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Forbes & Company Ltd. Company History and Annual Growth Details

YEAR EVENTS
1919 - The company was incorporated on 18th November, to take over as a
going concern the undertaking. The Gokak Water Power and
Manufacturing Co. Ltd. incorporated in U.K. in 1885. The main
objects & activities of the Company was cotton spinning and
manufacturing of Cycle, Tyre Cord, Cotton canvas and Duck.

- 39,047 shares issued as fully paid-up without payment in cash.

1954 - In September, 1 share issued (prem. Rs. 175) and 9,762 bonus
shares issued in prop. 1:4.

1961 - 24,405 Right shares issued (prem. Rs. 15 per share; prop. 1:2).

1966 - 14,643 Bonus shares issued in prop. 1:5.

1967 - 29,286 Bonus shares issued in prop. 1:3.

1969 - 13,016 Bonus shares issued in prop. 1:9.

1972 - Patel-Volkart, Ltd. was amalgamated with the Company effective
from the close of business on 30th June.

- 65,080 Bonus shares issued in propn. 1:2.

1973 - The name of the Company was changed from "The Gokak Mills,
Ltd.", to its present one with effect from 31st December.

- The name of the Company was changed to the present one from
Gokak Patel Volkart Ltd.

- 76,545 No. of equity shares allotted to the shareholders of
Patel-Volkart Ltd. (Other than The Gokak Mills, Ltd.) pursuant
to the scheme of amalgamation.

1977 - 54,357 Bonus shares issued in prop. 1:5.

1979 - The Company undertook a modernisation programme involving an
outlay of Rs. 366 lakhs under the Soft Loan Scheme of the IDBI.

1983 - The Company acquired a hydro power generating set of 1 Megawatt
capacity.

1987 - 32,61,420 Bonus equity shares issued in prop. 1:1.

1989 - The Company was granted the status of a `Trading House'.

- The Company acquired a spinning unit at Vadodara having an
installed capacity of 25,000 spindles. It was named as Gokak
Vadodara Spinning Mills (GVSM).

- The Company in association with others undertook to set up a
textile mill in Indonesia with a capacity of 30,000 spindles.

- The Company proposed to subscribe to right shares of rupee
equivalent to U.S. $ 2,50,000 offered by P.T. Gokak Indonesia
at par.

- The associate companies are Fall Industries Ltd., Forbes
Compbell Holdings Ltd., warrior (Investment) Ltd. are all
associate companies of Forbes Gulak Ltd.

1991 - 16,99,861 shares allotted to the shareholders of erstwhile
Forbes Forbes Campbell & Co. Ltd, on amalgamation with the
Company.

1992 - Forbes Forbes Campbell & Co. Ltd. was amalgamated with the
Company.

- A.P. Industrial Components Ltd., Bradma of India Ltd., Eureka
Forbes Ltd., Forbes Shipping Corporation Ltd., Forbes Estates
Ltd., Latham India Ltd., Compbell Korit Weat Ltd., and Volkart
Fleming Shipping and Services Ltd. are the subsidiaries of
the Company.

1993 - Forbes Shipping Agency division had tiled up with a major
European Freight Forwarding Company in its worldwide air and
sea shipment activities. Working of the Engineering division
was affected due to recessionary trends. The performance of
Communication Equipment Agency division was also affected
due to deferment of several telecom projects by Government.

- 41,11,351 shares allotted (Prem. Rs. 70) to the existing
shareholders on Rights basis in the ratio of 1:2. 1,19,350
shares allotted to employees.

1994 - The performance of textile division was affected due to
unprecedented rise in cotton costs and labour unrest at the
main textile unit at Belgaum.

1995 - Working of the Textiles division was affected due to increased
cost of input, poor low and order situation at Belgaum Unit,
severe power cut etc.

- During the Company commissioned new 15,000 spindle cotton yarn
EOU project at Gokak Falls.

1996 - Also, the new 15000 EOU at Gokal fall achieved planned level of
performance. In addition, the new yarn dyeing plant registered
significant improvement in capacity utilisation. The Patvolk
division suffered due to a sea change in shipping scene what
with falling freight rates ane liner. The division hence
decided to time charter MTO activity and shore-side activities.
In the forbes division, domestic demand for cutting tools
continued to be good.

- A MOU was entered into for a joint venture with an international
company engaged in the production and marketing of plastic optic
laser.

1998

-Decided to put its optics division on the block and exit from the lens manufacturing business

1999

-Diversified Tata group company has closed down its textile unit at Vadodara due to mounting losses.

- Forbes Gokak Ltd a Tata Group company and Barwil Agencies of Wilh Wilhemsed Norway have formed a joint venture company to provide shipping agency transport logistics and related services in India with its headquarters in Mumbai.

-Decided to divest its entire shareholding of 28.56 per cent in Goodlass Nerolac Paints (GNP) to its foreign collaborator Kanasi Paint Co of Japan.

