1979 - The company was incorporated on 11th June, at Jullundur. The
company was promoted by M/s. Vardhaman Spinning and General Mills
Ltd. The company's object is to manufacture of pulp and writing
and printing paper.
- Chemprojects Designs and Engineering Private Ltd., New Delhi,
were appointed as technical consultants for the project.
1981 - 11 equity and 10 pref. shares taken up by promoters. 20,49,989
No. of equity shares issued in Jan. 1982. 9,69,989 shares
reserved to promoters, directors, etc. 3,00,000 shares allotted
to PSIDC and 7,80,000 shares offered to the public.
1985 - 39,250 forfeited equity shares reissued.
1987 - The Company proposed to set up a project in Joint Sector, in
association with Gujarat Industrial & Investment Corporation Ltd.
(GIIC), to manufacture Medium Density Board with an annual
capacity of 15,000 tonnes. For this purpose, a new company in
the name and style of 'Gujarat Oswal Boards Ltd.' was being
1989 - The Company undertook the implementation of the second phase of
1990 - The Company implemented a spinning project of 24,960 cotton
spindles. 600 spindles were installed and were in production.
- 100 forfeited equity shares reissued.
1991 - 11,520 spindles were installed and commissioned.
- On 3rd September, the company offered 3,48,500 - 14% secured
redeemable partly convertible debentures of Rs.300 each for cash
at par to the shareholders of the company on rights basis in the
ratio of 17 debentures: 100 No. of equity shares (only 3,11,614
debentures were taken up).
- Another 3,51,500 - 14% redeemable partly convertible debentures
of Rs.300 each for cash at par were offered through prospectus.
Out of these, 35,000 debentures were reserved for employees
(including Indian working directors)/workers of the company
(only 9,680 debentures were taken up), 37,500 debentures on a
preferential basis to the NRIs on repatriation basis (all were
taken up), 35,150 debentures for allotment on a preferential
basis to the shareholders of Adhinath Textile Ltd. (all were
- The balance 2,43,850 debentures together with the unsubscribed
25,320 debentures of the employees quota were offered for public
subscription (all were taken up). Additional 5,620 debentures to
NRI investors, 5,278 debentures to Adhinath Textiles, Ltd.,
shareholders and 41,835 debentures to general public were alloted
to retain oversubscription.
- Conversion of partly convertible debentures of the face value of
Rs.300 each will be in two parts. Part-A of Rs.200 will be
converted into 5 equity shares of Rs.10 each at a prem. of Rs.30
per share on the expiry of nine months from the date of allotment
- Part-B, the non-convertible part of Rs.100 will be redeemed in
three instalments of Rs.30, Rs.35, and Rs.35 at the end of the
7th, 8th and 9th years respectively from the date of allotment.
- Subject of necessary approvals being obtained the company
proposed to make a right issue of equity shares at a prem. of
Rs.20 per share in the ratio of 1:1 to the existing shareholders.
- Two boilers were converted to fluidized-bed-combustion system to make
them more fuel efficient.
- The company installed the Bi-Nip press on the paper machine to improve upon
dryness of the sheet as entering the dryer so as to save on steam consumption.
- During the period under review major re-build of the machine was taken up with
latest technology of dewatering on wire and better pressing which has enabled the
company to speed up the Machine and also have better productivity and energy
1992 - 40,25,000 No. of equity shares allotted on part conversion of 14%
- Company proposes to plant more than 50,000 trees during the current year.
- The Company entered the capital market during the year under review with
Right-cum-Public Issue of 700,000 partly convertible debentures of Rs. 300/- each
aggregating to Rs. 21 crores.
1994 - The Company entered into an agreement with Zenith Limited for purchase of the
assets of their Paper Division, working under the name and style of Zenith Papers
at Village Banah, District Ropar of Punjab.
- The Company also proposes to put up a plant for recovery of Caustic Soda in
Shreyans Paper Division, Ahmedgarh.
- The Company has entered into an agreement to buy the fixed assets of Paper
Division of M/s. Zenith Limited, Mumbai, situated at Village Banah, District Ropar,
Punjab for the total sum of Rs. 1475 Lacs.
1995 - A Co-generation plant with a generating capacity of 2 MW was
commissioned at Ahmedgarh. The drying capacity of paper machine
at Ahmedgarh was proposed to be increased by installation of
infra-red drying system.
