Magellanic Cloud Ltd

Magellanic Cloud Limited was originally incorporated with Registrar of Companies Kolkata dated December 4, 1981 in the name of South India Projects Limited. The name of the Company was changed to Magellanic Cloud Limited effective on October 8, 2018 confirmed by the Ministry of Corporate Affairs. The Company is engaged in the business of IT solutions, E Surveillance and Human Capital. Earlier to this, it engaged in the business of securities trading and investment.During the Financial Year 201415, the total issued and paidup Capital of the Company increased from Rs. 1,99,56,500/ to Rs. 3,03,33,880/ of face value of Rs. 10/ each pursuant to allotment 10,37,738 bonus shares of face value of Rs. 10/ each on 21st May 2014 at a ratio of 13:25 (i.e., thirteen equity shares for every twenty five equity shares already held) to the members of the Company.The Company received the listing approval from the BSE Limited vide their Notice No. 2015011919 dated 19th January, 2015 for the enlistment of entire equity and paidup share capital of 30,33,388 equity shares of the face value of Rs. 10/ each of the Company on the BSE Limited. Thus, the equity shares of the Company are presently listed on both The Calcutta Stock Exchange Ltd. CSE and BSE Limited BSE. During the financial year under review 2016, in order to diversify the business of the company the new object clause was inserted in Main object clause of the Company, to commence the Information Technology and software related businesses.During the financial year under review 201516, Mr. Joseph Sudheer Reddy Thumma and Mr. Jagan Mohan Reddy Thumma had entered into Share Purchase Agreement dated April 08, 2015 with the earlier Promoters/ Promoter Group of the Company to acquire in aggregate 1,229,346 equity shares of Rs. 10/ each representing 40.53% of the total equity and voting share capital of the Company at a price of Rs. 25/ per fully paidup equity share. The Open Offer was made for acquisition of more than 26% of the equity and voting share capital of the Company in compliance with SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.During the financial year 201516, in order to diversify the business of the Company, the New Object Clause was inserted in Main object Clause of the Company, to commence the Information Technology and software related businesses.In order to diversify the business of the Company the new object clause was inserted in Main object Clause of the Company, to commence the Human resource related businesses along with existing business activities in 201617.The Company has diversified its business plan in the field related with providing Manpower placement and recruiting, Selecting, Interviewing, Training and Employing all types of executives, Middle Management Staff, Junior Level Staff, Workers, Labors Skilled/Unskilled required by various Industries and organizations. The Company has also entered into Food and Beverage business by insertion of new business activities in the MOA in 201920. The Company also opened a Branch office in USA in the name of Magellanic Cloud USA, Inc. in 2019.In 2022, the Company acquired the entire equity stake in IVIS International Private Limited and thereby became its whollyowned subsidiary on 1st May, 2022 and similarly acquired entire equity stake in Provigil Surveillance Limited in May, 2022. During the year 202223, the Company has added new activities in their main object clause such as to develop, provide, undertake, design, import, export, distribute and deal in Systems and application software for microprocessor based information systems, off shore software development projects, internet service provider, and solutions in all areas of application including those in Emerging niche segments like Internet and Intranet website applications solutions software enterprise, resource planning, ecommerce, value added products, Remotely Piloted Aircraft System (RPAS) like Drones and others, Metaverse Technologies such as Virtual reality (VR), augmented reality (AR) and Internet of Things (IoT) technologies.The Company acquired 70% shares of Scandron Private Limited in 2023.