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JCT Ltd. Company History and Annual Growth Details

YEAR EVENTS
1946 - The Company was incorporated on 28th October in Kapurthala. The
main object of the Company is to manufacture cotton textile
goods. The products manufactured are sheetings, shirtings,
cambric, dhoties, sarees, coating, mazril, mulls, etc. Counts
ranging from 12s to 60s are spun and the cloth width varies from
27 inches to 66 inches.

1950 - 430 preference and 30,910 No. of Equity shares allotted. 1,815
pref. & 36,135 shares fofeited.

1962 - The Company acquired Benaras Cotton and Silk Mills.

- 4,16,364 No. of Rights Equity shares issued (prem. Rs.5, prop. of
1:1).

1963 - preference shares entitled to gross dividend of 6.5% P.A.

1967 - 4,16,275 No. of equity shares issued in prop. 1:2.

1973 - The Company entered into a collaboration agreement with Thonburi
Textile Mills, Ltd., Bangkok (Thailand) whereby the Company was
to render techincal know-how for modernising the exsiting weaving
& processing factory besides its expansion by 21,600 spindles.
This agreement was slightly revised during 1978-79.

1975 - 25,000 11% pref. shares issued (Redeemable during 16th September
1978/90 at 6 months notice).

1978 - Shree Sadul Textiles, Ltd. was merged with the Company on 28th
October, and the merger was effective from 1st Febraury 1977.

- Taplon Synthetics Ltd. was amalgamated with the Company with
effect from 1st Febraury 1979. As per the scheme of
amalgamation, 2,02,535 No. of Equity shares of the Company were
allotted to the members of Taplon Synthetics, Ltd. after
cancelling 28,200 No. of Equity shares held by the Company as
investment in Taplon Synthetics, Ltd.

- 2,38,108 No. of Equity shares and 24,839 pref. shares allotted to
members of Shree Sadul Textiles Ltd. upon its merger with the
Company.

1979 - With effect from 1st February, Taplon Synthetics, Ltd. was merged
with the Company.

- 7,64,117 bonus equity shares issued in prop. of 1:2, 2,760 bonus
equity shares remained to be allotted to non Resident
shareholders.

1980 - 22,77,026 rights Equity shares issued at par in prop. 1:1. 319
bonus shares allotted to non-residents (244) bonus shares remains
to be allotted). 2,02,535 No. of Equity shares issued to members
of Taplon Synthetic, Ltd. on its merger.

1981 - The Company received a letter of intent from the Punjab State
Industrial Development Corporation to participate in a 15,000
tonnes per annum, polyster staple fibre project to be set up at
Hoshiarpur in the Company's nylon plant premises.

- A technical collaboration agreement was entered into with E.I.
Dupont, De Nemours of USA. A new Company under the name and
style of punjab Polyfibres, Ltd. was incorporated to implement
this project.

- A letter of intent was received to increase the capacity from
15,000 tonnes to 30,000 tonnes per annum.

- The Company entered into a management & Technical Know-how
Assistance Agreement with Chempaka Negri Lakshmi Textiles SND,
BHD at Malaysia.

- Out of the unsubscribed portion of the Rights Equity issue, 1350
shares allotted in 1981-82 and 2,10,124 shares in 1982-83.

1983 - 1,00,000 13.5% pref. shares were issued. Rate of dividend on
these pref. shares was increased to 15% from 16th May 1984.
These pref. shares are redeemable during 30th April 1996-99.

1985 - During June, the Company issued 10,00,00-15% ('d' deries) secured
redeemable non-convertible debentures of Rs.100 each as rights to
the shareholders in prop. of 3 debentures for every 20 No. of
equity shares of Rs.10 each and 3 debentures for every 2
preference shares of Rs.100 each. Only 90,524 debentures taken
up. The balance 9,09,476 debentures devolved on the
underwriters, viz., UTL. There was also a buy-back arrangement
at par value for those debenture. These debentures are
redeemable on 2nd June, at a premium of 5%.

- 24,94,922 rights Equity shares issued (prem. Rs.10 per share;
prop. of 1:2) Fractions ignored. Only 23,74,892 shares taken up.
Another 1,24,746 No. of Equity shares offered to employees (prem.
Rs.10 per share) of which only 1,01,300 shares were taken up.
The balance 23,446 shares out of the employer's quota were
allowed to lapse.

1986 - To improve the profitability of the Hoshiarpur unit, the Company
took steps to convert a substantial part of its production
capacity for the manufacture of polyester filament yarn.

- A letter of intent was recieved for the manufacture of 15,000 TPA
of polyster filament yarn.

- At Sriganganagar unit operations was adversely affected due to
workers strike for 3 months during October to December.

