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Marathon Nextgen Realty Ltd. Company History and Annual Growth Details

YEAR EVENTS
1978 - The company was incorporated on 13th January, and the Certificate
of Commencement of Business was obtained on 9th February. It was
promoted as an investment company under the name Mahadevi
Investment Co., Ltd. with effect from 1st July, Piramal Spg. &
Wvg. Mills, Ltd.

- The main objective of the company is to manufacture cotton
textile and blended fabrics.

- 20,000 shares subscribed for by promoters, etc. and 30,000 shares
offered at par for public subscription during August.

1979 - The amalgamation was sanctioned by the Mumbai High Court by its
order on 21st June.

- After the amalgamation the name of the company was changed to
Piramal Spg. & Wvg. Mills Ltd. on 9th November.

- Authorised capital reclassified. 17,15,000 No. of equity shares
issued without payment in cash to the members of Piramal, Spg. &
Wvg. Mills Ltd., on its amalgamation with the Company in the
prop. 7 shares of Mahadevi Investment to 4 shares of Piramal Spg.

1985 - The company revalued the fixed assets of its mills at Mumbai and
at Ambarnath as on 30th June.

1986 - The company launched its third phase of modernisation programme
at a capital outlay of Rs. 4 crores envisaging installation of
automatic looms and certain balancing equipments.

1989 - Improvements were attributed to availability of adequate raw
materials as reasonable prices, improvement in quality of yarn
and fabrics, increased demand for local and export fabrics etc.

- The company finalised its fourth phase of modernisation programme
involving a capital outlay of Rs. 298 lakhs for renovation in the
spinning preparatory for upgradation of quality of yarn, for
installation of auto looms and other machinery to cater to the
requirements of exporters of garments etc.

1990 - Most of the machinery required for the 4th phase of modernisation
programme was installed.

1991 - With effect from 1st April, the Niranjan Mills Ltd. (Niranjan)
was amalgamated with the Company pursuant to a scheme processed
under the Sick Industrial Companies (Special Provisions) Act,
1985.

- 1,50,000 No. of equity shares issued pursuant to a scheme of
amalgamation.

1992 - The setback in the working was attributed mainly to steep hike in
cotton prices, high cost of inputs and underutilisation of
capacity in the Company's unit due to changeover of the product
mix from local market to exports and ready made garments.

- In order to finance partly the 5th phase of the modernisation
programme and to meet the working capital requirements, the
Company offered during September/October, 9,04,837-17% secured
redeemable partly convertible debentures of Rs. 100 each in the
following manner:

- (i) 8,61,750 debentures to the equity shareholders of the company
in the ratio of 9 debenture for every 20 equity shares held (all
were taken up) and

- (ii) 43,087 debentures to the employees including Indian working
directors/workers of the Company (only 900 debentures were taken
up). The unsubscribed 42,187 debentures were allowed to lapse.

- As per the terms of the debenture issue, a portion of Rs. 50 of
each debenture (Part-A) was converted into one equity share of
Rs. 10 at a premium of Rs. 40 per share as on 31st May, 1993.

- The non-convertible portion of Rs. 50 (Part-B) of each debenture
would be redeemed in 5 equal instalments of Rs. 10 each on the
expiry of 5 years from the date of allotment of convertible
deventures.

1993 - The inflationary tenderises prevailing in the textile industry,
the overall working could have been still higher. The Company
considered disposal of the Lower Parel unit by shifting the
machinery therein to the Ambernath unit. The 5th phase of the
modernisation programme was under implementation.

- 8,62,650 No. of equity shares of Rs. 10 each allotted at a prem.
of Rs. 40 per share on part conversion of part A of 17% PCD.

1995 - Despite several problems plauging the composite mill sector, the
company registered a marginal increase in sales volume.
Moreover, the processing sections which were earlier being
operated at Lower Parel unit & Ambernath unit were brought under
one roof by June.

- The company submitted an application to the IFCI for a loan of
Rs. 17 crores for modernisation of its spinning and weaving
departments at its Lower Parel division. Also, a moderate
modernisation programme for its division at Surat.

1996 - Company has faced problems due to sluggish market conditions and
severe competition from the unorganised sector.

2000 - The Company has been declared as a Sick Company under Section 3
Clause (1)(o) of SICA and ICICI has been appointed by the BIFR as the
Operating Agency to formulate a scheme of revival.

2001 - Crisil has revised its rating in respect of the company's non-convertible part of
PCDs from 'D' to 'not meaningful', as the company has been referred to the
Board for Industrial and Financial Reconstruction.

2006

-Marathon Nextgen Reality & Textiles Ltd has informed that the equity shares of the Company has been delisted from the Ahmedabad Stock Exchange Ltd (ASE) w.e.f. December 11, 2006.

2007

- Marathon Nextgen Reality & Textiles Ltd has appointed Mr. V Ranganathan, I.A.S. (Retd.), as an Additional Director of the Company.

-Company name has been changed from Marathon Nextgen Realty & Textiles Ltd to Marathon Nextgen Realty Ltd.

-The Company has issued Bonus Shares in the Ratio of 2:1.

2008

-Marathon Nextgen Realty Ltd has appointed Dr. Samir K Barua, as an Additional Director of the Company at the Board Meeting held on January 28, 2008.

2009

- Marathon Nextgen Realty Ltd has informed that the Board of Directors of the Company at its meeting held on May 20, 2009, has appointed Mr. Padmanabha Shetty as Additional Director of the Company.
 
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