1979 - The Company was incorporated in July. The Company's object is to
manufacture of writing and printing papers and wrapping paper.
The company was promoted by Sudhir Tandon and Girish Tandon in
Association with UPSIDC and PICUP.
1981 - 4,00,000 shares taken up by promoters, etc., 1,00,000 shares
allotted to Sudhir Tandon and Girish Tandon; 1,90,000 shares
issued to UPSIDC and 1,00,000 shares issued to PICUUP. 12,10,000
shares then issued at par of which 50,000 shares reserved for
allotment to promoters, etc. and 11,60,000 shares offered to the
public in September.
1982 - 3,20,000 No. of equity shares issued to private promoters at par
10,000 pref. shares issued at par - UPSID (6,000) and PICUP
(4,000). Pref. shares redeemable after twelve years but before
15 years from the date of allotment at 3 months notice.
1988 - The company proposed to undertake further modifications in MF
- A fluidised bed combustion type of boiler was installed and
commissioned in March to reduce overall coal consumption and
improve the quality and availability of coal. Power consumption
was economised with suitable replacement of higher rating motors
by lower rating ones. The company proposed to install another
FBC type boiler to conserve fuel.
- As per the requirement of the Compliances of Sick Industrial
companies (Sp. Provisions) Act. 1985 a reference to the Board
for Industrial and Financial Reconstruction was made.
1991 - However, margins were under pressure due to adverse cost factors
and recessionary pressures in demand for paper.
- Further modifications of MF paper machine were implemented.
- 2,00,000 No. of equity shares issued to private promoters at
par for cash.
1992 - 12,60,000 Rights equity shares issued at par in prop. 1:2.
1995 - The overall performance of the company resulted in profit due
to buoyant market conditions in the first half of the year.
However, during the second half paper prices were under pressure
due to reduced custom duty on import of paper.
- The company successfully commissioned diesel generating sets to
overcome erratic supply of power.
- 3,26,000 No. of equity shares allotted at par to FIs on
conversion of term loan.
1997 - 10,00,000 - 13.5% cumulative pref. shares redeemed.
2001 - The Company has entered into an agreement with CDSL, NSDL and Skyline
Financial Services Ltd for dematerialisation.