1972 - The company was incorporated on 4th September, at New Delhi as
Tufled Carpets and Woollen Industries Limited. The name of the
company was changed to the present one on 30th January, 1979.
The company was promoted by Indian Tool Manufacturers Limited.
The object of the company is to manufacture tufled carpets and
Wilton/Ax-minster carpets and carpet yarn.
1977 - The company entered into a financial cum market cum technical
collaboration agreement with Besmer Teppichfabrik Mertons KG,
West Germany on 6th December. Besides supplying technical know
how, Besmer agreed to distribute and sell 80% or more of the
production of the company during a period of each twelve months
to the computed from the date of commencement of commercial
1978 - 700 shares subscribed for by the signatories to the Memorandum of
Association, 4,20,500 shares taken up by Indian promoters,
directors, etc. and 4,05,000 shares issued to Besmer
Teppichfabrik Mertens KG., West Germany. 7,93,800 shares
offered at par for public subscription during April.
1984 - Production was severely affected by a strike from 10th May to
1985 - Work was again disrupted after violence in the factory in March,
which led to a forced closure of the plant from 18th April to
1987 - The working result was not satisfactory because of several
adverse factors which affected the machine made carpet industry.
1989 - The working, however, resulted in losses due to hike in input
costs, higher interest burden due to continued financial
stringency and on account of prevailing competition.
1990 - The company came under the provisions of the Sick Industrial
Companies (Sp. Provisions) Act, 1985 and as per its requirement a
reference to the Board for Industrial & Financial Reconstruction
1991 - BIFR appointed ICICI as an operating agency to work out a
rehabilitation scheme for the company.
1993 - Despite forced closure of the factory during this year due to
unfavourable relations with workers and management, the turnover
and exports of the company stood higher.
2001 - The Company have bought back 1,20,700 shares of Rs 10 each held by IDBI
at a price of Rs 16.77 per share.