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Maharashtra Scooters Ltd. Company History and Annual Growth Details

1975 - The company was incorporated on 11th June, at Pune. The Company
was promoted by Western Maharashtra Development Corporation Ltd.
a wholly owned company of the Government of Maharashtra and Bajaj
Auto Ltd. The main objective of the company is to manufacture of
scooters under the trade name 'PRIYA'.

- The company entered into a two agreements with Bajaj Auto Ltd.,
one for the preparation of the project report and another for
technical know-how and assistance.

- The technical know-how agreement was to be in force for a period
of 10 years from the date of commencement of operations or till
the company achieved a total production of 3,00,000 scooters
whichever is later. Under the agreement, Bajaj Auto Ltd., agreed
to supply to the Company components at reasonable prices which
was understood to be lower than the dealer prices for the said
components in the replacement market.

1977 - 70 shares subscribed for by the signatories to the Memorandum of
association; 2,69,960 shares allotted to WMDC and 2,39,970 shares
allotted to Bajaj Auto, Ltd. 4,90,000 shares offered at par to
the public during November 1977.

1982 - 428,571 bonus shares issued in prop. 3:7.

1985 - The installed capacity was increased from 73,000 to 87,000
motorised two-wheelers upto 350cc engine capacity.

1986 - An application was made company for further enhancement of its
licensed capacity from 87,000 to 2,00,000 nos. of motorised
two-wheelers and three-wheelers upto 350cc engine capacity, under
the scheme of re-endorsement of industrial capacity with
reference to the minimum economic scales of operation announced
by the Government.

- The Company renewed its technical agreement with Bajaj Auto Ltd.,
for a further period of ten years from 1st January, 1998.

- 1,428,571 bonus shares issued in prop. 1:1.

1990 - During the year, the company commercial manufacture of Bajaj
Super Scooters for which a technical know-how agreement was
entered into with Bajaj Auto, Ltd. on terms and conditions
similar to the agreement for manufacture of Priya Scooters.

- 2,857,142 bonus shares issued in prop. 1:1.

1996 - During the Company has renewed its Technical know-how agreement
with Bajaj Auto Ltd. for a further period of 10 years as similar
terms. Company has also entered into a protocol agreement with
both the promoters of the company (i.e. Bajaj Auto Ltd. and
Western Maharashtra Development Corp. Ltd.).


--A deal was signed between the companies in May this year valid for 10 years from January 1 1998.

-Approved a proposal to issue one bonus share for every equity share held.

-Recommended the issue of 57 14 284 bonus shares of Rs. 10 each in the proportion of the bonus share of every existing equity shares held.


-Bajaj Auto Limited has offered to buy out the Maharashtra government's entire 27 per cent holding in this scooter manufacturing joint venture Maharashtra Scooters Limited (MSL).

-The Company has introduced five-day working week at its plant in Satara due to recesion in the scooter segment.

- The Company has introduced a voluntary retirement scheme for its permanent staff members which will be effective till 30th September.

- Rashtriya Chemicals and Fertilisers Limited, Mumbai and Maharashtra Scooters Ltd., Satara, were presented the Dr. R J Rathi Award for Environment Pollution Control.


-Bajaj Auto Ltd has evinced interest to purchase the 27 per cent equity stake in Maharashtra Scooters Ltd

- Voluntary Retirement Scheme was introduced during the year.


- Maharashtra government has formed a committee headed by chief secretary Ajit Nibalkar to speed up strategic sale of its stake in Maharashtra Scooters.


-Shri B V Patil, Director of the Company has resigned as Director with effect from January 07, 2003 and in his place Shri V H Deshmukh has been appointed as a Director at the meeting of the Board of Directors held on January 14, 2003

-CD Equisearch P. Ltd. has informed the Exchange that they alongwith persons acting in concert has acquired 18,655 shares amounting to 0.16%

- The controversy over valuation of the Maharashtra government's 27 per cent stake in Maharashtra Scooters Ltd (MSL) has taken a new turn with Dinesh Trivedi, a member of Rajya Sabha as well as finance committee of Parliament,

-Delisting from Pune Stock Exchange.

Oct 21, 12:00 am
Oct 21, 4:14 pm
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