YEAR                       EVENTS
 1986 - The Company was incorporated on 17th February.  The Company
 was 
        promoted by Vijay Kumar Gupta.  The main objective of the
 Company
        is Refining of vegetable oils.
 
      - 70 shares subscribed for by the signatories to the Memorandum
 of
        Association.  9,99,930 shares then issued at par out of which
        2,99,930 shares were reserved and allotted to promoters on a
 firm
        basis.  Out of the remaining 7,00,000 shares, the following
        shares were reserved for preferential allotment:
 
      - (i) 35,000 shares to employees of the Company including
 Indian
        working directors (none were taken up);
 
      - (ii) 14,000 shares to friends of promoters and business
        associates of the Company (none were taken up) and 
 
      - (iii) 2,50,000 shares to non-resident Indians on repatriation
        basis (only 1,69,500 shares taken up).
 
      - The balance 4,01,000 shares along with the unsubscribed
 portion
        of 1,29,500 shares out of the preferential quota, were
 offered
        for public subscription during July.  2,50,000 additional
 shares
        allotted to the public to retain over-subscription.
 
 1987 - The Company issued 12,50,070 No. of equity shares at par as
        rights in proportion 1:1.  Only 5,91,987 shares were taken up
 and
        the allotment was made on 1st April, 1988.  The balance
 6,58,083
        shares were to be allotted on private placement basis.
 
      - Simultaneously, another 62,500 No. of equity shares were
 offered
        at par to employees under Stock Option Scheme.  (None were
 taken
        up), and all of them were allowed to lapse.
 
 1988 - A project for setting up a mustard/groundnut seed crushing
 plant
        with a capacity of 60,000 tonnes per annum and a solvent
        extraction unit with a capacity of 60,000 tonnes per annum
 was
        undertaken.
 
      - Only 5,91,987 shares were taken up and the allotment was made
 on
        1st April.  The balance 6,58,083 shares were to be allotted
 on
        private placement basis.  Simultaneously, another 62,500 No.
 of
        equity shares were offered at par to employees under stock
 option
        scheme.  (None were taken up), and all of them were allowed
 to
        lapse.
 
 1989 - Expansion of solvent extraction capacity was completed and
 the
        existing installed capacities of 15,000 TPA were raised to
 30,000
        TPA during the year.
 
 1990 - During March-April, the Company offered 2,50,000-14%
 convertible
        debentures of Rs. 135 each on Right basis in the proportion
 10
        debentures : 100 equity shares held (all were taken up).
        Additional 1,28,920 debentures allotted to retain
        oversubsciption.
 
      - Simultaneously another 12,500-14% debentures were issued to
        employee (including Indian working directors)/workers of
 Company
        on an equitable basis (none were taken up and all were allowed
 to
        lapse).
 
      - Simultaneously to the rights issue, the Company issued
 through
        the prospectus 5,51,240-40% secured fully convertible
 debentures
        of Rs. 135 each of which the following debentures were
 reserved
        for allotment on a preferential basis:
 
      - (i) 1,00,000 debentures to SBI mutual fund/Canbank mutual
 fund
        and UTI (only 97,037 debentures taken up):
 
      - (ii) 57,000 debentures to equity shareholders of Ambuja Flour
        Mills Ltd., Ambuja Foods Ltd. and Gujarat Vita Pharma Ltd.
        (None were taken up) and
 
      - (iii) 27,563 debentures to employees (including Indian
 working
        directors)/workers of the Company (only 27,5000 debentures
 taken
        up).
 
      - 46,50,620 shares allotted on conversion of part A of debs.