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Saregama India Ltd. Company History and Annual Growth Details


- The Company was Incorporated on 13th August. The Company was a
subsidiary of The Gramophone Company Ltd., England (parent company).
The parent company established its Indian branch in 1901 and set up a
factory in Calcutta to manufacture records and gramophones in 1907.
The factory at Dum Dum, Calcutta was established in 1928.

- The products manufactured were marketed under the trade marks "His
Master's Voice" and "Columbia". The parent Company carried on business
in India until 1st July, 1964 and from which date, the Company
purchased and acquired appropriate assets of the parent Company's
branch in India as a going concern. The parent company is itself a
subsidiary of Electric & Musical Industries Ltd., England, known as EMI
throughout the world.

- The Company's main object is to manufacture, sell and deal in
gramophone records, radio receivers, radiograms, record players, record
producers, pick-up cartridges, components and accessories thereof and
other allied products.

- The Company's factory is situated at Dum Dum, Calcutta, where the
parent company's factory was situated. The Company's factory is most
up-to-date in all manufacturing techniques (especially in the field of
gramophone records) and is largely air conditioned.

- The Company also maintains recording studios and distribution depots
of its own in Calcutta, Mumbai, Delhi and Chennai for gramophone
records and other products. Two Industrial Licences granted to the
parent company for the manufacture of (i) 24,000 radio receivers per
annum and (ii) 36,000 4-speed mains and battery operated record playing
decks and 4-speed mains and battery operated record reproducers per
annum were transferred in the name of the Company.


- In May, the Company obtained another licence to increase the annual
capacity for the manufacture of radio receivers from 24,000 to 40,000.

- As on 30-6-1968, all shares were held by the Gramophone Co. Ltd.
U.K., and its nominees.

- 1,50,000 shares issued in December, (prem. Rs.5 per share); 10,000
shares reserved for directors etc. and 1,40,000 shares offered to the


- The Company entered into a technical collaboration agreement with
Electrical & Musical Industries Ltd., England (EMI), which expired on
30th June.

- Under the terms of a three-year agreement concluded with Technicolor
Ltd., London, the Company was appointed as sole agents for Technicolor
in India, Pakistan, Burma and Ceylon. A separate Technicolor Agency
Division was set up at the Company's Mumbai branch to handle this work.


- 1,50,000 shares issued (prem. Rs.8 per share); 37,500 shares as
rights in prop. 1:8 to Indian shareholders; 15,000 shares to employees
and artists and 97,500 shares to the public.


- 4,50,000 Bonus shares issued in prop. 3:5.


- The Company ceased to be a subsidiary of The Gramophone Company Ltd.,
U.K., after the issue of shares to the Indian nationals through a
prospectus during February. The Gramophone Company Ltd., England and
its nominees hold 7,20,000 shares of the issued by the Company.

- During February, 6,07,100 shares issued (prem. Rs.8 per share)
through a prospectus : 2,38,580 shares reserved as rights to resident
Indian shareholders in prop. 1:2. 60,000 shares reserved for
directors, employees of the company, artists/film producers and dealers
and 3,08,520 shares offered to the public.


- A letter of intent was received to set up a plant for the manufacture
of 1000 million running metres per annum of 1/4% magnetic tape.

- The Company entered into a collaboration agreement with Capital
Magnetic Products Inc., U.S.A., for providing technical know-how for
the project. Licence for importing major capital equipment had been
obtained. However, setting up of a plant for the manufacture of audio
tapes alone was not found viable.


- The losses increased due to the sharp drop in record sales, discounts
paid to dealers and the reduction in the selling price of records to
arrest further decline in sales.

- On 20th September, the company issued 2,71,065 secured convertible
debentures of Rs.100 each on rights basis to raise funds for the
cassette expansion project and for working capital purposes. One-third
of the face value of each debenture would be converted into equity
shares at par (fractions being ignored) at the option of the
debentureholder after one year from the date of allotment.


