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Thana Electric Supply Co Ltd. Company History and Annual Growth Details

1928 - The Company was incorporated as a Private Limited Company on 16th
February. The name was changed to Thana Electric Supply Company
Limited w.e.f 15th January, 1965. It was converted into a Public
Ltd. Co. on 25th January 1965. The main object of the company is
Undertaking contracts, manufacture of electric transformers and
other electrical equipment.

- The company took over from M/s. P. Patel & Co., the licence
known as the Thana Electric Licence, in 1927. The electricity
undertaking of the company was taken over by the Maharashtra
State Electricity Board on the mid-night of 26th/27th 1977.

1964 - Capital at the time of conversion into public company. 2,000
Bonus Equity shares were issued during 1933 to 1938.

1965 - 9,000 No. of Equity shares offered for public subscription in
September. Arrears: 1,000

1967 - In May-June, 6,000 9.5% Pref. shares and 34,000 Equity shares
offered for public subscription.

1971 - In March, 19,000 Right Equity shares issued at par in the prop.

1976 - 6,000 9.50% Pref. shares redeemed on 1st October.

1979 - The company purchased 6,941 No. of equity shares of Rs. 100 each
of Electric Transformer & Equipment Co. Ltd. on 7th February,
whereupon it became a subsidiary of the company.

- In terms of the resolution adopted by the shareholders at the
extra-ordinary general meeting held on 23rd February, duly
confirmed by the High Court, the company reduced its share
capital by repaying the whole of the preference share capital of
Rs. 3,00,000 and Rs. 25 per equity share.

- 3,000 Pref. shares redeemed Equity capital reduced by repaying
Rs. 25 per share.

1980 - As at 31st March, the company held 6,941 No. of equity shares of
Rs. 100 each out of 8,030 No. of equity shares and 2,000 - 9.5%
preference shares of Rs. 100 each issued by this subsidiary.

- The paid-up capital was again reduced by repaying Rs. 25 per
equity share.

1981 - Subsequently, ETE was amalgamated with the company effective from
20th March. The preference shares of ETE were redeemed at par
and the remaining equity shares were purchased by the company.
As ETE became a wholly owned subsidiary prior to amalgamation, it
did not involve any issue of shares to the members of ETE.

1982 - Shares subdivided. 3,50,000 Bonus shares issued in prop. 1:1.
3,50,000 rights shares issued at par in prop. 1:2 in April 1983.

1984 - The company's writ petition challenging the validity of the
Indian Electricity (Maharashtra Amendment) Act, 1976 was upheld
by a division bench of the Mumbai High Court in a judgment
delivered on 20th July.

- Pending hearing and disposal of the said appeals, the Supreme
Court, on a motion by the Company directed the MSEB to make a
further interim payment which was received by the Company after
the close.

1985 - The petition was admitted by the Supreme Court on 11th January.
The company also filed cross objections in the Supreme Court.

1986 - Both Production and sales declined due to go slow and lock out
during the period 19th November, to 4th February 1987 at the
Hyderabad factory.

1989 - In April, the Supreme Court has delivered judgment upholding the
validity of the Indian Electricity (Maharashtra Amendment) Act,

- There was a dispute between the company and the MSEB over the
quantum of deduction of statutory reserves from the purchase

- The division was reactivated and was to be relocated in

1990 - Though turnover increased, the overall working resulted in a loss
due to allround increase in cost and loss of production during
the year consequent to labour unrest.

1992 - Southern Switchgear Ltd., is a subsidiary of the company. The
company held 6,43,433 No. of equity shares of Rs. 10 each out of
7,50,000 No. of equity shares issued by this subsidiary as on
31st March.

- The company suffered a slight set back due to low turnover and
squeez in margin.


-Satyajit Mishra resigns from Company Secretaryship of Thana Electric Supply.