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U T Ltd. Company History and Annual Growth Details

YEAR EVENTS
1965 - The Company was Incorporated on 5th July, in Calcutta. The main
object of the company is to manufacture, design and dealers in
hydraulic and mechanical tipping gears of all kinds.

- The Company was promoted by Usha Automobile and Engineering Pvt.
Ltd., Calcutta and Telehoist Ltd., U.K.

- The Company entered into a financial and technical collaboration
with Telehoist Ltd., U.K.

- 1,30,00 No. of Equity shares at par 65,000 shares to Telehoist,
Ltd., U.K. (13,500 shares without payment in cash) and 65,000
shares to Usha Automobile & Engineering (P) Ltd. 8,000 Pref. and
1,20,000 No. of equity shares offered at par to the public in
January 1966. 15,000 No. of Equity shares issued in 1966/67.

1972 - 88,333 Right Equity shares issued in prop. of 1:3 at a prem. of
Rs.5 per share.

1974 - 14,750 No. of Equity shares issued to ICICI at a prem. of Rs.7
per share on conversion of loan.

1977- 3,68,083 Bonus Equity shares issued in prop. 1:1.

1978 - The collaboration agreement was entered into with Water
Hunder of West Germany for the manufacture of Hydrauli Cylinders,
seals and 'O' rings.

1979 - The Company also entered into a collaboration agreement with
Myers Europe Pumpen GmbH, West Germany for the manufacture of
multipurpose high pressure pumps of various capacities.

1980 - 8,000 perf. shares redeemed at par on 31st December.

1982 - The forgings divison commenced trial production. The track link
and the foundry division which continued trial production during
the year went into commercial production early in 1983-84.

1983 - 7,36,166 Right Equity shares issued in prop. 1:1 at a prem. of
Rs.5 per share.

1986 - The operating results received a major setback. Kolar units had
a work stoppage for more than two months and there was also
decline in operations of the country unit at Barotiwala. At the
Budge Budge plant, there was substantial increase in the cost of
imported raw materials and components. The Company also could
not increase the selling prices of its products commensurate with
the rise in costs of inputs because of keen competition in the
market.

1988 - 14,72,332 right shares issued at par in prop. 1:1 (all were taken
up. Another 11,700 shares allotted at par to employees,
etc. (stock option scheme).

1989 - The Company had drawn up a comprehensive
modernisation-cum-replacement scheme to increase the efficiency
in production.

- A scheme of amalgamation was sanctioned by BIFR to merge Usha
Hydraulic Ltd., with the Company from 1st April, the transfer
date. Necessary approvals were obtained and the scheme became
effective from 1st June, 1990.

- As per the scheme of Amalgamation, one equity share of Usha
Telehoist Ltd., was to be allotted for every four equity shares
held in Usha Hydraulics Ltd., without payment in cash.
Accordingly a total of 85,425 No. of equity shares of Rs.10 each
fully paid up were allotted without payment in cash in 1990-91.

1990 - 85,412 shares issued without payment in cash to members of Usha
Hydraulic Ltd. on its merger.

1991 - The Sales declined due to continued unfavourable factors.

1994 - The name of the Company was changed to UT Limited.

- 30,41,776 shares allotted as Bonus shares in prop. of 1:1.

2002-UT Ltd has informed that Mr S R Ramesh Director Finance had resigned from the directorship of Company.Deepak Agarwal by occupation Company Secretary had been appointed as an Additional Director w e f the above mentioned date subject to the approval of the Shareholders.

2006
-UT Ltd has informed that Mrs Sindhubala Choudhury of Esplanade East, Kolkata, a Nominee of Life Insurance Corporation of India, has been appointed as Director of the Company with effect from September 06, 2006.

-UT Ltd has appointed Mr. Shuvendu Sekhar Mohanty as a Whole-time Director w.e.f. October 30, 2006.
 
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