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Modern India Ltd. Company History and Annual Growth Details

YEAR EVENTS
1933 - The company was incorporated on 24th October, at Mumbai.

- The company's object is to manufacture of cotton textile goods
and food products. The products manufactured are drills, dhoties
longcloths, coatings, mulls etc. Counts ranging from 10s to 120s
are spun and the cloth width varies from 26 inches to 55 inches.
The mills are equipped to perform dyeing, calendering,
mercirising and bleaching operations.

- The company has two mills, Mill No.1 at Parel and Mill No.2 at
Mahalaxmi. Mill No.1 is a spinning unit and produces yarn of
10s to 60s counts. Mill No.2 which is a composite unit
concentrates on superfine combed yarn from 30s to 120s counts and
also produces coarse, medium, fine and superfine cloth.

1948 - 14,000 Right shares issued at a prem. of Rs.30 per share in prop.
1:2.

1957 - 22,130 Right shares issued at a prem. of Rs.10 per share in prop.
1:2.

- 26,556 Bonus equity shares issued in the prop. 2:5.

1961 - During 1961-62, 92,947 Rights shares at par in the prop. 1:1,
15,491 Bonus shares issued in prop. 1:6 (old shares). During
1962-63, 15,491 Bonus shares issued to the holders of right
shares in the prop. 1:6.

1964 - In February, the company entered into partnership with the
Mysore Spg. co., Ltd., and Minerva Mills, Ltd. under the name
and style of Sundatta Fabrics for the purpose of organizing
shops for retail sales of cloth. Sundatta Sirur Pvt. Ltd. is
also a partner in Sundatta Fabrics.

1976 - Sundatta Foods and Fibres Division came into existence with the
amalgamation of Sundatta Foods and Fibres Ltd. with the company
effective from 1st January.

- The company's subsidiary, Sundatta Foods and Fibres, Ltd. was
merged with the company with effect from 1st January. As per the
scheme, members of Sundatta Foods & Fibres, Ltd. were allotted
364 - 11% preference shares of Rs.50 each and 71,325 No. of
equity shares of Rs.50 each of Modern Mills for every 2 equity
shares of Rs.50 each of Sundatta Foods and 1 preference share of
Rs.50 each of Modern Mills to every preference share of Rs.50 of
Sundatta Foods. Shares were allotted during 1978-79 and were
effective from the date of merger.

1978 - 364 pref. and 71,325 No. of equity shares allotted without
payment in cash to members of Sundatta Foods and Fibres, Ltd. on
its merger with the company, pref. shares redeemable during
1.1.84/87 at 3 months notice.

1980 - 13,205 Rights equity shares issued at par in the prop. 1:20 on
12.7.1980.

1985 - The turnover of the Sundatta Foods and Fibres declined to
Rs.17.50 crores due to fall in production of vanaspati.

1986 - Authorised capital reclassified. Redemption date of pref. shares
extended and will be redeemed during 1.1.1991/94 at 3 months
notice.

- The Integrated Expander System imported from Brazil, was
installed during the year.

1987 - The Company's application to the Board for Industrial and
Financial Reconstruction (BIFR) for revival and rehabilitation
was still pending with them. As per IDBI's directive, the
company proposed to raise funds for revival of the textile
division by redevelopment of land.

- Between 1987-88 and 1990-91 and 1993-94 the Textile Division
continued to remain closed.

- Turnover and exports declined to Rs.16.94 crores and Rs.1.65
crores respectively due to inadequate availability of raw
material and poor realisations from sales.

1988 - Turnover and exports further declined to Rs.12.44 crores and 0.5
crores respectively due to continued inadequate supply of raw
materials and poor realisations from sales.

1991 - The State Government accepted the proposal submitted under the
Development Control Regulations subject to the approval of the
rehabilitation package by BIFR.

- The company came under the provisions of the Sick Industrial
Cos. (SP. Provision) Act. 1985 and a reference was made to BIFR
under Section 15 of the said act.

1993 - The company commenced the real estate business activities.

- BIFR, sanctioned a scheme of revival of the company. As per the
scheme of Rehabilitation sanctioned by the BIFR, the promoters
are required to bring in interest - free funds of Rs.740 lakhs
for financing part of the cost of scheme of which Rs.300 lakhs
was brought in by way of equity capital.

- Pref. Shares redeemed.

1994 - Out of 19,712 spindles, 7,616 were found to be workable and for
the remaining, the company proposed to go in for new technology
and purchased machines for open end spinning unit.

- 30,00,000 No. of equity shares of Rs.10 each allotted to
promoters.

1995 - The Company submitted a fresh scheme as directed by the BIFR.
The main features of the fresh scheme as sanctioned were as
follows:

- (i) Cost of the scheme has been placed at Rs.1144 lakhs.

- (ii) Promoters to bring an additional interest-free funds of
Rs.437 lakhs,

- (iii) The company to raise additional funds of Rs.707 lakhs from
real estate activity to meet the cost of the scheme.

- (iv) The company to put into operation 7,616 spindles and 864
Rotors of open end spinning,

- (v) With the implementation of the scheme, the accumulated losses
were expected to be completely wiped off by 31st March 1999.

1996 - The company could put into operation only 7616 spindles. The
work of providing necessary infrastructural facilities for
installing the Rotors of Open End Spinning (OES) was hampered on
account of stoppage of construction work as per directions of the
State Government of Brihanmumbal Municipal Corporation.

- The work of providing necessary infrastructural facilities for
installing the Rotors of Open End Spinning (OES) was hampered on
account of stoppage of construction work as per directions of the
State Government and Brihanmumbal Municipal Corporation.

2000 - The Company has amalgamated with Agrata Exports as per the orders of
the Bombay High Court.

2002- The Board of Directors of Modern Mills Ltd at its meeting held has appointed Mr Jimmy F Pochkhanwalla and Mr Rajas R Doshi as Directors of the company.

2002-Modern Mills Ltd has informed that U A Patel, has been appointed as the Company Secretary from February 11, 2002.

-Pradip Kumar Bubna appointed as Director of Modern Mills.

2004

-Modern Mills Ltd has informed that it has entered into Consultancy Services Agreement with California Institute of Jewelry Training, USA for setting up Training Centre for imparting training in the field of jewelry designing and manufacturing at Mumbai.

2008

- The Company has splits its face value from Rs10/- to Rs2/-.

2009

- Modern India Ltd has informed BSE that Shri. Dilip J Thakkar has been appointed Director of the Company.

- Modern India Ltd has informed that Smt. Vasanti B Patel has been appointed Directress of the Company.
 
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