Ace Engitech Limited (formerly **Prem Somani Financial Services Limited**) is an Indian listed entity currently undergoing a radical structural and operational transformation. Following the loss of its financial services license, the company has executed a court-approved capital restructuring to "cleanse" its balance sheet and has formally pivoted toward high-growth sectors, including **Information Technology (IT)**, **Defense**, and **Aerospace**. --- ### Corporate Evolution and Strategic Pivot The company’s history is marked by a complete departure from its legacy as a Non-Banking Financial Company (NBFC). * **License Cancellation:** The **RBI** cancelled the company’s **NBFC license** on **October 18, 2018**, due to its failure to maintain the mandatory minimum net worth of **₹2 crore**. * **Identity Transformation:** To reflect its new direction, the company rebranded as **Ace Engitech Limited** and updated its **Corporate Identity Number (CIN)** to **L32111RJ1991PLC006220**. * **Principal Activity Shift:** The company has transitioned from financial services to **IT infrastructure-related services** and web designing. As of **April 2025**, the **Registrar of Companies (ROC)** approved a further expansion into the **Defense, Aerospace, and Nuclear** sectors. --- ### Diversified Industrial Roadmap Ace Engitech has significantly expanded its **Memorandum of Association (MOA)** to authorize entry into several capital-intensive, high-growth verticals. While IT services represent the current active phase, the following sectors are now part of the company’s authorized business objects: * **Defense & Aerospace:** Manufacturing, assembling, and upgrading defense equipment, vehicles, and arms under the **'Make in India'** initiative. This includes R&D in **Artificial Intelligence (AI)**, **Cybersecurity**, **Drone Technology**, and **Electronic Warfare**, as well as the operation of **Maintenance, Repair, and Overhaul (MRO)** facilities. * **Mining & Minerals:** Prospecting and processing minerals including **gold, silver, iron, bauxite, and lithium**. * **Energy & Petroleum:** Drilling, extracting, and refining petroleum and mineral oils. * **Real Estate & Infrastructure:** Civil engineering and construction of residential, commercial, and industrial complexes. * **Gems & Jewellery:** Trading and exporting precious metals and stones (gold, platinum, diamonds). --- ### Capital Restructuring and Financial Position To address historical losses that had eroded its net worth, the company executed a **Reduction of Share Capital** under **Section 66** of the Companies Act, 2013, approved by the **NCLT Jaipur** on **March 28, 2024**. #### Capital Structure Post-Restructuring | Metric | Details | | :--- | :--- | | **Authorized Share Capital** | **₹7,00,00,000** (70 Lakh Equity Shares of ₹10 each) | | **Paid-Up Share Capital (Pre-Reduction)** | **₹3,30,34,000** | | **Paid-Up Share Capital (Post-Reduction)** | **₹85,88,840** (8,58,884 shares) | | **Reduction Percentage** | **74%** of existing share capital cancelled | | **Share Exchange Ratio** | **26 new shares** for every **100 old shares** held | #### Recent Financial Performance The company is currently in a pre-revenue or stabilization phase for its new business lines, with income primarily derived from interest on previous investments. | Particulars (₹ in Lakhs) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Total Revenue** | **2.55** | **0.18** | *Minimal* | | **Total Expenditure** | **50.64** | **15.72** | *Minimal* | | **Net Profit / (Loss)** | **(48.09)** | **(15.54)** | **(11.43)** | **Note:** No dividends have been recommended for recent cycles as the company focuses on restructuring and business stabilization. No **Deferred Tax Assets** have been recognized, as management does not anticipate immediate taxable profits. --- ### Governance and Leadership The company has restructured its board to align with its new industrial focus and ensure regulatory compliance. * **Managing Director:** **Mr. Abhishek Bohra** (Appointed **July 22, 2024**) for a **3-year term** with an annual remuneration of **₹50,00,000**. * **Board Oversight:** **Mr. Ganesh Bhanudas Bhayde** was recently added as an **Independent Director**. * **Operational Structure:** The company currently has **no subsidiaries, joint ventures, or associate companies** as of the **2024-25** period. --- ### Risk Profile and Legal Contingencies Investors should note significant risks related to the company’s transition and ongoing legal disputes. #### 1. Oppression and Mismanagement Litigation The company is defending a case (**CP No. 122/59/241-242/JPR/2020**) before the NCLT involving allegations of: * **Siphoning of Assets:** Claims of **bogus book entries** and undervalued sale of residential property to management. * **Illegal Re-classification:** Alleged removal of names from the **Promoter Group** without following **SEBI LODR Regulation 31A**. * **Shareholder Exclusion:** Claims that minority holders of **119,500 shares** were not notified of the **July 2022 AGM**, potentially challenging the validity of the **Capital Reduction**. #### 2. Regulatory Compliance Lapses * **SEBI PIT Regulations:** Delays were noted in recording entries in the **Structured Digital Database (SDD)** regarding **Unpublished Price Sensitive Information (UPSI)**. * **Director Disqualifications:** Previous Independent Directors were disqualified for failing the **IICA proficiency test** within the required timeframe. * **Advertising Standards:** Failure to include **QR Codes** in financial result advertisements (remedied in **September 2025**). #### 3. Operational and Market Risks * **Stabilization Risk:** The company is moving from a non-operational status into highly competitive fields (IT and Defense) where it lacks a long-term track record. * **Economic Sensitivity:** Management cites **tough competition** and **slow economic growth** as primary threats to the new IT services line. * **Licensing:** Entry into Defense and Aerospace requires specialized government licenses and adherence to stringent, evolving regulatory frameworks.