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Sanghi Polyesters Ltd. Company History and Annual Growth Details

YEAR EVENTS
1986 - The Company was incorporated on 3rd January, as Public Ltd
Company under the name and style of 'Lasvegas Video Films Ltd',
in New Delhi. The certificate of commencement of business was
obtained on 22nd September, 1987. The Company promoted by the
house of Sanghi Hyderabad.

1988 - The name of the Company was changed from Lasvegas Video Films,
Ltd. to Sanghi Polyester, Ltd. with effect from 20th September.

- A project for the manufacture of 15,000 TPA of Polyester Filament
yarn (PFY) was set up at Sanghinagar, P.O. Koheda, Hayatnagar
Mandal, Ranga Reddy district, Andhra Pradesh.

- The company has a technical collaboration agreement with Kohap
Ltd., South Korea for technical know how relating to the
manufacture of Polyester Filament Yarn.

1991 - 4,400 shares taken up by promoters, directors etc. 509,95,600
shares then issued at par of which 305,95,600 shares reserved and
allotted to promoter, directors etc. on firm basis. Of the
remaining, the following were reserved and allotted on a
preferential basis: (i) 40,80,000 shares to Mutual Funds; (ii)
20,00,000 shares to NRIs on repatriation basis and (iii)
25,50,000 shares to employees of the company and those of
promoter companies. The balance 117,70,000 shares were offered
to the public in January 1991. Additional 76,50,000 shares were
allotted to retain oversubscription. 45,90,000 shares to
promoters; 1,13,500 shares to NRI; 1,70,000 shares to Mutual
Funds and 27,76,500 shares to the public.

1994 - The Company expanded its capacity from 25,000 TPA PTA plant. The
new PFY expansion project was automated for bringing in 'No touch
concept' for producing PFY by robotising the entire material
handling department.

- 235,17,500 shares issued outside India by way of equity issue
represented by items of the approval granted by Ministry of
Finance, Govt. of India at a price of US $ 9.56 per 5 shares.

1996 - 108,50,530 shares issued on conversion of rupee term loans by
financial institutions.


2004

-Mr Sudhir Sanghi, Managing Director of Sanghi Spinners India Limited, elected as the Vice-Chairman of the AP FICCI
council.

2007

-Sanghi Polyesters Ltd has has appointed Sri. Sudhir Sanghi as Managing Director of the Company in place of Sri. Anand Prakash Sanghi for a period of five years effective from Ju1y 31, 2007.

2008

-Sanghi Polyesters Ltd has informed that Sri. Siddharth Sanghi has been inducted as an Executive Director on the Board in the Board Meeting held on March 29, 2008 and further on the same date Sri. D S Alva has resigned from the Board causing changes among the Board of Directors of the Company.
 
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