Alankit Ltd Share Price

History of Alankit Ltd

Alankit Ltd. (Previously known as Euro Finmart Limited) was incorporated on 5th July 1989. The Members of the Company at 25th Annual General Meeting of the Company held on 5th July 2014 approved change of Company's name from Euro Finmart Limited to Alankit Limited. The Company received approval for the change of name from the Government of India-Ministry of Corporate Affairs vide its certificate dated 21st August 2014. The Company is primarily engaged in e-Governance services and e-Governance products trading and ancillary services related to e-Governance business. The Company is the fastest-growing player in the e-Governance Sector and believes in providing quality information, delivering a high standard of service, encouraging new advanced technology, thus making the system more acco ...untable, transparent, and e?ective for the clients. Intending to reach out to the masses with increased credibility & accountability in its services, the company's e-Governance Business has developed a proven track record through the successful completion of several e-Governance Projects. With 19 regional offices spread nationwide and a total of over 8000 business locations along with a notable global presence in various countries, Alankit has carved a niche for itself in the market. Alankit's strength over the 26 years has stemmed from its strong customer-centric approach, which helps facilitate operations through a wide Pan India Network catering to 25 million customers. The Company acts as the unified platform for all services related to the PAN Card application and all other procedures, whatsoever. Permanent Account Number (PAN) is the ten digit number issued in the form of a laminated card by the Income Tax Department of India allotted to each taxpayer of the country.Currently, the Company has a pan India network of 6119 PAN Centers. The Company has tied up with the IDFC Bank, Kotak Mahindra Bank Ltd., and Axis Bank for FASTag program which is a part of the National Electronic Toll Collection (NETC) initiative rolled out by NPCI. The Company's expertise simplifies travel by serving as a single-window system through hassle-free FASTag services. Under the Manpower Staffing Division, the Company is emerging as a fast-growing service provider to serve Government, Private, PSUs and Autonomous bodies in the field of various business services like Data Management Solutions, Manpower Outsourcing, Data Entry Projects, Data Processing, Data Conversion, Scanning Digitalization, e-Return &e- TDS & Smart ID Card Printing. The Company has been able to establish a reputation for excellence and relability among its associates/ customers including departments like Directorate of Income Tax (Ministry of Finance), Ministry of Chemical & Petrochemicals, Ministry of Power, Ministry of Forest & Environment, Ministry of Textiles, DRDO, All India Radio, Prasar Bharati, Ministry of Information & Broadcasting and Ministry of Tribal Affairs. In keeping with the major demand in the system for plastic cards, Alankit, the national distributor, provides instant printing solutions for plastic ID Cards. The company o?ers the distribution of millions of multiple card types like voter ID cards, Aadhaar cards, and Health Cards and also has accomplished a tremendous sale of printers over the number of inancial years in the past. The Company strives to work efficiently by ensuring customer data safety and error-free printing with the focused use of advanced technology with strong security authentication features and guaranteed time-bound supply. GSP (GST Suvidha Provider) is an exclusive entity that is authorized to facilitate a platform to enable the country's taxpayer population to do the GST compliances. As a top GST Suvidha Provider (GSP), the Company displays superior standards in extending services to the taxpayer populace for complying with the new Goods and Services Tax (GST) regime and ensures ease & convenience for all stakeholders in the GST Rollout. The Company brings the desired support through the web or mobile-based interfaces and serves as a single-stop shop for all GST compliance-related services. To ensure a smooth implementation process, the Company has introduced two GST solutions- Alankit GST Muneemji, a secure cloud-based solution for all GST compliance, and Alankit GST Saarthi- a PoS device introduced for smaller and unorganized businesses for the purpose of payment and business accounting which is GST compliant. Furthermore, the Company also introduced first-of-its-kind e-Way Bill Generation Software, e-Raahi for the easy and instant creation of e-Way Bills in a hassle-free and a?ordable manner. The Company's digital signature is a mathematical technique used to validate the authenticity and integrity of a message, software, or digital document. The digital equivalent of a handwritten signature or stamped seal, a digital signature o?ers far more inherent security, and is intended to solve the problem of tampering and impersonation in digital communications. The Shareholders in 25th Annual General Meeting held on 05 July 2014 authorized the Board of Directors to issue and allot by way of preferential allotment upto 23 lacs convertible warrants to promoters and other investors. The Board of Directors in their meeting held on 31 July 2014 allotted the 23 lacs convertible warrants to the applicants. During the year under review, these convertible warrants were converted into equity shares of Rs. 10/-each at a premium of Rs. 100/-per share. In FY 2016, the Company started e-Governance business w.e.f. 27th September 2015 by acquiring at Rs. 27 crores from Alankit Assignments Ltd. The resolution for acquisition was passed by shareholders on 14th October, 2015. The Company also started the business of distribution of LED bulbs among various states of India and sale of e-Governance products. The Shareholders in the Annual