The Company was incorporated in 1989 under the Companies Act, 1956 as Codec Communications Private Limited under registration number 25-14448 by Anil Rajadhyaksha and Sunil Rajadhyaksha. The Company commenced its operations as a software services company on January 10, 1989. The name of the Company was changed to HOV Services Private Limited on February 27, 2006. The Company became a public company on January 5, 2006 and the name of the Company was changed to HOV Services Limited on March 9, 2006. On January 31, 2002 Digital Boardwalk Incorporated (a company created as an acquisition vehicle) acquired 1,694 shares of the Company of the face value Rs. 100 comprising 100% of the issued and outstanding shares of the Company, which were held by Anil Rajadhyaksha and Sunil Rajadhyaksha for a consideration of USD 36,460. Upon completion of the acquisition, the Company retained the services of Anil Rajadhyaksha and Sunil Rajadhyaksha. Anil Rajadhyaksha has since resigned from the Board of the Company, while Sunil Rajadhyaksha continued as one of the Promoters of the Company. Subsequent to this acquisition, the Company entered into the BPO market and became a 100% export oriented company approved under the STPI Scheme. As of January 1, 2006 Digital Boardwalk Incorporated transferred the shares of the Company to HOF 2, LLC a Limited Liability Company incorporated under the laws of the State of Nevada controlled by HandsOn Ventures, LLC. HandsOn Ventures, LLC, ("HandsOn") is a private equity group based in the US, 100% of the membership interest of which is owned by Parvinder S. Chadha and his family members and managed by a seven member management team of which four members are our Promoters. These four members have to date contributed the equity for all acquisitions undertaken by HandsOn. HandsOn is focussed on acquiring companies in the F & A segment of the BPO sector. Since 2002, HandsOn has acquired existing businesses and continues to pursue a policy of growing the business inorganically; by augmenting the overall business and the services that may be offered to customers by the acquired businesses. Typically, HandsOn incorporates an acquisition company, specifically to acquire the stock of the target company. These acquisition entities are owned by HandsOn Fund, LLC. The beneficial interest in this acquisition company is owned by the members and managers of HandsOn who have contributed the equity for the acquisitions. HandsOn Fund, LLC holds the stock of the acquisition companies for a specified period, and upon the expiry of such period the stock of the acquisition companies are then transferred to entities that are owned by such managers and members of HandsOn who have contributed equity and such managers of HandsOn who are entitled to equity based on their individual performance. Presently, the Company's Promoters at all times own the beneficial interest in the acquisition companies. As and when decided by the Promoters, the acquisition companies are reorganised to pass the ownership of the operating companies to the Promoters, members and managers of HandsOn. This is typically done through entities that are controlled by the Promoters and such members and managers. 2011 - HOV Services Ltd has considered and approved the merger of HOV Services LLC and HOVS Corp. a Nevada Corporation ( and wholly owned subsidiary of HOV SPV LLC), wherein HOVS Corp. shall merge with HOV Services LLC. As a result of this merger , HOV Services LLC shall be the surviving entity. - Hov Services Limited has granted Employee Stock Options as pursuant to the HOVS Stock Options Plan 2007. 2012 - HOV Services Ltd has considered and approved investing US$ 2 million in HOVs LLC its wholly owned subsidiary for funding various projects. 2013 - HOV Services Ltd. said that private equity firm, Citi Venture Capital International is investing in the company portfolio, SourceHOV as a new equity partner with HOVS LLC. Subsequent to the deal, Citi Venture Capital International will purchase all of the ownership interests of affiliates of Apollo Global Management, LLC and certain minority holders in SourceHOV, which is a leading provider of BPO and KPO solutions. - HOV Services Ltd - titled "Institute of Economics Studies (IES) awarded "Excellence Award" and "Udyog Rattan Award". 2014 -HOV Services Ltd has informed that post merger of BancTec Group LLC with SourceHOV Holdings Inc. (SourceHOV), the stake holding of HOVS LLC in SourceHOV has increased to 44.82% in the combined entity, as majority stakeholder the Rohatyn Group ("TRG") (formerly known as CVCI) exited out in the merger. 2015 -SourceHOV and BancTec Group Complete Merger.