|The Company was established on 8th Nov., 1974 as a Private Limited Company and converted in a Public Limited Company on 15th Nov., 1976.
The Company was formed to take over the business of K.G.Khosla & Co. (P) Ltd as a going concern. K.G.Khosla & Co. (P) Ltd, was amalgamated with K.G.Khosla Compressors (P) Ltd. in terms of the scheme of Amalgamation sanctioned by Delhi High Court by its order dated 24th Oct., 1975.
The main object of the Company is to manufacture Air Compressors, electric overhed travelling cranes, car lifts, hydraulic press, vaccum pumps, car washers, rock drills, air legs, high pressure compressors etc.
The Company also proposed to set up a project for the manufacture of screw compressors in technical collaboration with Messrs. G.H.H. Skevkrade of W. Germany.
Messrs. Prashant Khosla Pneumatics Pvt. Ltd., Khosla Foundary Ltd. and Khosla Indair Ltd. are the subsidiaries of the company.
The Company undertook an expansion-cum-diversification and modernisation programme for the manufacture of large size air and gas compressors,high pressure compressors, rock drills, etc. in technical collaboration with M/s.Demag Druckluft Technik of West Germany.
The works of the company are at Delhi-Mathura Road, Faridabad (Haryana).
In 1989, the accounting year was changed from 30th June to 30th Septemeber and again in 1990 changed to 31st March.
The Company had three Subsidiary Companies, namely, Prashant Khosla Pneumatics Limited, Khosla Foundry Limited and Khosla Indair Limited. All the three Companies were incurring heavy continuous losses. It was, therefore, decided to sell Company's shareholding in these Companies.
The Company has already sold its entire shareholding in Khosla Foundry Limited and, therefore. Khosla Foundry Limited is no longer a subsidiary of your Company. It has been decided to sell the entire shareholding in Prashant Khosla Pneumatics Limited to Kirloskar Oil Engines Limited. Kirloskar Oil Engines Limited has taken over the management of Prashant Khosla Pneumatics Limited. However, the shares are yet to be transferred pending the completion of certain formalities.
The Company has not so far received any good offer for its shareholding in Khosla Indiar Limited.
-Delist from Delhi Stock Exchange w.e.f. October 13, 2004