The Indian Express - Managing Agents Debenture Issue

Managing Agents Debenture Issue

First managing agent Messers Sadanand and Company with headquarters in Bombay, with Sadanand as the sole proprietor.

In or about end of 1934 the directors considered to associate a local individual in the managing agency and to raise by way of mortgage debentures a sum of Rs.50,000/- for meeting liabilities pertaining to the additional machinery and meeting certain overdue liabilities.

Accordingly another private limited company known as Publicity (Madras) Ltd. was formed with subscribed capital of Rs. 20000/- of which 51 percent was held by Ramnath Goenka and 49% by Mr. Sadanand. Ramnath Goenka should entirely fulfill the obligations devolving on the managing agents.

M/s. Sadanand & Co., should terminate the managing agency with the company Publicity (Madras) Ltd should be appointed Managing Agents & the new Managing Agents should underwrite the entire mortgage Debentures of Rs. 50,000 Rs. Fifty thousand within a specified date namely 15 January 1935.

Publicity (Madras) Ltd. were appointed managing agents from 08-01-1935. The first directors of the company were S. Sadanand, K. Santanam, and S.V. Swamy, & held office till 22.10.34. At the first Annual General Body Meeting for the year they were reelected & the three directors voluntarily retired and on 23.11.1935 S. Sadanand, Mrs. Sagaram Sadanand, and S. Bhushan were elected as directors and on 19.5.1936 they co-opted Messers. Ramnath Goenka, K. Santanam, T.S. Chokalingam and S.V. Swamy as Directors till the next general meeting.

Rs. 50,000/- was received & on the recommendation of Ramnath Goenka in current account at 6% with Messers. Chunilal Murliprasad bankers on or about 25.1.35.