contractor, one of the India's largest and most reputed architectural firms. The Company is a subsidiary of Macrotech Developers Limited. The ultimate holding company is Sambhavnath Infrabuild and Farms Private Limited. Prior to this, after introducing industrial laminates, the company started manufacturing decorative laminates, simultaneously putting up capacities for plain and copper-clad industrial laminates in 1974. Industrial laminates are used in consumer electronics -- covering TVs, VCRs and audio systems. Later, glass epoxy was introduced in 1987, to be used in professional electronics, telecommunication, computers, etc. The company also manufactures resins. In 1983, as a backward integration, BHL took over a sick unit near Hyderabad, manufacturing formaldehyde, a vital raw material for resins. In the recent past, it has added phenolic foam called phenotherm, electrical insulating varnishes (in collaboration with Sterling Varnishes, UK), surface textures and integrated forward into resins like polyester. The company undertook expansion plan for particle boards at a cost of Rs.90 crores. The company has co-promoted, along with the West Bengal government, a unit at Haldia to manufacture 12,000 tpa of acrylic fibre. A precipitator was installed at Balarshah plant to control the wastage generated from the production and the same is being as fuel.As the networth of the company has been fully eroded the company has been referred to BIFR as per the provision of SICA,1985. The Sanathnagar Plant resumed operations in November 2003 and was stabilized by December 2003. The Demerger of the Foams & Resins business, as well as the demerger of the Particle Board business, was taken up during 2008, which got implemented subject to Rehabilitation Scheme effective from April 13, 2009. Consequently all the transactions were on behalf of the resulting companies as follows: Particle Board business including the Balarshah factory and Foams and Resins business including the Nacharam factory and various assets/liabilities demerged into the Company through the Scheme of Arrangement. In view of the demerger, the only operating business in the Company was surface textures, which divested on March 31, 2009. Siddhnath Residential Paradise Private Limited (SRPPL), co-promoter of the Company and New Management, on 25 May, 2010 acquired majority stake in the Company. Accordingly, the Company became a subsidiary of SRPPL. Further, since SRPPL is wholly owned subsidiary of Lodha Developers Limited, the Company also became a subsidiary of Lodha Developers Limited during 2010. Pursuant to the BIFR/ AAIFR Scheme/ Order, the Company ventured into real estate activity on its land at Sanathnagar, Hyderabad and started developing Sanathnagar land after getting all assets lying at Sanathnagar dismantled/sole/discarded and consequently, land owned by the Company was transferred. The Company's real estate residential project at Hyderabad was completed in 2019. The Company has applied to BSE Ltd for obtaining no objection certificate for the scheme of Merger by Absorption of the Company, Roselabs Finance Limited and National Standard (India) Limited with Lodha Developers Limited (formerly known as Macrotech Developers Limited) (the holding company), pursuant to approval granted by the Board on July 30, 2024.