1983 - The company was incorporated. The company has been promoted as a
joint venture of PICUP and Bharat Gears Ltd, a Runaq group enterprise.
- The company had technical collaboration with DAB Industries, U.S.A. for
manufacture of Bi - metal bearings.
1991 - The company has installed Pre-heater furnaces and Sealed Quench
Furnances with inbuilt recuperators which has resulted in substantial energy
- The company has also explored to install processing equipments designed to
1994 - Company has contested/gone into appeal against against the exparte order of
Asst. Sales Tax Officer, Bhopal for the year 89-90 with Demand Notice for Rs. 10,531/-.
1995 - The company is committed to accord priority for energy conservation.
The company gives significant importance to R&D activities, to optimally
utilise available resources.
1996 - The Company has started implementation of ISO 9000 Certification and
is also simultaneously working on Total Quality Management.
- In order to meet the financial requirements for such Expansion cum Modernisation
programme, the Company is proposing to issue its Equity Share Capital on Right
basis to its existing Shareholders.
- Subsequent to the withdrawal of nomination of Mrs. Surjeet Kaur Sandhu as
Chairperson/Director during the year by The Pradeshiya Industrial & Investment
Corporation of U.P. Ltd. (PICUP), Mr. Siddhartha Behura was nominated as Chairman
and Director on the Board of Directors of the Company w.e.f. 22.12.95 by PICUP.
1997 - Due to adverse condition of industry in general and stock market in
particular, the Company could not come out with Rights Issue, as
proposed in previous Annual General Meeting.
- After the last Annual General Meeting, Mr. Raunaq Co-Chairman and
Director and Mr. O. R Vaish, Director, had resigned from the Board.
1998 - The Company has embarked upon export sales drive and consequently
it has received various enquiries from overseas markets for supply of
components and negotiations are on with various potential customers.
- During the year under review the Company has allotted 10,00,000 (Partly
Paid-up) Equity Shares of Rs. 10/- each at par to the said Overseas
Corporate Body increasing the issued and subscribed capital to Rs.844
- Pradeshiya Industrial & Investment Corporation of U.P. Ltd. (PICUP) the
Promoter Financial Institution of the Company withdrew the nomination
of Mr. D.S. Bains as Chairman & Director and Km. Nita Chowdhury was
appointed as Chairperson & Director of the Company.
- Mr. Indu Kumar Pande, IAS was nominated as Chairman and Director of the Company,
w.e.f. 23rd April.
1999 - The Company had been badly affected due to low demand of vehicles and
further due to a strike in Escorts group of Companies for nearly 4 months.
- The Company has also entered into arrangement with some other OEMs.
- The company develops a number of new components during the year and the
Company has been following this policy of writing off the development cost
over five years for the reasons that the benefits of development of new components
accrue over a number of years.
2000 - The Board has decided to issue up to 10 lakh equity shares of Rs
10 each on preferential basis to H.S. Kohli & his associates.
- The Company has signed an agreement with CDLS and NSDL for dematerialisation.
2002-Raunaq Automotive Components Ltd has informed that following changes have taken place on its Board:1. Mr Sanjiv Nair has been nominated by PICUP as the Chairman & Director of the Company in place of Mr D S Bains w e f July 12, 2002.2. Mr Akhil Swami has been nominated by PICUP as the Director of the Company w e f July 10, 2002.
-Raunaq Automotive Components Ltd has informed BSE that Mr Gursharan Singh has been appointed as Director of the company wef August 23, 2002.
-Raunaq Automotive Components Ltd has informed that Mr. M R Gireesan has been nominated as a Director by IFCI in place of MR. S P Gupta.
- The Company has received SilverTrophy for Excellence in Exports.
- The Company has received Bronze Trophy for Excellence in Exports.
- The Company has received Second Prize from CII National Cluster Summit .
- The Company has received Golden Trophy for Excellence in Exports.
-The Company has allotted 10,00,000 equity shares of face value of Rs. 10/- at the rate of Rs. 16.25 per share to Middleware Development Ltd. on preferential allotment basis.
-RACL has been awarded BRONZE TROPHY, SILVER TROPHY, & most prestigiousn GOLD TROPHY for excellence in exports.
-The Company has allotted 10,00,000 equity shares of face value Rs. 10/- at a price of Rs. 20 per share to Mr. Arendra Kumar on preferential basis."
- The company has changed its name from Raunaq Automotive Components Ltd. to Racl Geartech Ltd.