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Forbes Gokak
BSE: 502865|NSE: FORBESGOK|ISIN: INE518A01013|SECTOR: Textiles - Spinning - Cotton Blended
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Company History - Forbes Gokak
YEAR                       EVENTS  
 1919 - The company was incorporated on 18th November, to take over as
 a
        going concern the undertaking.  The Gokak Water Power and
        Manufacturing Co. Ltd. incorporated in U.K. in 1885.  The
 main
        objects & activities of the Company was cotton spinning and
        manufacturing of Cycle, Tyre Cord, Cotton canvas and Duck.
 
      - 39,047 shares issued as fully paid-up without payment in
 cash.
 
 1954 - In September, 1 share issued (prem. Rs. 175) and 9,762 bonus
        shares issued in prop. 1:4.
 
 1961 - 24,405 Right shares issued (prem. Rs. 15 per share; prop.
 1:2).
 
 1966 - 14,643 Bonus shares issued in prop. 1:5.
 
 1967 - 29,286 Bonus shares issued in prop. 1:3.
 
 1969 - 13,016 Bonus shares issued in prop. 1:9.
 
 1972 - Patel-Volkart, Ltd. was amalgamated with the Company
 effective
        from the close of business on 30th June.
 
      - 65,080 Bonus shares issued in propn. 1:2.
 
 1973 - The name of the Company was changed from The Gokak Mills,
        Ltd., to its present one with effect from 31st December.
 
      - The name of the Company was changed to the present one from
        Gokak Patel Volkart Ltd.
 
      - 76,545 No. of equity shares allotted to the shareholders of
        Patel-Volkart Ltd. (Other than The Gokak Mills, Ltd.)
 pursuant
        to the scheme of amalgamation.
 
 1977 - 54,357 Bonus shares issued in prop. 1:5.
 
 1979 - The Company undertook a modernisation programme involving an
        outlay of Rs. 366 lakhs under the Soft Loan Scheme of the
 IDBI.
 
 1983 - The Company acquired a hydro power generating set of 1
 Megawatt
        capacity.
 
 1987 - 32,61,420 Bonus equity shares issued in prop. 1:1.
 
 1989 - The Company was granted the status of a `Trading House'.
   
      - The Company acquired a spinning unit at Vadodara having an
        installed capacity of 25,000 spindles.  It was named as Gokak
        Vadodara Spinning Mills (GVSM).
 
      - The Company in association with others undertook to set up a
        textile mill in Indonesia with a capacity of 30,000 spindles.
 
      - The Company proposed to subscribe to right shares of rupee
        equivalent to U.S. $ 2,50,000 offered by P.T. Gokak Indonesia
        at par.
 
      - The associate companies are Fall Industries Ltd., Forbes
        Compbell Holdings Ltd., warrior (Investment) Ltd. are all
        associate companies of Forbes Gulak Ltd.
 
 1991 - 16,99,861 shares allotted to the shareholders of erstwhile
        Forbes Forbes Campbell & Co. Ltd, on amalgamation with the
        Company.
 
 1992 - Forbes Forbes Campbell & Co. Ltd. was amalgamated with the
        Company.
 
      - A.P. Industrial Components Ltd., Bradma of India Ltd., Eureka
        Forbes Ltd., Forbes Shipping Corporation Ltd., Forbes Estates
        Ltd., Latham India Ltd., Compbell Korit Weat Ltd., and
 Volkart
        Fleming Shipping and Services Ltd. are the subsidiaries of
        the Company.
 
 1993 - Forbes Shipping Agency division had tiled up with a major
        European Freight Forwarding Company in its worldwide air and
        sea shipment activities.  Working of the Engineering division
        was affected due to recessionary trends.  The performance of
        Communication Equipment Agency division was also affected
        due to deferment of several telecom projects by Government.
 
      - 41,11,351 shares allotted (Prem. Rs. 70) to the existing
        shareholders on Rights basis in the ratio of 1:2.  1,19,350
        shares allotted to employees.
 
 1994 - The performance of textile division was affected due to 
        unprecedented rise in cotton costs and labour unrest at the
        main textile unit at Belgaum.
 
 1995 - Working of the Textiles division was affected due to
 increased
        cost of input, poor low and order situation at Belgaum Unit,
        severe power cut etc.
 
      - During the Company commissioned new 15,000 spindle cotton
 yarn
        EOU project at Gokak Falls.
 
 1996 - Also, the new 15000 EOU at Gokal fall achieved planned level
 of
        performance.  In addition, the new yarn dyeing plant
 registered
        significant improvement in capacity utilisation.  The Patvolk
        division suffered due to a sea change in shipping scene what
        with falling freight rates ane liner.  The division hence
        decided to time charter MTO activity and shore-side
 activities.
        In the forbes division, domestic demand for cutting tools
        continued to be good.
 
      - A MOU was entered into for a joint venture with an
 international
        company engaged in the production and marketing of plastic
 optic
        laser.
 
 1998
 
 -Decided to put its optics division on the block and exit from the
 lens manufacturing business
 
 1999
 
 -Diversified Tata group company  has closed down its textile unit at
 Vadodara due to mounting losses.
 
 - Forbes Gokak Ltd  a Tata Group company and Barwil Agencies of Wilh 
 Wilhemsed  Norway  have formed a joint venture company to provide
 shipping agency  transport  logistics and related services in India
 with its headquarters in Mumbai.
 
 -Decided to divest its entire shareholding of 28.56 per cent in
 Goodlass Nerolac Paints (GNP) to its foreign collaborator Kanasi
 Paint Co of Japan.
 
