The Company was incorporated in the State of West Bengal, India on 14th June 1977 as a public limited company under the provisions of the Companies Act 1956 (Act). Its main objects per Memorandum & Articles of Association are, amongst other things, to grow, cultivate, manufacture, treat, blend, process, buy, sell and deal in tea in various forms, to carry on the business as planters in all its branches, to manufacture, buy, sell and deal in machinery for processing tea and in connection therewith or acquire by amalgamation, purchase, take-over or otherwise the whole or part of the assets, liabilities and undertaking in India or elsewhere of any other company, body corporate, firm, association of person.
The Company was granted a certificate of entitlement to commence business under the provisions of the Act by the Registrar of Companies, on 27th June 1977.
All the 17 existing tea gardens of Goodricke Group Ltd. were owned by eight Sterling Tea Companies . They had established tea gardens progressively in late 1800s and were carrying on business in tea in India. The sterling companies together owned 17 tea estates in India. 12 estates are in the district of Jalpaiguri and 3 in Darjeeling in the State of West Bengal and 2 in Darrang district in the State of Assam.
Pursuant to Section 29(2)(a) of the Foreign Exchange Regulation Act, 1973 (“the FERA”), Reserve Bank of India agreed to grant permission to carry on business to the Sterling companies subject to takeover of the Gardens by an Indian Company to be formed.
Accordingly based on schemes of merger and with the sanction of Calcutta High Court, the 8 Sterling Companies were amalgamated with Goodricke Group Ltd effective 1st January 1978.