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. 2010 -Modern India Ltd has entered into an MoU with K. Raheja Corp Pvt Ltd. 2011 -Dr. Shivkumar Israni has been appointed as Independent Director of the company. 2012 -Shri Vijay Kumar Modi has been appointed as Company Secretary and Compliance Officer of the Company 2013 - Shri Parind Chandrakant Badshah has joined as Company Secretary and Compliance officer of the Company. -Board recommends Dividend of 25% i.e. Rs. 0.25 per Equity Shares. 2014 -Shri Kaiwan Kalyaniwalla has been appointed as Additional Director. -Company Corporate Address will be as under;Modern India Ltd.228, Gr.Floor, Mittal ChambersNariman Point,Mumbai - 400021Tel: +91 22 67444200. 2018 -Modern India Limited acquired the remaining stake of 1,20,000 i.e. 24% equity share of Verifacts Services Private Ltd thereby making it Wholly Owned Subsidiary of the Modern India Limited 2019 - Scheme of Amalgamation of MODERN INDIA FREE TRADE WAREHOUSING PRIVATE LIMITED and MODERN INDIA PROPERTY DEVELOPERS LIMITED with MODERN INDIA LIMITED was approved by the HonÂble National Company Law Tribunal, Mumbai Bench on 11th day of July, 2019. 2023 Modern India has own ISO 9001:2015 certificate |