1962 - The Company was Incorporated on 28th February, under the name
of Pal Hire Purchase Ltd., and is a wholly owned subsidiary of
Premier Automobiles Ltd. (PAL), leading automobile manufacturer.
Its name was changed to as Pal Credit and Capital Ltd. effective
26th March, 1992 to reflect the diversified nature of activities.
Promoted by Walchand group of industries being promoted by
Premier Automobile Ltd.
- The Company is engaged in the business of hire purchase and
lease financing automobiles, equipments, bill discounting,
financial consultancy, merchant banking etc.
1992 - The Company issued through a prospectus 15,00,000 - 14% secured
fully convertible debentures of Rs.55 each as follows:
- (i) On firm allotment basis: (a) 5,60,000 debentures to Premier
Automobiles Ltd., the promoter,
- (b) 1,89,555 debentures to business associates,
- (c) 45,450 debentures to UTI.
- Of the remaining, 2145 debentures were issued to employees of the
Company. (all were taken up).
- Balance 7,02,850 debentures were issued to the public.
- Part A of Rs.35 of each debenture was converted into 2 equity
shares of Rs.10 each at a prem. of Rs.7.50 per share on 2.2.93.
Accordingly 30,00,000 shares were allotted.
- Part B of Rs.20 of the face value of each was converted into 1
equity shares of Rs.10 each at a prem. of Rs.10 per share after
a year from the date of allotment of debentures. Accordingly,
15,00,000 shares were allotted on 2.2.94.
- 7,50,000 No. of equity shares issued to promoters, directors etc.
30,00,000 No. of equity shares allotted at a prem. of Rs.7.50 per
share in February 1993 on conversion of Part A of 14% debs.
1995 - During December, the Company offered 17,50,000 - 15% cumulative
convertible preference shares of Rs.100 each on Rights basis in
prop. 1 pref. shares : 3 equity shares held. Warrants were to be
offered to shareholder who were eligible for fractional
entitlement. 17,49,078 shares were allotted on 26.01.96. These
shares will be automatically converted into 3 equity shares of
Rs.10 each at a price which is 30% lower than average market
price or Rs.33.33 whichever is lower.
- Warrant holders have the option to convert each warrant into 1
equity share at the above mentioned conversion price. 1162
warrants were allotted. 1 warrant is equal to 1/3 CCP.
1996 - The overall performance of the company was affected due to severe
competition, large scale defaults by the corporate sector and
serious slump in primary market.
- The Company entered into the business of generation and supply of
electricity by setting up 6 wind mills at village Pazhavoor,
-Mr J H Shah has been appointed as the Chairman of the company
-PAL Credit & Capital Ltd has shifted the registered office of the Company from Kurla (West), Mumbai to Ghatkopar (East), Mumbai
-PAL Credit has given the following E-mail ID for Investors Complaints: email@example.com.
-Company has been appointed Shri Jayesh Dadia as Additional Director of the company.