|1990 - The Company was incorporated as a public limited Company on 12th
December, and the Certificate of Commencement of business was
obtained on 18th December. It was originally promoted jointly by
Punjab Aro Industries Corporation (PAIC) and Mukerian Papers Ltd.
Subsequently Mukerian Papers Ltd. its nominee Companies including
Malwa Cotton Spinning Mills Ltd,. and Punjab Woolcombers Ltd.
took over the Control of the Company.
1992 - The Company had set up a plant for the manufacture of white
crystal sugar with an installed capacity of 2500 TCD, expandable
upto 3500 TCD at Punjab. The plant had also certain additional
facilities like co-generation of power to the extent of 6.6 M.W.
Commercial production was commenced from 1st November.
1993 - Sales amounted to Rs 37.40 crores. The production of sugar was
22,282 tonnes at an average recovery of 8.89%.
- During August/September the Company offered 45,00,000
zero-interest secured partly convertible debentures (PCDs) of
Rs. 40 each for cash at par along with detachable and separately
tradable warrants. Of which 6,60,000 PCDs were offered to
Promoters, Directors, their friends and relatives (All were taken
up). 3,84,000 PCDs were offered to Mutual Funds (None were
taken up. Added to public Issue). 1,92,000 PCDs were offered to
employees (All were taken up) 10,89,000 PCDs were offered to
NRIs (All were taken up) 21,75,000 PCDs were offered to public
(All were taken up including unsubscribed PCDs of Mutual Funds).
- Part 'A' of Rs 10 of each PCD would be compulsorily and
automatically converted into one equity share of Rs 10 each
at par on the date of allotment. Part 'B' of Rs 30 was to
be redeemed at par at the end of 25 months from the date of
allotment which also carry a detachable and separately tradeable
warrent which would provide an option to the warrent holder to
get an equity shares for every warrant held at a price not
exceeding Rs 30 per equity share during the 10th month from
- 63,70,007 No of Shares Existing capital held by promoters.
1994 - Sales decreased to Rs 29.56 crores due to low capacity
utilisation on account of less availability of sugarcane and
market depression due to large scale import of sugar. Production
during the year amounted to 23,640 tonnes at an average recovery
- The Company proposed to increase the sugar plant capacity to
3,500 TCD by modification in the existing plant and was also
planning for forward integration by setting up a plant for
manufacturing of Ethyl Alcohol from Molasses.
1994 - 33,21,800 equity share of Rs. 10 each at a premium of Rs 20/-
per share alloted to the warrantholder opting for convertion.
1995 - 12,70,000 equity shares of Rs 10/- each for cash at allotted
to IFCI & ICICI for exercising their option to convert part
of their loan in to equity.
1995 - Sales increased to Rs 39.57 crores. Production amounted to
36,805 tonnes in 146 crushing days. The overall performance of
the Company was severely affected due to increase in input cost
and decrease in selling price of finished products.
1996 - The Company produced 49,998 tonnes of sugar in 209 crushing days.
-Delists securities from the Ahmedabad Stock Exchange (ASE) w.e.f. July 11, 2005.
-Indian Sucrose acquires Cosmos Industries Ltd, Dhuri