1943 - The company was incorporated under the name J.K. Investment Trust
Limited, and functioned primarily as an investment company. It
ceased to be recognised as investment trust company in 1959.
1960 - The Company changed its name to J. K. Synthetics Ltd.
- 10,000 'A' Equity shares issued as rights. Only 48 shares taken
1967 - The Company established a research centre at its factory at Kota
for the manufacture of nylon yarn and also for developing various
types of other synthetic yarns and fibres. Subsequently, a
research centre was put up under the name and style of 'Sir
Padampat Research Centre'.
1973 - The plant for manufacturing synthetic fibre making machinery in
collaboration with Harsh Fisher of West Berlin was inaugurated in
- A cement factory manufacturing 750 tonnes of portland/pozzolana
cement per day was set up at Mimbahera in Chittorgarh district of
Rajasthan and was commissioned on 4th May, 1975.
- Two more cement plants, with annual capacities of 4.2 lakh tonnes
each, were set up at Nimbahera.
1977 - The Company received an industrial licence for the manufacture of
D.M.T. from polyester waste and moon-ethylene glycol (by-product)
with an annual capacity of 4,000 tonnes and 1,000 tonnes
respectively. A commercial plant for the manufacture of D.M.T.
from polyester waste was installed.
- With effect from 1st July, J.K. Steel & Industries Ltd. was
amalgamated with the Company. The terms of the scheme were are
- (i) For every 10 equity shares of Rs 10 each of J.K. Steel, 1
equity share of Rs 10 each of J.K. Synthetics was to be allotted
without payment in cash;
- (ii) For every 9.1% preference share of Rs 100 each of J.K.
Steel, one 9.1% preference share of Rs 100 each of J.K. Synthetic
was to be allotted without payment in cash;
- (iii) All fractional entitlements were to be sold and the net
proceeds were to be distributed amongst the members in due
- (iv) J.K. Synthetics was to pay all the arrears of preference
dividend on 9.1% preference shares held in J.K. Steel upto 30th
June, 1977; and
- (v) The equity and preference shares so allotted by the J.K.
Synthetics shall rank pari passu with the existing shares except
that they are entitled for dividend from the financial year ended
31st December, 1977 proportionately from 1st July, 1977.
- 25,000 Pref. shares redeemed on 31.3.1977. 60,00,000 Bonus
equity shares issued in prop. 2:3 on 10.5.1977.
1979 - An acrylic fibre project set up in collaboration with Technimont,
Italy. The Company also set up a white cement plant at Gotan in
Rajasthan with a capacity of 50,000 tonnes per annum. This plant
was commissioned in August 1984.
1981 - 6,000 No. of Equity shares allotted to ICICI at par on conversion
of loan. 3,39,286 No. of equity shares allotted to UTI, IFCI and
GIC and its subsidiaries (prem. Rs 18 per share) on conversion of
1982 - During January-February, the Company issued 15,62,500-13 1/2%
(3rd series) secured convertible debentures of Rs 160 each for a
total amount of Rs 25 crores. Additional interest of 1% is
payable if, for the immediately preceding financial year, the
Company declares equity dividend at a rate exceeding 18% per
annum such rate to be adjusted proportionately in the event of
any future issue of bonus equity shares.
- 25% of the face value of each debenture is convertible into two
equity shares of Rs 10 each of the Company at a premium of Rs 10
per share on 1st January, 1983.
- In the event of any bonus issue of equity shares before
conversion, the entitlement for equity shares on conversion
stands augmented in the same proportion as bonus issue and the
premium on new equity shares also stand reduced pro tanto. The
balance of Rs 120 per debenture shall be redeemed between 2nd
April, 1989 and 2nd April, 1992.
- 31,25,000 No. of equity shares allotted in conversion of 13.5%
debs. (I series) 63,13,666 bonus equity shares then issued in
prop. 1:3. In July 1983, 1,00,000-13.5% Pref. shares issued as
rights to equity shareholders in prop. 1:161 (fractions ignored
and subject to a minimum of 1 share).
