1961 - The Company was Incorporated on 18th July, at Ahmedabad. The
company's object is to manufacture speciality paper and other
types of papers and pulp and also manufacture of machinery for
the pulp and paper industry.
1962 - 51,000 shares subscribed for by promoters, etc. In January,
49,000 shares offered at par for public subscription.
1964 - Pref. shares redeemable after 7 years but before 12 years from
the date of allotment at the company's option.
1966 - 75,000 No. of equity shares issued at par in 1965-66.
1985 - 1,20,000 No. of equity shares issued on private placement.
Shareholders of the company were also invited to subscribe for
- The company revalued its land and buildings as on 30th September.
1988 - Production could not be stepped up due to delay in the receipt of
equipments under the rehabilitation package.
1989 - The Company came under the provisions of the Sick Industrial
Companies (Sp. Provisions) Act, 1985 and as per its requirement
a reference to the Board of Industrial and Financial
Reconstruction (BIFR) was made. The BIFR had finalised a scheme
for the revival of the company. BIFR gave its approval for a
revised scheme by its order dated 15th June, 1992. Steps were
taken to implement the said revised scheme.
- 60,000 No. of equity shares allotted at par to the promoters,
1991 - The company suffered a heavy loss due to adverse market condition
in the first half of the year followed by strike resorted to by
workmen for 111 days ie., from 12th December, to 31st March 1992.
1992 - There was no production for 56 days due to strike by workmen.
Due to adverse market conditions in the paper industry, sales
declined forcing the company to cut down its production.
1993 - The Company suffered a loss due to adverse market conditions in
the paper industry.
1995 - The Company suffered a loss due to unforeseen circumstances.
- The BIFR scheme was approved of the full repayment to IRBI was
made with respect to outstanding. With a view to expansion of
existing facilities, a Rights issue was proposed to be made.
1996 - The Company suffered loss due to increased raw material costs,
manufacturing expenses, depreciation etc.
-Bags export orders from Far East
-Speciality Papers secures export order from USA
-The Company has issued Bonus Shares in the Ratio of 1:1.