- Out of the unsubscribed portion of 1,20,030 No. of equity shares
of the 1,20,030 No. of equity shares of the Rights issue of
1985-86, 1,18,987 shares were allotted on private placement
basis at the discretion of the directors.

1987 - The Company offered 7,58,334-12.5% partly convertible secured
redeemable debentures (E-Series) of Rs.120 each for cash at par
on rights basis in the ratio of 1 debentures were allotted to
retain over-subscription.

- The Company also offered 37,91-12.5% debentures to employees
including Indian working directors/workers on equitable basis.
None of these debentures were taken up and all were allowed to
lapse.

- A portion of Rs.60 of each debenture was to be converted
automatically into 2 equity shares of Rs.10 each at a premium of
Rs.20 per share within six months from the date of allotment.
The remaining non-convertible portion of Rs.60 per debenture was
to be redeemed at par on the expiry of 7th year from the date of
allotment.

- 18,95,832 No. of Equity shares allotted at a premium of Rs 20 per
share in conversion of debentures.

- The first phase was launched in January. The Company proposed to
increase the production of CPTS to 10,000 per month by December.

- During the year, major processor/equipments were installed.

- The name of the company was changed to 'JCT Electronics Ltd.'
from the present one.

- The Company applied to the Government for a letter of intent for
the manufacture of shadow masks which are used in the manufacture
of TV picture tubes.

1988 - The Company took up implementations of the PFY project in stages.
It was planned to add one spinning line to produce speciality
yarn, in the first stage.

- A dyeing plant was installed at Hoshiarpur, to increase the
production of dyed yarn. In addition, a waste recycling plant
was installed to increase the recovery of caprolactum from waste.

- The Company issued 4,00,000-14% ('F' series) secured redeemable
non-convertible debentures of Rs.100 each. These debentures are
redeemable at 5% premium on 15th December, 1995.

- 94,80,899 Rights Equity shares issued (prop. 1:1; Pre. Rs 30).
In 1989, 31,19,101 No. of equity shares offered for public
subscription (prem. Rs 30) of which 6,30,000 shares offered on
preferential basis to employees (including working directors)
workers of the Company. Only 1,35,200 shares taken up by the
employees. The unsubscribed 4,94,800 shares of the employee's
quota allotted to the general public.

1989 - During August the Company offered 20,00,000-14% secured
redeemable debenture of Rs.100 each (series 'C') of which
19,04,672 debentures were offered to the equity shareholders of
the Company as rights and 95,238 debentures were offered to the
employees (including working directors)/workers of the Company on
an equitable basis. Under this issue 19,48,639 debentures were
allotted.

- Each debenture of Rs.100 carry two detachable share warrants.
The warrant holder have the option to surrender each warrant for
one equity share at a price to be decided by the controller of
Capital issue on the expiry of 5 years from the date of allotment
of the debentures. The holders also have the option either to
pay an amount equivalent to the share price along with warrant
for keeping one equity share or hand over the debenture along
with warrant to the Company for equity shares.

- The Company issued 20,000,000-14% ('G' Series) secured
non-convertible debentures of Rs.100 each as rights with
detachable warrants. Only 19,48,639 debentures were taken up.
These debentures are redeemable in three yearly instalments
commencing from 31st October and ending on 31st October, 1998.
Along with the debentures, the Company also offered 38,97,278
detachable share warrnats. The warrant holders have the option
to surrender each warrant for one equity share at a price to be
decided by the CCI after the expiry of five years from the date
of allotment of debentures. The holders will also have the
option either to pay an amount equivalent to the share price
along with the warrant for keeping one equity share on hand over
the debenture along with the warrant to the Company for equity
shares.

- In April, the name of the Company was changed from 'Jagatjit
Cotton Textile Mills, Ltd.' to 'JCT, Ltd.'

1990 - With effect from 1st April The undertakings of Kidarnath
Kishanchand Pvt. Ltd., (KKPL) and Sterling Steels & Wires, Ltd.
(SSWL) were amalgamated with the Company. As per the scheme of
amalgamation the following shares were allotted without payment
in cash:

- (i) The shareholders of erstwhile SSWL were allotted 17,99,700
No. of Equity shares of JCT, Ltd. in the proportion 1 equity
share of Rs.10 each of JCT Ltd., for every 1 share held by them
in SSWL.

- (ii) The shareholders of erstwhile KKPL were to be allotted
30,91,200 No. of Equity shares of JCT, Ltd. in the proportion 2
equity shares of JCT Ltd., of Rs.10 each for every one share held
by them in KKPL.

1991 - The profitability was adversely affected by various factors such
as increase in interest rates, devaluation, partial
convertibility of Rupee etc.