1983 - To augment the long-term working capital resources the Company
issued 12,00,000-15% secured (6th series) non-convertible
debentures of Rs 100 each on a rights basis to the equity and
- The Company also issued 15% secured (7th Series) non-convertible
debentures of Rs 100 each aggregating Rs 48.07 lakhs to those
9.1% and 9.5% preference shareholders who opted for debentures in
lieu of the redemption amount of their shares.
- The balance debentures aggregating Rs 36.93 lakhs were subscribed
by UTI in 1985-86. These are redeemable in one instalment at a
premium of 5% on 1st April, 1992. The date was extended by
another 7 years.
1984 - J.K Satoh Agricultural Machine Limited is a subsidiary of the
- Four investment companies (J.K. Investment Limited, Kanpur
Investment Limited, Jaykaylon Investment Limited and Juggilal
Kamlapat Holding Limited) became subsidiaries of the company.
1985 - The Company received a licence to manufacture 2,000 Fascimile
systems and allied equipment. The licence was also received for
Rs 30 crore computer software project.
- The Company signed an agreement with the Bihar State Industrial
Development Corporation on 15th May, to set up a plant in the
joint sector for the manufacture of nylon '6' yarn with an annual
installed capacity of 6,000 tonnes. It was deferred due to rigid
approach with regard to selection of appropriate site and
unfavourable response from Government.
- J.K. Leasing Company Limited and Risha Steel Limited also became
subsidiary of the company.
- The Company revalued the fixed assets at the Nimbahera and Kota
complexes as on 31st March.
- The Company issued 12,00,000-15% secured (8th series) redeemable
debentures aggregating Rs 12 crores by private placement to UTI
to meet part of the capital cost of installing waste recovery,
energy conservation and balancing equipment at its synthetic
fibre and yarn plants at Kota.
- 15% debentures of Rs 100 each aggregating Rs 10 crores were also
privately placed with UTI to part finance the cost of the thermal
power project being put up at Bamania village in Chittorgarh
district. These debentures are redeemable on 9th April, 1993 and
18th June 1993 at a premium of Rs 5 per debentures.
- 75,000-9.5% and 10,000-9.1% preference shares were to be
redeemed on 31st March, 1985 and 30th June, 1985 respectively.
The Company gave these shareholders the option to subscribe to
15% secured (7th series) non-convertible debentures of Rs 100
each in lieu of these shares in the ratio 1:1 and debentures
aggregating Rs 48.07 lakhs were allotted. The balance preference
shares were redeemed on due dates.
1986 - J.K. Industrial and Mineral Products Limited became a subsidiary
of the company.
- The Working results were adversely affected due to flood
situation in Kota during July, go slow tactics followed by
illegal strike by workmen of the cement complex at Nimbahera from
April to July, power constraints and steep increase in costs.
- With a view to earn valuable foreign exchange, the Company set up
international trading division in November.
- The centre developed technology for production of mass coloured
nylon yarn and polyester fibre on commercial scale. It also
developed technology for production of carries free dyeable
polyester on pilot scale.
- The Company issued 15% secured redeemable debentures aggregating
Rs 65 crores for financing part of the capital cost of the new
acrylic staple fibre and nylon tyre cord project at Jhalawar in
Rajasthan. These are redeemable at a premium of Rs 5 per
debentures in one instalment on 10th November, 1993 or in five
equal instalments of Rs 20 per debenture at the expiry of 5th,
6th, 7th, 8th and 9th year respectively.
- The Company privately placed with UTI and LIC, secured
non-convertible debentures worth Rs 22 crores.
1987 - The fibretech division and syntex tube works suffered a set back
on account of go-slow resorted to by workmen and recession in
- The Company proposed to incorporate specialised and precision
lines of production in the fibretech division and resort to
diversification in the syntex tube division.
