1976 - The Company was Incorporated on 30th November, with one of its
main objects to take over the assets and liabilities of Indian
Copper Corporation Ltd. (ICCL).
- The Company's object is to manufacture of synthetic blended yarn,
gray polyester viscose yarn, acrylic yarn etc.
- The Undertaking of Indian Copper Corporation Ltd. was
nationalised by the Govt. of India in 1972 and the Govt. paid
Rs. 7.50 crores as compensation to ICCL. Consequent upon
nationalisation, the stockholders of Indian Copper Corporation
Ltd. decided to put the Company into Members Voluntary
Liquidation on 13th June, 1973.
- Out of the above sum received towards compensation, the
Liquidators distributed about Rs.6 crores. Thereafter, the
erstwhile stockholders of Indian Copper Corporation Ltd. wanted
to revive the Company and accordingly, approved a scheme by which
the company was formed and all the assets and liabilities of
Indian Copper Corporation Ltd. (in Members Voluntary Liquidation)
were transferred to the Company.
- Under the Scheme, erstwhile stockholders of Indian Copper
Corporation Ltd. were given option to either become shareholders
of the Company or to take their money in cash. The Stockholders
who opted for cash payment have already been paid and remaining
stockholders have been issued and are being issued shares to the
Company against surrender of their stock certificates.
1977 - The Company obtained the Certificate of Commencement of business
on 21st July, from the Registrar of Companies, West Bengal. The
Company was engaged in investment business since then.
- The Company undertook to set up a spinning mill with 15,840
spindles capacity for the manufacture of synthetic blended yarn.
Of the total spindleage, the Company proposed to utilise 5,760
spindles for the manufacture of 2/405 gray polyester viscose yarn
5,760 spindles for 2/405 dyed polyester viscose yarn and 4,320
spindles for 40s acrylic yarn. Based on the proposed product
mix, the capacity of the mill was to be 1.76 million kgs. per
1981 - Till date 2,48,798 shares issued without payment in cash to stock
holders of the erstwhile Indian Copper Corporation Ltd., against
the surrender of their stock certificate pursuant to the
agreement dated 3-1-1977 between the liquidators of Indian Copper
Corporation and the Company.
1982 - 20,20,000 No. of equity shares issued at par of which 7,90,000
shares were reserved and offered as rights to the existing
shareholders in the prop. 3.21:1 (all were taken up). The
balance 12,30,000 shares were offered for public subscription
during September. Only 2,01,500 shares taken up. The remaining
10,28,500 shares devolved on the underwriters.
1983 - During 1983/87, 14,317 more shares were allotted without payment
in cash to stock holders of Indian Copper Corporation Ltd. (2,392
shares on 7-3-1983, 1,901 shares on 17-6-1083, 3,425 shares on
1-12-1983, 2,095 shares on 27-4-1094, 493 shares in Nov. 1984,
1,781 shares on 25-11-1985 and 2,230 shares on 29-6-1987).
1987 - The Company became a Sick Industrial Company under the Sick
Industrial Companies (SP. provisions) Act. 1985. A reference was
made to BIFR. No further information was available thereafter.
- 5,00,000 No. of equity shares allotted privately (1,00,000 shares
to Gillanders Arbuthnot & Co. Ltd., 1,00,000 shares to G.D.& Co.
(P) Ltd. 1,55,000 shares to Commercial House (P) Ltd., and
1,45,000 shares to Kothari & Co. (P) Ltd.
1988 - 1,527 No. of equity shares allotted without payment in cash.
1990 - Production suffered due to political disturbance in the locality
which affected attendance of workmen during the months of April,
May and October. Sales were also adversely affected from October
due to demand recession.
- The Company commissioned a dyeing plant in August.
- 326 No. of equity shares allotted on 4.8.1989 without payment in
cash to the stock holders of erstwhile Indian Copper Corporation
1991 - Profits were affected due to sluggish conditions prevailing in
the yarn market. The company proposed to install some machines
for production of export quality yarn.
- Both production and profitability suffered due to disturbance in
the country in general and Mumbai and Gujarat areas in particular
where the main selling outlets of the company were situated.
- 2,279 No. of equity shares allotted without payment in cash.
1992 - 1,316 No. of equity shares allotted without payment in cash.
1993 - During August-September, the Company issued 14,00,000 Rights
equity shares of Rs.10 each for cash at par in prop. 1:2.
1994 - The implementation of the scheme was in progress. As Lakshmi
Machine Works Ltd., the main supplier of machinery to the Company
under its modernisation/expansion scheme was upgrading their
textile machinery with latest technology, the Company revised its
orders for such machinery.
1995 - Production and sales increased only marginally due to the
resistance of workmen to improve efficiency. However,
profitability declined due to rise in input cost on raw materials
wages power and fuel.
- 2,971 No. of equity shares allotted without payment in cash.