2000

-Forbes Gokak Ltd and Tata Consultancy Services (TCS) have announced a strategic partnership wherein TCS will be Forbes' IT partner and will support its IT initiatives.

2001

-Tata group company Forbes Gokak has shed around 170 employees through a voluntary retirement scheme (VRS), resulting in a total outgo of Rs 4.5 crore.

-Board Approves a proposal to buy out Electrolux's 40 per cent stake in their joint venture, Eureka Forbes, according to the Bombay Stock Exchange.

-Tatas offload 6.77% in Forbes Gokak at Rs 80/share to Pallonji Mistry Group

-Shapoorji Pallonji makes open offer for 20% equity stake in Forbes Gokak at a price of Rs 80 per share

-Mounted a counter-offer for the Mumbai-based textile company, has acquired a 15 per cent stake in the company in violation of the takeover code guidelines.

- Mr Pawamkumar Sanwarmal, has pledged 1,45,000 shares of Pilani Investments and Industries Corporation amounting to Rs 112.66 crore as part of his funding arrangements for the 20 per cent counter-open offer for Forbes Gokak at Rs 88.50 a share

-Decided in favour of the small shareholders of Forbes Gokak Ltd and allowed the counter bid launched by Pawankumar Sanwarmal to proceed.

-The Shapoorji Pallonji Mistry camp has filed an appeal with the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (Sebi) order allowing the Pawankumar Sanwarmal group’s counter bid for acquiring a stake in Forbes Gokak.

-Shapoorji Pallonji group has brought Tata group’s 8.04 per cent stake in Forbes Gokak. The deal was signed at a price of Rs 90 per share. With this acquisition, the Shapoorji Pallonji group has increased its stake in the company to 41.7 per cent

-Sterling Investment Corporation Pvt. Ltd. purchases 23,495 shares representing approx. 0.19% of the total capital of Forbes Gokak Ltd through open market

-Shapoorji Pallonji group buys 11.22 lakh shares of Forbes Gokak from the stock market at a price of Rs90 per share. This represents about 9.01 per cent of the equity of the company

2002

-Construction king Shapoorji Pallonji group’s shares in the diversified company, Forbes Gokak, has exceeded 50 % of its paid-up equity.This has come in the wake of the group, making open market purchases.

-Non convertible debenture issue has been downgraded to' A+' from 'AA-' by CRISIL.

-Acquires Electrolux AB’s 40 per cent stake in the joint venture Eureka Forbes for Rs 32 crore

-Ties up with Daks Simpson, for licensing rights for distribution of Daks products in India. The Daks brand was earlier marketed by Tata International. Daks brand, has formal and semi-formal wear consisting of blazers, shirts, suits and ties, trousers, accessories, T-shirts in cotton, wool and woollen blends.

2003

- Mr Shapoor P. Mistry inducted as the chairman of the board of directors of Forbes Gokak Ltd. replacing Mr Pallonji S. Mistry

- Forbes Gokak has become a significant company in the Pallonji Mistry's lottery venture, Dhandhanadhan Infotainment as the former has bought out 49 per cent holding in Dhandhanadhan for a consideration of Rs 5.88 crore.

-Resolved to amalgamate its two wholly-owned subsidiaries namely, Bradma of India Ltd and Campbell Knitwear Ltd pursuant to a Scheme of Amalgamation, under the provisions of Section 391-394 and other provision of the Companies Act 1956

2004

-Enters into marketing tieup with Daks Simpson, British apparel major, to manufacture & market Daks range of brands in India

-British apparel major Daks Simpson has entered into a strategic licensing agreement with Mumbai-based company Forbes Gokak which will manufacture and market its Daks brand in India.

2005

- Forbes Gokak Ltd has completed the purchase of 19,80,000 shares of Eureka Forbes Ltd i.e 11,80,000 shares directly by the Company and 8,00,000 shares through its wholly owned subsidiary Forbes Finance Ltd, for an aggregate amount of Rs 524.20 million and thus Eureka Forbes Ltd has now become a wholly owned subsidiary of the Company.

-Savile Row joins hands with Forbes Gokak to enter India

2008

-Company name has been changed from Forbes Gokak Ltd to Forbes & Company Ltd.

-The Company has recommended a payment of dividend @ 15% (Rs 1.50 per share of Rs 10/- each).

-Mr. T R Doongaji has been appointed Additional Director on the Board of Directors of the Company.

2010

-Mr. Kaiwan Kalyaniwalla has been appointed Additional Director on the Board of Directors of the Company.

2011

-A Subsidiary and Joint Venture Company of the Company has been awarded a 7-year contract by ONGC.

2012

-Sivanandhan was appointed a Director on the Board of Directors of the Company.

-The Comapny has recommended a dividend of Rs. 1 (10%) per equity share of Rs. 10.

2013

-Board recommended a Dividend of Rs. 0.50 per equity share.

2014

- The Company have appointed Mr. Pankaj Khattar as Company Secretary and Compliance Officer.

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