- The Company installed the indonet terminal for personnel
- It was proposed to implement the project in a separate public
limited company by subscribing to Rs 25 crores in the equity
capital of the company.
- A team of professionals responsible for implementation of the
Company's projects were grouped under Jaykay Tech Division.
- A Memorandum of Understanding was signed with M/s. SNC/FW Ltd. of
- The Company proposed to participate in the new company Jaykay
- During June-July, 132,58,700 No. of equity shares (prem. of Rs 20
per share) were offered as rights in prop. 1:2. The remaining
6,31,367 shares offered to employees/workers of the Company (only
5,51,750 shares taken up). The remaining 79,617 shares were
allowed to lapse. 3,00,000-14% Pref. CR shares issued.
1988 - The J.K. Technosoft division undertook a project each in US and
UK and carried out in-house development of software packages.
- Endorsement letter dated 29th August, was received for
substantial expansion of nylon industrial yarn/tyre cord capacity
to 2000 TPA with a change of location from Kota to Jhalawar in
- Licensed capacity of acrylic fibre plant at Kota was re-endorsed
from 4000 TPA to 12,000 TPA vide letter dated 27th September. In
addition, licensed capacity of polyester filament yarn plant at
Kota was re-endorsed to 10,700 TPA from 6,960 TPA.
- A letter of intent was received for the setting up of a petro
chemical complex at Salempur in U.P. for the manufacture of
automatic and purified terephthalic acid (PTA).
- The Company signed a co-promoter agreement with PICUP for
setting up a joint sector unit for the manufacture of photo
sensitised goods with a capacity of 13 million sq. mtrs in U.P.
- Government approvals were awaited for the following:
- (i) Propylene and Acryionitrile project; (ii) Monoethylene
glycol, ethylene oxide, diethylene glycol and tiethylene glycol
- M/s. Risha Steel Limited ceased to be the subsidiary of the
1989 - A letter dated 16th February, was received endorsing change of
description of nylon filament yarn to synthetic filament yarn
including industrial yarn/tyre cord in respect of industrial
licence and a letter of intent for a capacity of 15,000 TPA.
- The Company made an application to Govt. for Letter of Intent for
expansion of installed capacity of nylon tyre yarn from 1,700
tonnes to 10,200 tonnes per annum.
- Applications were also made for expansion of PSF capacity from
12,000 tonnes to 30,000 tonnes per annum and of PFY capacity to
11,730 tonnes per annum through a newly incorporated Company
under the name of India Synthetics, Ltd.
- In May, Letter of Intent was received for the manufacture of
30,000 tonnes per annum of O-xylene 1,03,000 tonnes per annum of
P-xylene and 1,50,000 tonnes per annum of purified terephthatic
acid. The installed capacity for purified terephthatic acid was
subsequently enhanced to 20,000 tonnes per annum.
- Letter of Intent were also obtained approving enhancement in
capacity of acrylic fibre from 12,000 to 20,000 tonnes per annum
and of nylon tyre yarn fabric from 1,700 tonnes to 10,200 tonnes
- The activities of Jaykay Tech Division were transferred to Jaykay
Tech, Ltd., a subsidiary of the Company.
- It was proposed to form a new company under the name of Bharat
Photo Products Ltd. to implement this project.
- A new company under the name of J.K. Petrochemical Limited was
incorporated to implement the aromatic and PTA project.
Memorandum of understanding for technical know-how and licence
were signed with UOP for the aromatics and PTA projects
- During January-February, the Company offered 20,00,000-14%
secured redeemable non-convertible debentures of Rs 100 each for
cash at par on rights basis in the proportion one debenture: 20
equity shares. Additional 3,00,000 debentures were allotted to
- These debentures offered under both cumulative interest scheme
and non-cumulative interest scheme, were to be redeemed in three
instalments at the end of 6th, 7th and 8th year from the date of
allotment at a premium of Rs 5 per debenture.
