Trance Towers Limited has appointed Swaroop Rao Ponangipalli and Ponangipalli Venkata Ramana Rao as joint administrators.
According to a notice, Trance Towers Limited announced that it has ceased all the powers of the directors in charge of the company’s assets following the appointment of the two joint administrators.
The real estate firm owns Trance Towers for businesses in the Nairobi industrial area.
“NOTICE is hereby given that Trance Towers Limited (“the Company”) was placed under Administration effective May 31 2024 with Swaroop Rao Ponangipalli and Ponangipalli Venkata Ramana Rao (PVR Rao) appointed as Joint Administrators (“the Administrators”),” read the notice.
The two will now handle all the company's affairs and business, and their powers as joint administrators will also extend to all the corporation's assets and undertakings.
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Further, the company said that the administrators will act as the company's agents without personal liability.
“Following the appointment, all the affairs and business of the Company are being conducted by the Administrators, whose powers extend to all assets and undertakings of the Company. The powers of the Directors in terms of dealing with the Company’s assets ceased.”
It also directed any party holding a claim against the company to submit the claim in writing with relevant supporting documentation to the administrators no later than June 20, 2024.
