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Onward Technologies Ltd. Company History and Annual Growth Details

1991 - The Company was incorporated as a Private Limited Company on 18th
July, in the state of Maharashtra under the name of Onward
Engineering Technologists Private Limited.

- OTL is promoted by Mr. Harish Mehta and belongs to the Onward
Group. Mr. Mehta is an Electrical Engineer and holds a Masters
Degree in Computer Science from Brooklyn University, U.S.A.

1993 - OTL is one of the leading companies of India operating in the
field of Information Technology. It specializes in offering
'High End' software solutions. Its focus is on CAD/CAM/CAE,
Banking and Networking solutions.

1994 - Subsequently vide special resolutions passed on 14th June, it was
converted into a Public Limited Company and the name of the
Company was changed to Onward Technologies Limited and the
Registrar of Companies, Maharashtra, issued fresh certificate of
incorporation on 25th July.

- The Onward Group has initiated steps for consolidation of its
synergistic business lines in Information Technology (IT),
presently being carried out by different companies in the Group,
in OTL with a view to having a focussed growth.

- The Public Issue of the Company of 10,50,500 No. of Equity Shares
of Rs. 10/- per share aggregating Rs. 525.25 lacs including Firm
Allotments of 2,50,000 No. of Equity Shares to ICICI, UTI
represented by TDICI through VECAUS II scheme and employees of
the company.

1995 - The Company offers Software Technology based Systems Integration
solutions in the areas of Networking, Banking & Engineering in
India & abroad.

- The Company has undertaken expansion of its existing facilities
in the country.

- The Company's project for setting up a Software Technology Park
as a 100% EOU engaged in software development and export got
somewhat delayed due to immediate non-availability of suitable
premises in or near Mumbai.

1996 - The Company has been awarded recognition as having an in-house R
& D Unit by the Govt. of India., Ministry of Science &
Technology, Department of Scientific & Industrial Research.

1997 - During the year under review Company's U.S. subsidiary, Onward
Technologies, Inc. became operational with offices in the states
of California and Utah.

- The Mumbai-based Onward Technologies Ltd has appointed Mr Ray
Olsen, a former executives as its joint venture partner,
US-based Novell Inc., as head of its overseas operations.

- Onward Technologies, part of the Onward group which brought the
networking giant, Novell, to India has entered into a strategic
alliance with Mod-Tap of the U.S. to provide Mod-Tap's powercat
range of new generation networking products in the 350 MHZ
range aimed at the physical layer of the network.

1998 - Onward Technologies, Inc., USA, (OTI) the wholly owned subsidiary
of the Company increased its presence across the United States
during the year under review.

- The Company has already taken effective steps to implement ISO

1999 - The Company has set-up a Branch office in U.K.

- The Company issued 7,70,000 equity shares of Rs. 10/- each at a
premium of Rs. 250/- per share on private placement basis
resulting in increasing its paid up equity capital By Rs.
77,00,000/- to Rs. 3,97,20,880/-.

- 'Everything's Connected' is the trademark of Onward Novell India,
the 50:50 venture between Onward and networking giant Novell Inc
of the US.

2000 - The Company has allotted 3,600 No. of equity shares further of Rs
10 each in accordance with the employees' stock option plan.

- The Company has allotted 14,150 No. of Equity Shares to its employees
under the Employees Stock Option Scheme.

- The Company also made a Preferential Allotment of 7,70,000 Shares of
Rs. 10 each to various parties at a premium of Rs. 250/- per share.

- The Company has entered into a Global Partnership Agreement with Novell,
Inc., a Fortune 500 Net Services Software Company based in the USA. Its
Subsidiary, Onward Technologies,Inc., USA has also forged Technical Services
Agreements with Structural Dynamics Research Corporation and Thomas
Publishing Company both from the USA and world renowned players in their
respective fields.


-Onward Technologies Ltd has informed that the Board of Directors at their meeting held on May 26, 2003 has appointed Mr Milind Bhat, Manager - Accounts as a 'Compliance Officer'.

-Mr. Yogesh Desai has been appointed as Compliance Officer in place of Mr. Milind Bhat who has resigned from the services of the Company.

-The company acquired the banking product business of Kale Consultants Ltd. including the intellectual property rights (IPR) and support & marketing rights of its banking branch automation products.

-Onward Technologies purchases Kale's banking products


-Onward Technologies Ltd (Onward) & Experia Solutions (Experia) awarded a contract for setting up, managing and running a Dedicated Relationship Center (DRC) from a well known learning management solution provider in the USA. The outsourcing contract is valued at over $ 1.5 million
Oct 28, 5:50 pm
Oct 28, 5:59 pm
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