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YEAR EVENTS
1959 - The Company was incorporated on 16th October, at Mumbai.
- The main object of the Company is production of cold drawn and
turned bright bars of mild steel, B.S.S. En. Steel including high
carbon, free cutting, alloy and special steels. The bright bars
produced are in different sizes which are mainly used by loco
builders and railway workshops and by all bearings, electric
motors, general engineering, automobile, cycle and ancillary
industries.
- 1,50,000 shares subscribed for by promoters, etc. 1,50,000
offered to the public in January, 1960.
1961 - In Sept. 2,00,000 Right shares offered at par in prop. 2:3.
1962 - Indian Bright Steel Co. Ltd., became a subsidiary of the Company.
As on 31st March, the Company held 2,12,100 No. of equity shares
of Rs.10 each in this subsidiary.
- In March 1,00,000 Right Pref. shares offered at par in prop. 1:5.
Arrears: Rs 250.
1977 - Pref. dividend raised to 11% from 10th May 1997. Arrears: Rs
250.
1978 - 1,00,000-11% perference shares are redeemed in 5 equal annual
instalments of 20,000 shares each commencing from 10th May, the
first installment falling due on 10th May, the last installment
falling due on 10th May, 1982, by drawing lots.
- 20,000 Pref. shares redeemed on 10th May.
1979 - 20,000 Pref. shares which were to be redeemed on 11th May could
not be redeemed due to loss incurred. The amount transferred to
current liabilities and provisions. Arrears: Rs 250.
1981 - The Company's wholly owned subsidiary "Chase Overseas Ltd." was
merged with effect from 1st April.
1982 - 20,000-11% preference shares of Rs.100 each could not be redeemed
on due date, the 10th May, nor could any reserves be created due
to losses. However, the preference shareholders agreed in 1984
to expand the redemption date to 10th May, 1989, with an
increased dividend rate of 13.5% upto 10th May, 1989 with an
increased dividend rate of 13.5% upto 10th May, 1984 and
thereafter at 15%.
1988 - IRBI submitted recommendations and a package for rehabilitation
of the Company to BIFR.
1990 - Working suffered mainly due to sick and disturbed conditions in
the automobile sector and the Gulf war.
1993 - The Company suffered a serious set back in its working results
due to various reasons such as withdrawal of International Price
Reimbursement Scheme, recessionary conditions in the domestic as
well as international automobile and auxiliary industries etc.
Added to this was the poor performance of newly installed
imported equipments.
2007
-The Company has designated the following e-mail ID / Compliance officer for the purpose of investors complaints : chasesteel@rediffmail.com
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