General Meeting held on 10 August 2015 approved sub-division of each equity share of the Company having face value of Rs. 10 each fully paid up into 5 equity shares of the face value of Rs. 2 each fully paid up w.e.f. 24th September 2015. The Members of Company have passed Special Resolutions in respect of Amendment in Articles of Association of Company for insertion of Clause- Chairman Emeritus and approval of related party transactions with Group Companies by postal ballot vide notice dated 23rd February 2016. Shareholders approved both resolutions and result of the same was declared on 6th April 2016. The Company has been registered under small category with Ministry of Micro, Small and Medium Enterprise on 26 February 2016. Further, the Company also filed an application for registration under NSIC, which was approved and Government Purchase Enlistment Certificate awarded on 30 March 2016. On 6 May 2017, Management Committee of the Board of Directors of Company approved disinvestment of entire holding of 99,920 Equity Shares in its wholly owned subsidiary, Faith Business Advisors Limited. As a result of this disinvestment, Faith Business Advisors Limited will no longer be a subsidiary company. The Company was having four subsidiary companies as on 31 March 2017 namely Europlus Financial Services Limited, Euro Global Brokers Limited, Alankit Technologies Limited and Faith Business Advisors Limited.In FY17, the Shareholders approved issue of Bonus Shares in the ratio of 1:1 by postal ballot, the result of which was declared on 12 October 2016. Thereby, the Management Committee of the Board of Directors of the Company allotted 3,57,39,525 equity shares to the existing shareholders of Company on 21 October 2016. During the year 2017, the Shareholders of company approved the sub-division of each equity share of the Company having face value of Rs.2 each fully paid up into 2 equity shares of the face value of Re. 1 each fully paid up. Consequent upon the splitting of shares the total number of shares of the company increased to 14,29,58,100 with paid up face value of Re.1 per share.During the year 2018, Alankit Forex India Ltd, which is a wholly owned subsidiary of the Company, received an approval from RBI for operation of full-fledged moneychangers. Full Fledged Money Changers (FFMCs) are authorized by the Reserve Bank to deal in foreign exchange for specified purposes, to widen the access of foreign exchange facilities to residents and tourists while ensuring efficient customer service through competition. FFMCs are authorised to purchase foreign exchange from residents and non-residents visiting India and sell foreign exchange for certain approved purposes. The Company received name approval from Registrar of Companies, Ministry of Corporate Affairs on 03 July 2018 to change the name from existing Alankit Life Care Ltd to Alankit Forex India Ltd, which will reflect main objects of the Company. The Alankit Ltd sold its 49% stake in Alankit Technologies Ltd to GTID Solutions Development Pvt Ltd. The said disposal would result into a company falling into subsidiary category of Alankit Ltd from wholly owned subsidiary category. During the year 2018, Alankit Ltd has made investment in Verasys Technologies Pvt Ltd thus making it subsidiary of Alankit Ltd. Verasys Technologies Pvt Ltd got approval from Controller of Certifying Authority (CCA) on 23 July, 2018 to act as Certifying Authority under the Information Technology Act of India, 2000 licensed to issue digital signature certificates. In FY18, the another subsidiary of Alankit Ltd i.e. Euro Global Brokers Ltd filed an application to RBI to obtain Certificate of Registration as a NBFC P2P Company which is still under process. P2P is an abbreviation for Peer-to-Peer Lending. These P2P companies are profitable for both lender and borrower as lenders can earn higher returns and borrowers can borrow at lower interest rates. In FY 2019, the wholly-owned subsidiaries have approved Scheme of Arrangement inter-se pursuant to which Europlus Financial Services Ltd and Euro Global Brokers Ltd are proposed to be merged into Alankit Technologies Ltd. Alankit Technologies Ltd continues to be the wholly-owned subsidiary of the Company. During FY19, the Board of Directors of the Company approved a Policy for determining Alankit Forex India Ltd, a material subsidiary, which is in line with the Listing Regulations as amended from time to time. The Policy was revised effective from April 1, 2019 in line with amendments made to Listing Regulations. During the year 2021, the Company has been empanelled as Service Provider for processing of Ayushman Bharat Card Request with National Health Authority, Ministry of Health & Family Welfare, Government of India. Further, the Company has been shortlisted as a National Business Correspondent (BC) by the State Bank of India for financial inclusion. Further, the Company is in the process of entering into an Agreement for the same. During the year 2021, the Company has entered into Agreement with UTI Infrastructure Technology And Services Limited, Mumbai to provide eCard Printing Services under PMJAY (Pradhan Mantri Jan Arogya Yojana) under Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (ABPM-JAY) Scheme in alliance with State Governments. During the year 2021, the Company acquired a new project for the Existing Unified Customer Service Centre with Mahanagar Telephone Nigam Limited (MTNL) located at Belapur, Mumbai, Maharashtra. Under this project, the Company will be providing operation services for the existing unified call centres for various services along with the manpower required. The subsidiary of the Company Verasys Technologies Private Limited (Vsign) which is Certifying Authority under Section 21 of the IT Act, 2000 is now also empanelled as e-Sign Service Provider (ESP) to provide e-Sign Service based on Aadhar which is a substantial move for the Company.