- The performance of the nylon and ployester filament yarn division
was affected due to steep increase in excise duty, poor offtake
of textile material, increase in the cost of the basic raw
material viz., caprolactum and import curbs.

- Also the textile division was affected by the general recession
in the textile market and unprecedented rise in cotton prices.

- The Company issued 3,00,000-14% secured redeemable debentures of
Rs.100 each ('H' series). These are redeemable at a premium of
5% at the expiry of 7 years from the date of allotment of
debentures i.e., 1st September.

- The Company issued 3,00,000-14% secured redeemable debentures of
Rs.100 each ('I' series). These are redeemable at a premium of
5% in three equal instalments on the expiry of 6th, 7th and 8th
year respectively from the date of allotment i.e., 3rd April.

- The Company issued 25,00,000-18% secured redeemable debenture of
Rs.100 each ('J' series). These are redeemable at premium of 5%
at the expiry of 7 years from the date of allotment i.e., 28th
June.

- The debentures on which equity option has not been exercised
shall be redeemed at par in three instalments on the expiry of
7th, 8th and 9th years from the date of allotment.

- 48,90,900 No. of Equity shares allotted without payment in cash
to members of Sterling Steels & Wires, Ltd., and Kidarnath
Kishanchand Pvt. Ltd. on their merger with the Company.

1992 - The Company offered 97,23,759 No. of Equity shares of Rs.10 each
at a premium of Rs.40 per share as follows:

- (i) 80,91,539 No. of Equity shares as Rights basis in the prop.
of 3:10, (all were taken up).

- (ii) 4,63,036 No. of shares to employees on an equitable basis
(only 4,04,570 shares taken up).

- (iii) 11,69,184 No. of shares to share warrant holders in the
ratio of 3:10 warrants held (all were taken up).

- During October-November the Company offered 366,37,091 No. of
Equity shares of Rs.10 each for cash at premium of Rs.40 per
share on Rights basis in the prop. 1:1 (all were taken up).

1993 - With a view to consolidating its position in the synthetic fibre
industry, the Company undertook to set up a grass-root polyester
implex with facilities to manufacture polyster staple fibre,
textile grade chips, PET resins upto 11,000 TPA all in the first
phase.

- With the rise in prices of cotton, it was proposed to shift
production towards polyester blended fabrics. New varieties of
cloth with high value addition were introduced.

- The Textile division embarked upon a plan of modernisation
wherein older equipments were to be replaced with modern and
efficient equipment.

- Both 20,000-5% and 24,869-5% (income-tax free) Cumulative
Preference shares Redeemed.

1994 - The steel division entered into a tie up with a Korean Company
for manufacture of wire ropes.

- JCT Fibres Ltd., was merged with the Company. It was proposed
to increase the polymer capacity to 65,000 TPA from 33,000 TPA.
The said additional polymer was to be processed partly on
polyster filament yarn and partly on polyster staple fibres.

- The Company also undertook to invest in down stream equipment to
manufacture additional polyster filament yarn and additional
polyster staple fibre.

- Under a modernisation/replacement programme, the Company proposed
to instal 48 high speed sophisticated looms and open end spinning
machines at Phagwara.

- The polyester staple fibre plant undertook debottlenecking
leading to increased capacity at 30,000 TPA from 20,000 TPA. The
additional capacities were expected to be operational from
September 1995 onwards.

- JCT Electronics Company, a fully owned susidiary of Punjab State
Industrial Development Corporation, Ltd. received a letter of
intent for setting up a colour picture tube (CPT) project in
Punjab. The Company is participating in the equity capital of
JCT Electronics Ltd. (Formerly Punjab Display Devices, Ltd.,) to
the extent of 24%. The project envisages a production of 5 lakh
colour picture tubes per annum. Negotiations were in a advanced
stage with Hitachi, Ltd. Japan to finalise collaboration
agreement. PDDL was already manufacturing picture tubes for
black & white TV receivers.

- 278,98,000 shares allotted against GRD. 145,47,780 shares
allotted to the shareholders of erstwhile JCT Fibres Ltd.
38,82,530 shares (prem. Rs. 40 allotted against detachable
warrants of 'G' Series debentures.

2001 - The Company has decided hive-of its synthetic fibre division in Punjab and has also
proposed to restructure its equity capital by reducing the face value of its shares from
Rs 10 to Rs.2.50

- MM Thapar group flagship JCT has decided to induct three new professionals on the board. The new inductees are Raj Mohan Singh, head of the company's Phagwara unit, finance head; T N Subramaniam and; S P Narang, secretary, The Institute of Company taries of India.

2003

-JCT Members approve delisting from 3 exchanges ( Ludhiana, Delhi and Kolkata)

2007

-JCT signs MOU with Dakshidin Corporation to produce water pumping & power generation Wind Mills

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