- The Company applied for an increase in its licensed capacity for the
manufacture of cassettes from 1.8 million per annum to 10 million per
annum. The letter of intent for this expansion was already received
and the expanded plant was commissioned in February.


- In June, the Company issued to its existing shareholders on rights
basis 22,40,000 No. of equity shares of Rs.10 each at par linked with
5,76,000 15% secured redeemable non-convertible debentures of Rs.100
each. The issue was not fully subscribed and the company could allot
only equity shares/debentures worth Rs.6.08 crores to the resident
Indians/bodies corporate on 8th December.

- 8,13,195 shares issued at par on part conversion of 13.50%
debentures. Another 17,54,141 shares issued at par.


- The Company came under the provisions of the Sick Industrial
Companies (SP) Act. 1985 and as per its requirements a reference to the
Board for Industrial and Financial Reconstruction was made.


- 18,996 No. of equity shares issued at par.

1992 - 4,46,712 No. of equity shares allotted as fully paid up pursuant
to a contract without payments being received in cash.


- 1,17,76,354 shares issued through conversion of certain debentures,
loans etc. pursuant to the order dated 11.11.1995 of BIFR, 4,50,000
bonus shares issued.

- The Company has set up two upmarket retail shops as a part of its
plan to set up a chain of upmarket music marts, this will act as a
catalyst to overall improvement in the retail environment.


- A new brand `Sheer magic' was launched which contains digitally
remastered music recorded on high quality imported magnetic tape.

- 20,00,000 No. of equity shares issued through conversion of certain
debentures, loans etc. pursuant to the order of BIFR.


- The Company entered into FM broadcasting business having obtained
time slots in Calcutta and Goa radio stations.

- The Company has entered into an agreement with Gramco Music
Publishing Private Limited (GMPPL) to acquire 30% of its equity and
takeover full management control.


- The Company acquired the entire equity of Gramco Music Publishing Ltd
(GMPL), which is now a wholly-owned subsidiary.

- The Company also acquired the entire equity of Rs.130/- of its wholly
owned subsidiary for export operations, namely, RPG Music International
Ltd. (RMIL).


- The Company has entered into a licensing agreement with RMIL allowing
them to use copyrights of the Company in the international market for
marketing musicassettes, compact discs, etc., on payment of licence
fees to the Company.

- The company launched its first in-house production Bada Din directed
by Anjan Dutt.

- RPG group-controlled Gramophone Company of India (GCI) has written to
the industry ministry, objecting to UK-based EMI Group Plc's proposal
to set up a 100 per cent subsidiary in India.


- Gramco Films, a division of Gramco Music Publishing Ltd. (GMPL), is
involved in production and distribution of Hindi and Bengali films, as
also Bengali tele-serials.

- Gramco Films launched two new film projects during the year
`Godmother' in Hindi and `Hathat Brishti' in Bengali.

- The Company received the coveted ISO 9002 certification during the
year. This is the first time that a music company in India has
achieved this certification.

- The Company was awarded a very high credit rating "Ind D1" by Duff &
Phelps Credit Rating India Pvt. Ltd. for its Rs. 3-crore Commercial
Paper programme.


- The Company is setting up a UK subsidiary which will float equity
shares abroad and get listed on the London OFEX, the British bourse for
mid-cap companies.

- The Gramophone Company of India Ltd (GCIL) is floating a new brand
parallel to HMV.


- The company has entered into a fresh 25-year agreement with EMI
Records, UK, for using the HMV brand name.

- The Company, belonging to the Rama Prasad Goenka group, has entered
into a seven-year sole licencing agreement with Pyramid International
Pte, Singapore, to use the audio rights of Pyramid's catalogue of Tamil
music in the international market.

- The Rama Prasad Goenka (RPG) group has proposed share exchange ratios
of 4:7 and 1:700 for the proposed merger of RPG Music International Ltd
(RMIL) and Gramco Music Publishing Ltd (GMPL)with Gramophone Company of
India Ltd (GCIL).

- The agreement between Pyramid and GCIL's newly floated
Mauritius-based wholly-owned subsidiary RPG Global Music was signed in
Singapore recently.

