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Phoenix Mills Ltd. Company History and Annual Growth Details

YEAR EVENTS
1905 - The Company was Incorporated at Mumbai.

- The Company's object is to manufacture cotton textile goods. The
products manufactured include bed-tickings, drills, coatings,
leno-shirtings, mercerised and bleached dhoties, bleached and
mercerised and printed voiles, chintz, handkerchief, surgical
cotton wool and absorbent lint, bleached and dyed chaddars. The
Mills are equipped to do bleaching dyeing, mercerising, printing
and calendering. The Company also has a copper roller engraving
plant, a foundry and a workshop.

1947 - 16,000 bonus equity shares issued in the prop. 2:1.

1948 - 24,000 Bonus equity shares issued in the prop. 1:1.

1966 - 16,000 Bonus equity shares issued in the prop. 1:3.

1969 - 8,000 Bonus equity shares issued in the prop. 1:8.

1972 - The Company purchased Deepchand Mills, Ujjain. It started
manufacturing grey cloth, part of which was being processed in
the Mumbai unit. The Ujjain unit was sold to Indore Textile Ltd.
on 10th February, 1977.

1975 - 48,000 Bonus equity shares issued in the prop. 2:3.

1987 - The Company came under the provisions of the Sick Industrial
Companies (Sp. Provisions) Act, 1985 due to erosion in its
networth. Between 1988-89 to 1992-93, the company continued to
be a potentially sick unit.

1995 - 1,25,000 No. of equity shares allotted at par to the promoters.

1996 - The company has alloted 1,25,000 No. of equity shares of Rs.
100/- each, at par, as a result of which the paid up share
capital of the company stands enhanced to Rs.2.45 crores.

- During the year Company has made two subsidiary companies viz.
Exotic Finvest Pvt. Ltd., and Bellona Finvest Ltd., A statement
on subsidiary companies as required u/s 212 of the Companies Act,
1956 is annexed to the accounts.

- Installation of high efficiency motors. Installation of
capacitors and condensers on electrical distribution system.

- During the year the company installed and commissioned Thermo
pack and Steam pack boilers.

- The company proposes to have a R & D department.

1998 - The conflict between the workers' unions that forced the closure
of Phoenix Mills for the last three days, has been defused with
the intervention of the Maharashtra Labour Minister.

- Work at the mill was stopped on April 6, after a notice was
posted at the entrance saying only those workers who had signed
an agreement between the management and Rashtriya Mill Mazdoor
Sangh (RMMS) could enter the premises.

1999 - PHOENIX Mills Ltd has been declared no longer sick by the Board
for Industrial and Financial Reconstruction (BIFR).

- The company has modernised the spinning section and is producing
quality yarn instead of taking up job work which it was doing
before.

- Phoenix Mills has modernised the processing unit in phases
during the last five years and diversified the product mix by
introduction of synthetic and hosiery processing with 100 per
cent job work for exporters and introduced cost saving measures
such as energy conservation, tightening of material purchase
management and reduction in direct labour cost.

2000 - The Company has approved preferential issue of equity shares to
the FIIs.

2003

Mr Saghan Srivastava has been appointed as Company Secretary of the Company wef November 15, 2003.

2007

-Phoenix Mills Ltd has appointment of Shri. Atul A Ruia as the Joint Managing Director of the Company.

2008

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

2009

- The Phoenix Mills Limited has appointed Ms. Minal Bhate- Dandekar as the Company Secretary of the Company with effect from August 17, 2009.
 
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