Melstar Information Technologies Limited (MITL) was incorporated on August 12, 1986 as a Private Limited Company under the name of 'Sifa India Private Limited'. Thereafter the Company converted into a Public Limited Company in July, 1994 and changed to 'Sifa India Limited' and thereafter to 'Melstar Information Technologies Limited' in 1999. Presently promoted by Birla Bombay Private Limited and Godavari Corporation Private Limited, the Company is engaged in software services. It manufacturers, exports, imports, buy, sell and deal in electronic systems, information technology including consultancy, computer hardware, software development, infotech services, enterprise solutions, out-sourcing and facility management, internet, E-commerce etc.
In 1993, the company diversified into software exports and has been exporting mainly to USA, Italy, Switzerland etc. It further diversified into manufacture of electronic products such as calculators, blinkers, etc in 1994-95. The company also established a branch office in London on May 1998. Melstar Inc is a subsidiary of MITL located in USA. In July, 1999, Melstar Industries (MIL) was amalgamated with the company in terms of scheme of amalgamation sanctioned by the Hon'ble Bombay High Court.
The Company made its initial public offer in January 2000. it acquired Linkhand Ltd and its two subsidiaries and also acquired 100% of the equity of Global System Development Inc. in the US. The Company also incorporated subsidiaries in UK, Germany and Singapore.
During the year 2005-06, at the Court Convened Meeting, the Scheme of Arrangement for Merger of Melstar Fashions Private Limited (MFPL), a Group Company under the control of the Promoters of the Company was made effective on 9th October, 2006. In terms of the approved Scheme, every equity shareholder of erstwhile MFPL was allotted one fully Paid up 5% Cumulative Redeemable Preference Share of Rs.10/- each for every 50 Equity Shares of Rs.10/- each held in erstwhile MFPL.
During the period 2015-16, the Company acquired the 6,00,000 equity shares aggregating to 100% of the paid up share capital of IDV Technology Solutions Private Limited for a consideration of Rs. 0.6 Crores. With the acquisition of these shares, IDV Technology Solutions Private Limited became the Subsidiary of the Company effective on 23.12.2015. Later, the Company sold 4,86,000 Equity Shares of Rs.10/- each aggregating 81% Equity Shares of IDV Technology Solutions Private Limited. Consequently, the Company held 19% stake in the said Company and thus IDV Technology Solutions Private Limited ceased to be subsidiary of the Company on 29.09.2016.
The Company was under Corporate Insolvency Resolution Process (CIRP) with effect from October 3, 2019 under the provisions of Insolvency and Bankruptcy Code, 2016 (IBC) by an Order passed by Hon'ble National Company Law Tribunal, Mumbai Bench (NCLT) and Mr. Neehal Mahamulal Pathan was appointed as an IRP and thereafter RP (Resolution Professional). The NCLT vide its order dated November 1, 2023 has approved the Resolution Plan submitted by M/s. Shivasons Solutions India Private Limited under Section 31 of the IBC, which has been implemented in phase wise manner and subsequent orders were passed by NCLT on June 25, 2024 and August 09, 2024 on Resolution Plan.
During the year 2023-24, there were no operations in the Company. However, the Board of Directors had decided to enter into Aviation Sector by entering into Simulator leasing business and approved the change in object clause of the Company and approved by the shareholders on October 1, 2024.