- During October-November, the Company offered 19,21,688-12.5%
secured redeemable partly convertible debentures of Rs 300 each
for cash at par on rights basis in the proportion 1 debenture: 12
- Simultaneously another 96,082 debentures were offered to
employees (including Indian working directors)/workers of the
Company on an equitable basis. Unsubscribed portion, if any, of
the employees quota was to be allowed to lapse.
- The convertible portion of Rs 120 of each debenture was
automatically and compulsorily converted on 31st March, 1990 into
3 equity shares of Rs 10 each at a premium of Rs 30 per share.
Accordingly 66,30,219 shares were allotted.
- The non-convertible portion of Rs 180 of each debenture was to be
redeemed at par in 3 equal instalments of Rs 60 each after the
expiry of 6th, 7th and 8th years from the date of allotment of
1990 - The fibretech division was under lockout since 9th April.
- The Overall performance of the Company in terms of production of
nylon and polyester filament yarns, polyester staple fibre,
acrylic staple fibre and nylon tyrecord yarn was poor due to
substantial hike in prices of basic raw materials, customs and
excise duty etc. Further, political instability in the Northern
and Western India, the Gulf war the foreign exchange crunch etc.
added to the problems.
- Necessary Government approvals had not been received, the
Company decided to abandon the Fascimile system and allied
- In view of the prevalent sluggish market conditions, the Company
proposed to defer implementation of the polyester filament yarn
project. In addition, in view of the escalation in the project
cost of the cement project at Sidhi, the Company proposed to
review the project.
- A memorandum of understanding was signed with the Indian Oil
Corporation, for supply of naphtha for the aromatics and PTA
project. However, requisite Govt. permission was awaited.
- The Company allotted 7,00,000-14% secured (C-series) redeemable
debentures of Rs 100 each on private placement basis with, UTI,
LIC, GIC and its four subsidiaries.
- CCI approval was received to issue 20,00,000-14% secured
redeemable non-convertible debentures of Rs 100 each on private
- Necessary approvals were received by the Company to offer right
equity shares and partly convertible debentures as follows:
- (i) 2,25,31,924 Right equity shares of Rs 10 each at a premium of
Rs 80 per share in prop. 1:2. Another 16,26,596 No. of equity
shares of Rs 10 each were also to be offered to employees' at a
premium of Rs 80 per share, on an equitable basis.
- (ii) Right 15% partly convertible debentures of Rs 360 each in
the propn. 5 debentures: 18 equity shares held.
- Part A of Rs 90 of each debenture was to be converted into one
equity share of Rs 10 each at premium of Rs 80 per share at the
end of 6 months from the date of allotment of debentures.
- Remaining Part B of Rs 270 of each debenture was to be redeemed
in three equal instalments of Rs 90 each on the expiry of 7th,
8th and 9th year from the date of allotment.
1991 - The Lock-out at the Dadri work was lifted consequent to signing
of an agreement with the workers' union on 29th May. The Company
undertook to produce value added and special varieties of yarn.
- Approvals, for technical collaboration agreement with UOP Inter
American of USA for aromatic process units and with Amoco
Corporation of USA for PTA plant were received. Also, MOUs, were
signed with Krupp Koppers of Germany and Uhde India, Ltd., for
1993 - 223,78,950 No. of equity shares (prem. Rs 10 allotted on right
basis in the ratio of 1:2. 1,66,774 shares kept in abeyance.
1994 - The Company decided to close down J.K. Technosoft division due to
continued poor performance.
- 69,64,000 No. of equity shares allotted at par to the Financial
Institution on conversion of loan. 17,582 Right equity shares
kept in abeyance were allotted.
1995 - The Company was exploring the possibility to set up Sidhi Project
in a joint venture. The implementation of Shambhupura Project
shall be reviewed only after the proposal of the company was
approved by the financial institution/banks.
2002-S C Bhandari appointed as Nominee Director on the Board of J K Synthetics.