 2000
 
 -Forbes Gokak Ltd and Tata Consultancy Services (TCS) have announced
 a strategic partnership wherein TCS will be Forbes' IT partner and
 will support its IT initiatives. 
 
 2001
 
 -Tata group company Forbes Gokak has shed around 170 employees
 through a voluntary retirement scheme (VRS), resulting in a total
 outgo of Rs 4.5 crore.
 
 -Board Approves a proposal to buy out Electrolux's 40 per cent stake
 in their joint venture, Eureka Forbes, according to the Bombay Stock
 Exchange.
 
 -Tatas offload 6.77% in Forbes Gokak at Rs 80/share  to Pallonji
 Mistry Group
 
 -Shapoorji Pallonji makes open offer for 20% equity stake in Forbes
 Gokak at a price of Rs 80 per share
 
 -Mounted a counter-offer for the Mumbai-based textile company, has
 acquired a 15 per cent stake in the company in violation of the
 takeover code guidelines.
 
 - Mr Pawamkumar Sanwarmal, has pledged 1,45,000 shares of Pilani
 Investments and Industries Corporation amounting to Rs 112.66 crore
 as part of his funding arrangements for the 20 per cent counter-open
 offer for Forbes Gokak at Rs 88.50 a share
 
 -Decided in favour of the small shareholders of Forbes Gokak Ltd and
 allowed the counter bid launched by Pawankumar Sanwarmal to proceed.
 
 -The Shapoorji Pallonji Mistry camp has filed an appeal with the
 Securities Appellate Tribunal (SAT) against the Securities and
 Exchange Board of India (Sebi) order allowing the Pawankumar
 Sanwarmal groups counter bid for acquiring a stake in Forbes Gokak.
 
 -Shapoorji Pallonji group has brought Tata groups 8.04 per cent
 stake in  Forbes Gokak. The deal was signed at a price of Rs 90 per
 share. With this acquisition, the Shapoorji Pallonji group has
 increased its stake in the company to 41.7 per cent
 
 -Sterling Investment Corporation Pvt. Ltd. purchases 23,495 shares
 representing approx. 0.19% of the total capital of Forbes Gokak Ltd
 through open market
 
 -Shapoorji Pallonji group buys 11.22 lakh shares of Forbes Gokak from
 the stock market at a price of Rs90 per share. This represents about
 9.01 per cent of the equity of the company
 
 2002
 
 -Construction king Shapoorji Pallonji groups shares in the
 diversified company, Forbes Gokak, has exceeded 50 % of its paid-up
 equity.This has come in the wake of the group, making open market
 purchases. 
 
 -Non convertible debenture issue has been downgraded to' A+' from
 'AA-' by CRISIL.
 
 -Acquires Electrolux ABs 40 per cent stake in the joint venture
 Eureka Forbes for Rs 32 crore
 
 -Ties up with Daks Simpson, for licensing rights for distribution of
 Daks products in India. The Daks brand was earlier marketed by Tata
 International. Daks brand, has formal and semi-formal wear consisting
 of blazers, shirts, suits and ties, trousers, accessories, T-shirts in
 cotton, wool and woollen blends. 
 
 2003
 
 - Mr Shapoor P. Mistry inducted as the chairman of the board of
 directors of Forbes Gokak Ltd.  replacing Mr Pallonji S. Mistry
 
 - Forbes Gokak has become a significant company in the Pallonji
 Mistry's lottery venture, Dhandhanadhan Infotainment as the former
 has bought out 49 per cent holding in Dhandhanadhan for a
 consideration of Rs 5.88 crore.
 
 -Resolved to amalgamate its two wholly-owned subsidiaries namely,
 Bradma of India Ltd and Campbell Knitwear Ltd pursuant to a Scheme of
 Amalgamation, under the provisions of Section 391-394 and other
 provision of the Companies Act 1956
 
 2004
 
 -Enters into marketing tieup with Daks Simpson, British apparel
 major, to manufacture & market Daks range of brands in India
 
 -British apparel major Daks Simpson has entered into a strategic
 licensing agreement with Mumbai-based company Forbes Gokak which will
 manufacture and market its Daks brand in India.
 
 2005
 
 - Forbes Gokak Ltd has completed the purchase of 19,80,000 shares of
 Eureka Forbes Ltd i.e 11,80,000 shares directly by the Company and
 8,00,000 shares through its wholly owned subsidiary Forbes Finance
 Ltd, for an aggregate amount of Rs 524.20 million and thus Eureka
 Forbes Ltd has now become a wholly owned subsidiary of the Company.
 
 -Savile Row joins hands with Forbes Gokak to enter India
 
 2008
 
 -Company name has been changed from Forbes Gokak Ltd to Forbes &
 Company Ltd.
 
 -The Company has recommended a payment of dividend @ 15% (Rs 1.50 per
 share of Rs 10/- each).
 
 -Mr. T R Doongaji has been appointed Additional Director on the Board
 of Directors of the Company.
 
 2010
 
 -Mr. Kaiwan Kalyaniwalla has been appointed Additional Director on
 the Board of Directors of the Company.
 
 2011
 
 -A Subsidiary and Joint Venture Company of the Company has been
 awarded a 7-year contract by ONGC.
 
 2012
 
 -Sivanandhan was appointed a Director on the Board of Directors of
 the Company.
 
 -The Comapny has recommended a dividend of Rs. 1 (10%) per equity
 share of Rs. 10.
Source : Dion Global Solutions Limited
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