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VCCL Ltd. Company History and Annual Growth Details

1984 - The Company was incorporated on 23rd August, at Kanpur. The main
object of the Company is to manufacture all classes of
automobiles including two-wheelers.

- The Company entered into the following technical collaboration

- (i) LML gave sub-license to the Company with the consent of
Piaggio, Italy under which the Company have the same rights in
regards to manufacture, technical information, assembly, sale and
marketing of the two-wheelers (Vespa Scooters) which LML has
vis-avis Piaggio.

1985 - 7 shares subscribed for by the signatories to the Memorandum of
Association. 48,00,000 shares then issued at par out of which
the following shares were reserved and allotted:

- (i) 13,44,000 shares to Piaggio & C.S.P.A, Italy.

- (ii) 15,36,000 shares to Lohia Machines Ltd.

- (iii) 2,88,000 shares to directors, etc.

- Out of the remaining 16,32,000 shares, the following shares were
reserved for preferential allotment:

- (i) 5,76,000 shares to NRIs on repatriation basis (all were taken

- (ii) 2,40,000 shares to employees, etc., of the company and those
of promoter Company.

- (iii) 32,640 shares to business associates. Out of (ii) and (iii)
only 1,49,200 shares taken up. The balance 7,83,360 shares,
along with the unsubscribed portion of 1,23,440 shares out of
preferential quota were offered to the public in May.

1986 - Two new models of scooters named LML Vespa Alfa and T5 were
introduced. The Company could not achieve full production
targets but to non availability of power, delay in receiving the
consigment of imported material.

1989 - Production was adversely affected due to strike by workers
between April to September.

1990 - The Company continued to incur losses due to political
instability, foreign exchange crisis, severe credit squeeze etc.

1991 - The Company came under the Sick Industrial Companies (Sp.
Provisions) Act, 1985, and a reference was made to the BIFR.

- The two promoters viz., LML Ltd., and Piaggio VE submitted a
detailed proposal to the financial institution for financial and
industrial restructuring of the Company. Apart from increasing
the capital base, it was also proposed to take up production of
light 2-wheelers and engine with a substantial buy back of
engines by Piaggio.


-Members approve delisting of shares from Delhi & Ahmedabad stock exchanges


-VCCL Ltd has appointed Mr. Mahesh Kumar Kanodia and Mr. D R Dogra as Director of the Company w.e.f. March 05, 2007.
Oct 24, 12:00 am
Oct 24, 4:14 pm
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