| YEAR EVENTS
1971 - The company was incorporated on 15th December, at Allahabad. The
company was promoted by Shri S.N. Agarwal who was associated with
the first sheet glass plant in the country set up at Bahji (U.P.)
four decades ago.
- The main objective of the company is to manufacture glass and
glass products of all types, particularly sheet glass by P.P.G.
(Pittsburg Plate Glass) process.
- All shares were taken up by promoters, directors, etc.
1973 - 6,30,000 No. of equity shares offered at par for public
subscription through a prospectus in June.
1978 - 12,100 No. of equity shares forfeited. 1,83,810 No. of equity
shares allotted at par to financial institutions on conversion
of loans.
1979 - Forfeiture of 1,700 No. of equity shares annulled.
1980 - Forfeiture of 350 No. of equity shares annulled.
1987 - The company undertook a project (plant No. 4) for manufacture of
tinted and white sheet glass with annual capacity of 16 Lakh sq.
mtr.
1990 - Production and sales suffered due to strike by workmen for four
and half months and high cost of inputs.
- The company undertook a project for the manufacture of neutral
glass tube and rod with an annual capacity of 4000 tonnes near
Meerut.
1991 - All the other plants except plant No. 2 were not in operation due
to strike at the factory and the resultant repairs of furnaces.
Production and sales improved substantially and as such better
operating results were achieved despite increase in the input
costs.
- The project for manufacture of neutral glass tubes with imported
electric furnace was dropped because of serious foreign exchange
crunch in the country. On further consideration it was decided
to implement the project with oil fired furnace.
- The Company also undertook the implementation of figured wired
glass manufacturing plant at Rajahmundry in Andhra Pradesh.
1992 - Record production and sales was achieved with production of sheet
glass on 2mm basis and figured and wired glass on 3mm basis
improving substantially to 107,98,730 sq. mtrs. and 26,25,010
sq. mtrs. respectively. Production of natural glass tubes was
547 tonnes and a higher production was marred due to some initial
teething problems.
- The company proposed to implement a project at Allahabad for
manufacture of float glass by Chinese Luoyoang float process
with a capacity of 200 tonnes per day. An agreement was entered
into between the company and Chinese National Machinery Import &
Export Corporation, Beijing for supply of major plant and
machinery and technical know-how.
- Legal suits in connection with the take over of management of
Kratar Glass Works Ltd. was still pending in the court of law.
The Company filed a petition for winding up of Kartar Glass
Works Ltd.
- As per the scheme of rehabilitation approved by BIFR, the company
agreed in principle to the scheme of waiver of 50% of the dues
and acceptance of the balance in 36 equal instalments.
Commencing after 24 months from the date of recommissioning of
the plant retaining the right to continue with the legal
proceedings against Kartat Glass Works Ltd. in case of the
scheme of BIFR fails.
- 11,73,760 bonus equity shares allotted in prop. 1:1.
1994 - In October, for financing the float glass project, the company
issued 39,12,534 No. of equity shares of Rs. 10 each for cash at
a premium of Rs. 60 per share in the ratio of 5 shares for every
3 shares held to the existing shareholders aggregating Rs. 2739
lakhs alongwith 39,12,534 detachable and fully tradeable warrants
to be converted into equity shares of Rs. 10 each for cash at a
premium of Rs. 70 per share.
- Simultaneously, 16,62,300 No. of equity shares of Rs. 10 each at
a premium of Rs. 90 per share for Indian public/FIs and Rs. 110
per share for NRIs/OCBs aggregating Rs. 1731.20 lakhs were
oversubscribed.
- 55,68,959 No. of equity shares allotted on account of the rights
and public issue.
1995 - 133 right equity shares kept in abeyance were allotted. 7,13,772
No. of equity shares (prem. Rs. 70) were allotted on conversion
of detachable and freely tradeable warrants.
1996 - BIFR recommended winding up of Kartar Glass Works Ltd. and steps
were taken to submit the company's claims before the High Court
at Chandigarh.
- Implementation of the expansion project at Rajahmundry for
manufacture of figured glass was stopped due to paucity of fund.
2014
- Appointment of Company Secretary cum Compliance Officer Ms Sushma Membership Num A34410 an Associate member of the Company.
|