1989 - The Company was incorporated on 28th September, and obtained
certificate of commencement of business on 7th November. The
Company was promoted by Apar Limited and GIIC.
- The Company undertook to set up manufacture of Acrylonitrile
Butadiene Rubber (NBR) and latexes with a capacity of 5,000 TPA
and installed capacity of 6,250 TPA.
- The equipment to be imported include acrylonitrile analysis
tester, expeller, bale wrapper, mass flow meters etc. while
others were to be procured indigenously. NBR is a special
purpose oil resistant synthetic rubber used in rice de-husking
rolls, moulded and extruded goods, oil hoses and beltings.
Latexes are used for paper making and manufacturing non-woven
fabrics, artifical leather making etc.
- The Company entered into technical collaboration agreement with
M/s. Goodyear Tire & Rubber Co., U.S.A. for transfer of process
know-how, technology and basic engineering, training of
personnel, assistance in commissioning and start up of the plant.
- M/s. Dalal Consultants & Engineers Ltd. were appointed as
engineering consultants for designing of equipments as per basic
engineering provided by Goodyear as also procurement, inspection,
supervision, construction, erection and commissioning etc.
1990 - The Company entered into a Memorandum of Understanding dated 20th
December, with M/s. APAR for technical assistance, for making
available its R&D facilities and assist in marketing its
products. It would also enable its marketing division and
associate officer to market the products in addition to making
available its warehousing, godowns and sales office facilities
- In consideration of these services, APAR would be receiving
remuneration on the basis of net ex-factory value of the product
at such rate or rates as may be mutually agreed to, not exceeding
in the aggregate for different nature of services, 5.25% of the
net ex-factory value.
- 1,001 No. of equity shares of Rs.10 each subscribed for by the
signatories to the Memorandum of Association. 141,58,999 No. of
equity shares of Rs. 10 each were issued for cash at par of which
the following were reserved for allotment on a firm basis:
- (i) 60,69,219 shares to promoters, directors, etc. and M/s. Apar
- (ii) 15,59,780 shares to GIIC.
- Of the remaining 65,30,000 shares, the following were reserved
for allotment on a preferential basis:
- (i) 12,90,000 shares to Asian Development Bank, the ICICI and the
UTI (all were taken up) and
- (ii) 7,08,000 shares to employees (including Indian working
directors) workers of the Company and also those of promoter
companies (all were taken up).
- The balance 45,32,000 No. of equity shares were offered for
public subscription during Jan. 1991. Additional 21,20,000
shares were allotted to retain oversubscription (11,40,500 shares
to promtoers, Apar Ltd., GIIC, 1,06,200 shares to employees and
8,73,300 shares to public.
1991 - The Company proposed to expand the manufacturing capacity from
6250 MT to 10,000 MT per annum.
- The Company proposed to issue 40,70,000 secured partly
convertible debentures of Rs. 50 each @ 17% on right basis to the
shareholders at the ratio of 1 debenture: 4 equity shares held.
- Another 2,04,000 partly convertible debentures were to be offered
to the employees @ 17%.
- Part 'A' of cash of Rs. 20 was to be converted into one equity
share of Rs. 10 each at a premium of Rs. 10 on the date of
allotment. Part 'B' of each debenture of Rs. 30 was to be
redeemed at par in 3 equal instalments on the expiry of 7th, 8th
and 9th years respectively from the date of allotment.
1993 - During the year, the Company received a package of reliefs and
concessions from financial institutions to help the Company
reduce the interest burden, increase plant utilisation and
- The Company awaited approval for the proposed rights issue to
repay the term loans and reduce interest burden and to strengthen
the business operation of the Company.
2002-Apar Industries Ltd has informed that, IDBI has nominated Shri V.D.Shinde, Dy. General Manager, IDBI as Nominee Director on the Board of the company in pursuance of their loan agreement with the company.
Members Approve to delist their shares from 2 Stock Exchanges
The Company has appointed Mr. Sanjaya R. Kunder as new Company Secretary under the provisions of Section 383A of the Companies Act,1956 w.e.f. 18th June, 2007 and he will act as Compliance Officer of the Company in terms of Clause 47(a) of the Listing Agreement entered into by the Company with the Stock Exchange.
-The Company has issued Bonus Shares in the Ratio of 1:3.