1962 - The Company was Incorporated on 22nd June, as a Private Limited
Company and was converted into a Public Limited Company on 7th
- The Company was promoted by Asgar S. Patel, of the Patel group.
The Company has a network in India comprising 1100 outlets across
the country with complete infrastructure and process system.
The Company owns 66 trucks and has another 300 trucks attached to
it. The Company is estimated to carry goods worth Rs.5000 crores
annually. It has been registered as Multimodal Transport
Operator with the government of India.
- The Company has diversified into exports of seafoods, leather
goods, granite, garments, engineering good and medical equipment.
An institution viz. Patel Institute of Transport Management and
Research imparts training in transport management and related
fields besides offering consultancy services to the corporate
- The company is engaged in the Business of surface cargo
transportation of goods, export of sea foods, leather goods,
granite, garments, engineering goods, medical equipment etc.
1992 - The Company undertook to invest in express cargo services,
multimodal transport services. Its fleet of vehicles was being
doubled to Cata to East and North Eastern sector and a fleet of
LCVS were being procured for movements of high value and time
- 1,00,000 shares allotted to promoters and other shareholders.
1993 - Three division viz. Multimodal transport, Express Cargo and
Corporate Logistics services division were set up.
- 30,00,000 Pref. shares allotted to shareholders. Equity shares
subdivided. 20,00,000 No. of equity shares of Rs.10 each were
then issued at a prem. of Rs.35 per share as follows:
- (i) 1,50,000 shares to NRIs on non-repatriable basis (all were
- (ii) 4,00,000 shares to Indian Mutual Funds (all were taken up)
- (iii) 1,00,000 shares to shareholders of Wall Street Finance Ltd.
(all were taken up)
- (iv) 1,00,000 shares to employees (all were taken up). Balance
12,50,000 shares were issued to the public. 20,00,000 bonus
shares allotted in prop. 1:1.
1994 - 'Transmode' the multimodal division became operational in April,
Clockwork Cargo the express Cargo division became operational
from July providing cargo services from the door step of
consignor to the doorstep of the consignee. Under the Corporate
logistics the company offers total distribution package to large
organisation by taking change of goods from manufacturing site,
warehousing, total inventory control and deliveries to retail
outlets through out the country. It was proposed to purchase
100 Ashok Leyland Comet ALCO 1611 trucks and 18 Ashok Leyland
Comet minor ALCI 3/15 LCVs.
- In addition, the company proposed to purchase machine tools as
a part of its modernisation programme at its workshop in
Bangalore for undertaking total overhauling and re-building of
- Patel on-board Couriers Ltd., is a subsidiary of the Company.
- The 30,00,000 - 10% Cumulative Convertible preference shares
are convertible into equity shares in October 1996 (15,00,000
CCPS) and in October 1997 (15,00,000 CCPS).
- During the year the Company started two new divisions viz.
'Transmode' for carrying on business of Multimodal Transport
Operations and 'Clockwork Cargo' for carrying on business of
Express Cargo Service.
1996 - Freights turnover declined to Rs.95.30 crores due to mild
recession in the economy which affected the working of industries
industrial production and consequently the transporters too.
1997 - Margins came under severe pressure due to substantial increase in
the Operations Cost and losses incurred by the Company.
- 15,00,000 No. of equity shares issued on conversion of 10%
cumulative convertible pref. shares.
-Arif A Patel ceases to be Managing Director of the company and is appointed as Vice Chairman of the company. Syed K Husain appointed as Chief Executive and Wholetime Director