Innovassynth Investments Limited (IIL) was incorporated on February 15, 2008 as a public limited company under the Companies Act. IIL obtained the certificate of commencement of business on March 4, 2008._x000D_ _x000D_ IIL was promoted by Futura Polyesters Limited (FPL) with an initial paid up capital of Rs. 5 lakhs. The objects for which the Company was incorporated are set out in the Memorandum & Articles of Association of the Company._x000D_ _x000D_ The main purpose for forming IIL was to take over or acquire the equity shares of Innovassynth Technologies (India) Limited (ITIL), an associate company, from FPL under a Scheme of Arrangement to be entered into by FPL and IIL with its shareholders._x000D_