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Seshasayee Paper & Boards Ltd. Company History and Annual Growth Details

YEAR EVENTS
1960 - The Company was incorporated on 22nd June, at Chennai. The
Company's object is to manufacture Paper and boards and in
particular the manufacture of paper-pulp, wood-pulp and
fibrous-pulp of all descriptions, cellulose and other materials
required by the company.

1961 - Issued 10,50,000 shares to promoters, etc. and collaborators and
10,00,000 shares to TIIC. 14,50,000 shares offered to public in
Sept. 1960.

- Final call of Rs.2.50 per share was made payable by July.

1976 - 17,50,000 Bonus shares issued in prop. 1:2.

1987 - 10,00,000 shares allotted on private placement basis.

1989 - The first three months of production was affected due to
unprecedented power trippings, operations during the second half
was stabilised enabling the company to bring down its loss.

- 10,00,000 shares allotted at par to financial institutions on
29.5.1989 in conversion of funded interest.

1991 - 10 lakh No. of equity shares of Rs.10 each issued on private
placement basis (of these 4 lakh shares issued to shareholders on
preferential basis in the prop. of 20% of their shareholding).

1992 - Though sales in terms of value at Rs.89.99 crores was
substantially higher, in terms of volume it declined due to
recession hot market conditions together with non-availability
of bank credit to major segments of the trading community.

- 18,00,000 shares issued to shareholders and employees.

1993 - During October-November, the company issued 16,50,000 No. of
equity shares of Rs.10 each for cash at a prem. of Rs.10 per
share on Rights basis in the prop. 1:5. (all were taken up).

- Another 1,50,000 shares of Rs.10 each were offered at a prem. of
Rs.10 per share to employees on an equitable basis (all were
taken up).

- Also 12,00,000 No. of equity shares of Rs.10 each were issued
at a prem. of Rs.15 per share to an overseas corporate body
viz. M/s. Synergy Investments Plc. Ltd. Singapore.

- The Company undertook to set up a power project which envisaged
installation of

- (i) 2 nos. 750 KVA DG sets to supplement captive requirements,

- (ii) 110 KV sub-station to ensure stabilised drawal of power,

- (iii) Singlefluid boiler that can be operated on multifuels so
as to reduce the overall cost of self generated power.

- Subject to necessary approvals being obtained the company
proposed to issue 12,50,000 convertible warrants of Rs.90 each
to promoters on preferential basis. These warrants were to be
converted into equity shares of Rs.10 each at a prem. within 18
months from the date of allotment.

1994 - The Company entered the business of leasing after obtaining
necessary approvals.

1995 - The company undertook an expansion/modernisation plan costing
Rs.300 crores, to double the installed capacity from 60000 TPA
to 150000 TPA and also to upgrade the entire steam and power
system to an energy efficient high pressure system so as to make
the mill achieve 100% self sufficiency in the power front.

- Letters of intent for the same were received from the financial
institutions for an aggregate amount of Rs.155 crores. The
major equipments were imported from Germany.

1996 - Gross sales realisation also declined due to lower quantum of
production coupled with lower per tonne sales realisation due to
sluggish market conditions.


2007

-Seshasayee Paper & Boards Ltd has appointed Sri. Vishwanath Shegaonkar, IAS, representing Government of Tamilnadu, as a Director of the Company in the casual vacancy caused by the withdrawal of nomination of Sri. Surjit K Chaudhary, IAS.

2008

- Seshasayee Paper And Boards Ltd has informed that the Board of Directors of the Company at their meeting held on July 26, 2008, has appointed Tmt Sheela Rani Chunkath I A S, Chairman & Managing Director, The Tamil Nadu Industrial Investment Corporation Limited, Chennai as a Nominee Director of the Company in the place of Sri S K Prabakar I A S. Further the Board also appointed Dr N Sundaradevan I A S, representing Government of Tamil Nadu as a Director of the Company in the place of Sri R Rajagopal I A S.

2009

- Seshasayee Paper And Boards Ltd has informed that the Board of Directors of the Company at their meeting held on March 28, 2009 has
1) Re-appointed Shri.N. Gopalaratnam, as Chairman & Managing Director for a term of 5 years from April 01, 2009.
2) Appointed Sri. Debendranath Sarangi, IAS, representing Government of Tamil Nadu as an Additional Director of the Company in the place of Dr. N Sundaradevan IAS.

- Seshasayee Paper & Boards Ltd has informed that the Board of Directors of the Company at its meeting held on June 04, 2009, has appointed Sri. V Sridar, as an Independent Director of the Company.