YEAR                       EVENTS
 1989 - The Company was incorporated on 10th March, as a private
 limited
        company and was converted into as a public limited company on
        22nd March 1993.  The main objects of the company is to 
        Manufacture various kinds of maize starch and allied products
 and
        bye-product.
   
      - Karam Chand Thapar & Bros. Ltd. (KCT) a Thapar Group Company
 also
        the holding Company of Bharat Starch Industries Ltd., sold
 its
        starch unit as a going concern together with all assets and 
        liabilities relating to the aforesaid unit to Satyam Pigments 
 
        Ltd., its fully owned subsidiary effective April 1.
 
      - Satyam Pigments Ltd., changed its name to Bharat Starch
        Industries Ltd. on 3rd June.  KCT was the holder of 40 equity
        shares of the company as on 5th March out of the 200 equity
 share
        of the Company.  The Company made a Right issue of 2000 shares
 in
        March in the ratio of 1:10.   KCT fully subscribed to the
 Rights
        shares whereas others did not.
 
      - Special efforts were made by the Company to promote maize 
        cultivation in close co-ordination with various agencies
 involved
        in development of maize.
 
      - The Company undertook expansion and modernisation programme to
 
        rationalise the existing methods of production and bring them
 in
        line with the latest technological practice.  The starch and
        allied products capacity was to be increased to 34,800 tpa, 
        refined oil to 3,600 tpa and plant growth regulator to 240
 tpa.
        It was proposed to import a primary centrifuge model B-30
        machine at a cost of Rs.1 crore.  Other machines were to be 
        procured indigenously.
 
      - 24,80,917 No. of equity shares allotted to Imperial
 promoters.
        58,30,000 No. of equity shares of Rs.10 each were issued
 through
        a prospectus in March 1994.  Of which 21,30,000 shares and
        11,20,000 shares were reserved and allotted on a firm basis
 to
        Associate Companies and Asian Finance and Investment
 Corporation
        Ltd. (AFIC) Singapore respectively.  Of the remaining
 5,00,000
        shares were reserved for allotment on a preferential basis to
 
        NRIs/OCBs on repatriation basis.  Additional 3,200 shares 
        allotted.  Balance 20,80,000 shares allotted to the public.
 
 1994 - The Company undertook to set up a project for manufacture of 
        citric acid at a cost of Rs.130 crores.  
 
 1995 - During March-April, the Company issued 180,13,900 Rights
 equity
        shares (prop. 13:6; prem. Rs.20 per share).
 
 1997 - The Company allotted 81,09,900 No. of equity shares of Rs.10
 each
        at a premium of Rs.9.25 per share on preferential basis by
 way
        of private placement of M/s. Staley Investments Inc.
 Mauritius.