1996 - The Co-generation plant was commissioned at the Shreyans paper,
Ahmedgarh leading to production of 30% of the total power
requirement of the unit.
- The expansion cum modernisation scheme at Shree Rishabh paper,
Banab, was taken up. This would result in an increase in the
capacity of the division to 25,000 TPA.
- During the year, it was proposed to increase the capacity of the
Shreyans Spinning Mills by installation of additional 4000
1997 - Expansion-cum-modernisation scheme was taken up for implementation in
Shree Rishabh Papers, Banah during the current year.
- The Shreyans Spinning Mills, Machhiwara unit was granted ISO 9002
certification during the year under review which shows the commitment
of the management to produce quality yarns.
- An Infra-red Drying System has been commissioned in the current year at
Shreyans Papers, Ahmedgarh which would result in increasing the drying
capacity of the paper machine.
- It is proposed to increase the capacity of Shreyans Spinning Mills by
installation of additional 4,000 spindles.
- Shri K.L. Dalal and Dr.(Mrs.) H.K Bal Directors of the Company retires.
- Company has allotted 30,00,000 warrants with an option to convert
the said warrants with 30,00,000 No. of Equity Shares of Rs. 10/- each at a
premium of Rs. 57/- within a period of 5 years from the date of
allotment i.e. 30th March, 1994.
- 25000, 14% Debentures of Rs 100/- each fully paid privately placed
with Unit Trust of India Redeemable at Premium of Rs 5/- per debenture
on the expiry of 7th year from the date of allotment i.e. 11th April, 1990
- 25000, 14% Debentures of Rs 33.33 (Previous Year Rs. 66.67) each
fully paid privately placed with LIC of India Redeemable at Premium of
Rs 5/-per debenture in three annual instalments commencing on the
expiry of 6th year from the date of allotment i.e. 13th March 1990.
- 450000, 17.5% Debentures of Rs. 100/- each fully paid privately
placed with IDBI Redeemable in three annual instalments commencing on
the expiry of 6th year from the date of allotment i.e. 28th March,1994.
- 805000, 14% Non convertible Debentures of Rs. 100/- each Redeemable
in three annual instalments commencing on the expiry of 7th year from
the date of allotment i.e. 29th October, 1991.
- The Chemical Recovery Plant at Shree Rishabh Papers Banah is stated to be
commissioned during the current year.
- 50000 Unsecured Debentures of Rs. 100 each issued at a discount of
Rs. 7.40 per debenture.
1998 - Operations of the Spinning Division were affected adversely because of very
poor cotton crop during 1997-98 cotton season due to adverse weather conditions.
- Infrared Drying System was commissioned during the year under review.
- Shri. R. M. Mehta and Shri. Rajneesh Oswal Directors of the Company retires.
1999 - Closure of Shree Rishabh Papers for almost two months under
orders from state Pollution Control Board and lower utilisation in
spinning division because of liquidity crunch.
- Operations in Shree Rishabh Papers, Banah unit were affected for two months
during the year resulting in fall in production from 15349 MTs to 13774 MTs.
- Production in spinning division of Shreyans Spinning Mills, Machhiwara decreased
from 4139 MTs to 2929 MTs primarily because of change in product pattern from
cotton to polyester cotton in finer counts because of very adverse market conditions in
cotton yarn and lower spindle utilisation because of liquidity crunch.
2000 - To issue to GIC Mutual Fund, 24,000 14 per cent optionally fully
convertible debentures of Rs 100 each, convertible at the option
of the holder into 10 equity shares of Rs 10 each aggregating Rs
24 lakhs on preferential basis.
- Shri Rejneesh Oswal and Dr. (Mrs) H.K. Bal, Directors of the Company
- Mr. Suresh Nagarkatte has been appointed as the Nominee Director
in place of Mr. Deepak Agarwal.
- The Company has allotted 20 lakh No. of equity shares to ICICI Ltd for
Rs 10 each on preferential basis.
- Shreyans Industries Ltd has appointed Sh. Kunal Oswal as Whole Time Director.
- Shreyans Industries Ltd has informed that Board of Directors at its meeting held on May 18, 2009 has appointed Mr. A.K. Chakraborty, as an Additional Director of the Company.