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Steel Strips Infrastructures Ltd. Company History and Annual Growth Details
The Company was incorporated on 23rd February, 1973 as a Private Ltd.Company in the name of Malwa Steel Tubes (Pvt) Ltd. It was promoted by R K Garg jointly with Punjab State Industrial Development Corporation (PSIDC).
With Substantial disinvestment of Share by PSIDC in favour of R K Garg, and his nominees in July 1981, it became a private sector company. The Company was taken over by Steel Strips Ltd. in July 1985 and was converted into a Public Ltd.,Company on 28th August, 1985 under the name Steel Strips & Tubes Ltd.
During 1990-91 the Company became a Sick unit under the provisions of Sick Industrial Companies (Sp.Provision) Act,1985. Necessary steps were being taken to make reference to BIFR.
Steel Strips Tubes Investments Ltd. is a Subsidiary of the Company by virtue of section 4(1) (a) of the Companies Act, 1956.
The Company's Net Worth became positive as on 31.03.1995 and so it is no more remained a Sick Company under the provisions of Section 3(1)(o) of Sick Industrial Companies (Special Provisions) Act, 1985.
-Company name has been changed from Steel Strips & Tubes Ltd to Steel Strips Infrastructures Ltd.