|The Company was incorporated in the State of W. Bengal on 11th August, and obtained the Certificate of Commencement of Business on 18th August. It was promoted by N.R. Lohia, Ajay Prakash Lohia of the Uniworth Group that has wide interest in Agro Chemicals, Steel etc. and Madhya Pradesh Audhyogik Vikas Nigam Ltd. (MPAVN). The Main object of the company is to manufacture worsted wool and blended spun yarn.
The Company undertook to set up a 100% Export Oriented Unit (EOU) for the manufacture of Worsted spun yarn (Pure wool and wool blended with one or more polyester, viscose, silk fibre) with a capacity of 7.87 lakh kgs. per annum.
1990 - The Company undertook to double its production capacity. The
company's silk division was at an advanced stage of
implementation in split locations - degumming unit at Malda in W.
Bengal and spinning unit at Raipur in M.P. The spinning facility
reached an advanced stage of implementation.
- The company had a technical collaboration with Cascami Seta, one
of the world leaders in Silk Technology for silk/noil spun yarn
1991 - 700 No. of equity shares subscribed for by signatories to the
Memorandum of Association, 116,39,300 No. of equity shares then
issued at par of which the following were reserved and allotted:
- (i) 32,50,000 shares to NRIs on repatriation basis;
- (ii) 13,89,300 shares to Indian resident directors, their
friends, etc. and
- (iii) 5,00,000 to MPAVN. Of the remaining 65,00,000 shares, the
following were reserved for allotment on a preferential basis:
- (i) 9,00,000 shares to mutual funds (all were taken up) and (ii)
5,82,000 shares to employees (including Indian working
directors)/workers of the Company (all were taken up). Balance
50,18,000 shares were offered for public subscription during
October 1990 (all were taken up). Additional 17,46,000 shares
allotted to retain oversubscription (7,52,700 shares to the
public 2,22,300 shares to Mutual Funds and employees and 7,71,000
shares to the promoters).
1992 - The company had promoted Uniworth International Ltd. to develop
global marketing network for exports and to promote new
manufacturing ventures in India and abroad.
- The Company undertook to double its silk spinning capacity to
6400 spindles and also 320 spindles with open end process were
being installed for spinning fine quality noil yarn to achieve
higher value addition.
- The Company proposed to further expand the worsted yarn capacity
to 20,992 spindles by installing 3200 spindles with necessary
balancing equipments to optimise its capacity and improve
productivity. The Company also have plans to establish a
complete range of dyeing facilities including computerised colour
- The Company also promoted another 100% EOU under the name
Fabworth (India) Ltd., to manufacture four million metres premium
quality woollen/silk fabrics per annum for exports.
- During February, the Company issued 33,46,500-12.5% partly
convertible debentures of Rs 90 each on Rights basis in the
propn. 25 debentures: 100 shares held. Additional 5,01,975
debentures were allotted to retain oversubscription.
- Simultaneously another 1,76,100-12.5% debentures were offered to
employees on an equitable basis. Additional 26,415 debentures
were allotted to retain oversubscription.
- Part A of Rs 10 of the face value of each debenture was to be
converted into one equity shares of Rs 10 each at par on the date
of allotment of debentures. Accordingly 40,50,990 shares were
allotted in April.
- Part B of Rs 30 of the face value of each debenture was to be
converted into one equity share at a premium not exceeding Rs 20
at the end of 20 months from the date of the allotment of
- Part C of Rs 50 of the face value of each debenture was to be
redeemed in 3 annual instalments at the end of 7th, 8th and 9th
year from the date of allotment of debentures. The issue was to
part finance Company's expansion programme of spun silk yarn and
- Subject to necessary approvals being obtained, the company
proposed to issue rights equity shares of Rs 10 each at a premium
not exceeding Rs 50 per share in the proportion of 1:2.
-Uniworth Ltd has informed that Mr Santosh Kumar Jain has resigned as a Director of the Company w e f July 23, 2002 and Mr K Darbari has resigned as a Director of the Company w e f June 30, 2002. The Company has further informed that Mr Anand Gopal Bhatnagar has been appointed on the Board as Additional Director w e f July 25, 2002.
- The Registered Office of the Company has been changed to Green Acres, 2, Nazar Ali Lane, FIat - 4A, Kolkata - 700 019 from Uniworth Centre, 70A, Shakespeare Sarani, Kolkata - 700 017.