Ace Engitech Limited (Formerly known as Prem Somani Financial Services Limited) was incorporated on 25 September, 1991. The name of the Company was changed from 'Prem Somani Financial Services Limited' to 'Ace Engitech Limited' effective on April 27, 2022. The main objects of the Company also changed from financial activities to IT Technologies and web designing.
The nature of business of the Company is NBFC related activities. The Non Banking Finance Company (NBFC) licence of the Company was cancelled by Reserve Bank of India (RBI) on 18 October, 2018 due to failure of the Company to achieve its Net Owned Funds of Rs 2 Crore pursuant to Revised Regulatory Framework for NBFCs dated March 27, 2015, due to which Company will not be able to continue the NBFC related business activities.
In 2021-22, the the management of the Company changed pursuant to the acquisition of promoter's stake approx. 8, 46, 200 equity shares of Rs. 10/- each constituting 25.62% by Zyden Technologies Private Limited, which belongs to 'Zyden'. The acquisition was made as per Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. After the acquisition made in consonance with provisions of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Zyden Technologies Private Limited acquired control and controlling stake in the Company and accordingly, Zyden Technologies Private Limited became the new Promoter of the Company.