- The Company has approved preferential allotment of equity shares of
Rs 10/- each upto a total amount of Rs 125 crores approx. on an private
placement basis.

- The Company part of the RP Goenka group, has further entrenched
itself in the Rs 1,200 crore music industry by entering into a
strategic alliance with Pyramid for exploiting its tamil and Malayalam
catalogues for the net seven yerars.

- Pursuant to a Scheme of Amalgamation sanctioned by the Hon'ble Court
of Calcutta on 12th June, 2000 all the assets and liabilities as on 1st
March, of two of its subsidiaries viz. RPG Music International Ltd. and
Gramco Music Publishing Limited has been merged with the company with
retrospective effect from 1st March.

- The Gramaphone Company of India Ltd., controlled by the RPG Group, is
proposed to be rechristended as Saregama India Ltd.

- The Company has set to prune its manpower strength from the existing
800 to 600 during the year.

- The Company part of the RPG Group and the owner of the HMV brand, has
acquired the all-world rights for 350 music titles from Chennai-based
Sea Records through an "out-and-out" cash deal for an undisclosed

- Hamaracd.Com, a Web site for customised CDs owned by the Company will
set up kiosks in Chennai during the December music season in the City
to enable music lovers to make their own Kutcheris.

- The name of the company has been changed to Saregama India Ltd. with
effect from 3rd November.


- The company an RPG group company, had decided to transfer and merge
its UK-based subsidiary Saregama Plc and the Mauritius-based RPG Global
Music Ltd.


- Saregama India Ltd has informed about certain organisational changes in the company. As per the changes Mr Harish Dayani shall be taking charge as Chief Executive of the newly formed division of Film Production. Mr Raj Grover will continue to function as CEO International Operations and look into the operations of Hamara CD.

-The BOD has appointed Mr. Dilip R Mehta as an Additional Director in the capacity of Managing Director of the company in place of Mr. Abhik Mitra,


-Saregama India Limited has informed that Mr. T. K. Maji has been nominated by UTI as Director in the Board of Company in place of Mr. B.S.Pandit with effect from December 3, 2003. Further, the following organisational changes took place in the company: (1) Adit Atal, General Manager - Commercial, of the Company will be moving to another assignment on a promotion within the RPG Group w.e.f. January 1, 2004. (2) Mr. G.B.Aayeer, Vice President - Finance will take over responsibilities for the Finance and Commercial functions of the Company w.e.f January 1, 2004. Mr. G.B. Aayeer will be reporting to Mr. D.R.Mehta, Managing Director of the Company.

-Ties up with Color Chips Ltd. for production, distribution, marketing and sale of the album Hanuman Chalisa

- BBC Worldwide, the commercial arm of the BBC, is entering the Indian home entertainment market through a partnership with Saregama India Ltd. Major studios like Disney and Warner have already made their appearance in this small but fast-growing segment. Saregama plans to release five to seven titles per month. The VCDs will be priced at Rs 150 (single disc) and Rs 199 (double disc)


-Blue Niles Holdings Limited has informed that they have acquired 1,09,560 equity shares aggregating to 1.17% of the issued capital of Saregama India Limited.


-Saregama India forges alliance with MGM Studios

-Saregama India Ltd Issues Rights in the Ratio of 4:7


-Mr. S. Coomer has been appointed as Company Secretary, Head Legal and Compliance Officer of the company.

-Mr. Subroto Chattopadhyay has been appointed as Managing Director of the company.


-Saregama India has declared dividend at the rate of 10%


-Mr. Tony Paul, has been appointed as the Company Secretary and Head Legal

-Mr. Apurv Nagpal was appointed as Managing Director of the Company


-Mr. Pradip Kumar Khaitan has been inducted as an independent Director of the Company.


-Mr. G. B. Aayeer has been appointed as 'Manager' of the Company


-Board has recommended a dividend of Re. 1.50 equity share of Rs. 10/- each.


-Board has recommended a dividend of Re. 1.50 equity share of Rs. 10/- each(i.e.15%).