1984 - The Company was incorporated on 18th October at New Delhi and
obtained the Certificate of Commencement of Business on 22nd
July, 1985. It was promoted by Shri Sanjit Saraf in association
with NRI Corporate Body, Mahalaxmi Trading & Investment Company,
Ltd. It manufactures polyester film and lacquered film.
- The Company undertook a project to set up facilities for the
manufacture of polyester film at Khatima in Nainital district of
- The Company entered into a technical collaboration agreement with
Lindawer Dornier GmbH of West Germany for supplying a speciality
designed, customer built plant to the company, to erect and start
up the high tech plant, transfer latest technology, train
personnel, provide regular after sales technical service and
spare parts supply.
1988 - 70 No. of equity shares were taken up for cash at par by the
signatories to the Memorandum of Association. 86,49,930 shares
were then issued at par for cash of which the following were
reserved for allotment: (i) 30,70,000 to NRI promoters/persons of
the Indian Origin on repatration basis; and (ii) 6,99,930 to
Resident promoters, directors, their friends and relations. Out
of the remaining 48,80,000 shares, 4,93,500 shares were reserved
for preferential allotment to employees/workers of the Company
(none were taken up). The balance 43,86,500 shares along with
the entire unsubscribed portion of 4,93,500 shares of employees
quota were offered for public subscription during December, 1987.
All were taken up.
1993 - 40,00,000 Shares issued.
1994 - The Company embarked on a major expansion-cum-backward
integration plant for setting up of a new polyester film line
with a capacity of 9000 tpa and polyester chips manufacturing
facility of 15,000 tpa at its existing location at Khatima in
- 25,00,000 No. of Equity shares (Prem. Rs 105 per share) allotted
to promoters on preferential basis.
1995 - The polyester film line was commissioned. 6,88,000 No. of equity
shares on conversion of tradeable warrants on 1995.
1997 - Poly-condensation plant was commissioned in March.
- The Company undertook to set up a think film solar photovaltic
Module manufacturing facility at Gurgaon, Haryana.
- The Company proposed to issue 12,97,500 Rights equity shares at
par in the proportion 15:100. Simultaneously, 64,900 No. of
equity shares were to be offered to the employees of the Company.
-Flex and Polyplex merge polyester film unit
-The company shifts its New Delhi office to Noida, Uttar Pradesh.
-Mr. B. K. Soni is reappointed as Director liable to retire by rotation and Mr.Sanjiv Saraf is also reappointed as Director liable to retire by rotation.
The company's shares were approved to be delisted from Ahmedabad, Kolkatta, Delhi, Uttar Pradesh and Chennai Stock Exchanges.
-Delists its equity shares from Uttar Pradesh Stock Exchange Ltd and The Stock Exchange, Ahmedabad
-Shares delisted on voluntary request from Delhi Stock Exchange Ltd and Madras Stock Exchange Ltd w.e.f March 31, 2004 and March 24, 2004 respectively.