YEAR                                                            
 EVENTS
 1936 - The Company was incorporated as a private limited company on
              29th September, to take over the business of H. B.
 McKerrow &
              Company Ltd. and of Herbert Son and Company (Calcutta)
 Ltd.  The
              Company was initially engaged in the import and
 distribution of
              liquor and foodstuffs such as Black and White whiskey,
 Heineken
              Beer, Kraft Cheese, Plumrose Foods and Peek Frean
 biscuits as
              well as old spice toiletries.
 
 1969 - D&P Products Pvt. Ltd., a processed food unit manufacturing a
              range of processed foods like jams, squashes, tomato
 ketchup and
              canned fruits was amalgamated with the company.
 
 1974 - The Company launched its own brand of liquor Honey Bee
 Brandy,
              Bag Piper whisky, Royal Treasures White Rum, Romanov
 Vodka and
              High Society Gin.
 
 1991 - The UB - MEC Batteries Ltd. was amalgamated with the company
              under the provisions of the Industrial Reconstruction
 Bank of
              India Act, 1984 with retrospective effect from 1st July
 1988.
 
           - 41,32,273 equity shares and 6,535 9.3% Pref. shares
 issued,
              subscribed and paid-up.
 
 1992 - The turnover of the company amounted to Rs 138.27 crores. 
 The
              performance of the company was satisfactory despite
 competition
              from foreign liquors.
 
           - Bombay Breweries Ltd. (BBL), a subsidiary of UB Ltd.,
 was
              amalgamated with the company with restrospective effect
 from 1st
              April.  The members of the erstwhile BBL were allotted
 1,50,050
             equity shares of Rs 10 each pursuant to the scheme of
             amalgamation.
 
           - The company undertook to implement brewery project at
 Taloja
              in Maharashtra.
 
            - 2,50,050 equity shares pursuant to scheme of
 amalgamation.
              40,42,150 equity shares issued on conversion of the
 partly
              convertible debentures.
 
            - In February, the company issued 3,60,000 - 15% secured
 redeemable
              partly convertible debentures of Rs. 300 each through
 prospectus
              of which 18,000 debentures were offered to the employees
 (only
              9,940 debentures taken up).  The remaining 3,42,000
 debentures
              along with 8,060 debentures not taken up by employees
 were
              offered to the public.  All were taken up.  Additional
 5,40,000
              debentures were allotted to retain oversubscription.
 
            - Part A of Rs 75 of each debenture was to be converted
 into five
              equity shares of Rs 10 each at a premium of Rs 5 per
 share on the 
              date of allotment of debentures.  Accordingly, 20,70,000
 equity
              shares were allotted in April.
 
 1993 - The turnover marginally declined to Rs 137.38 crores due to
 steep
               increase in the prices of molasses and rectified spirit
 following
               decontrol in May 1993 coupled with transporters strike
 during
               July/September.
 
             - 6,535, 9.3% CR Pref. shares redeemed during the year. 
 97,850
               shares re-issued on forfeitures.
 
 1994 - The turnover rose significantly to Rs 224.22 crores despite
              continued prohibition in Andhra Pradesh.  The Company
              launched Herbertsons Indian Salute a new whisky in the
 premium
              segment.  The company has taken up the distribution of a
 popular
              brand of scotch whiskey - VAT 69.
 
           - The Company Brewery undertaking at Taloja commenced
 commercial
              production in the first quarter of the year.
 
            - BDA Ltd. became a wholly owned subsidiary of the company
 during
              February.
 
 1995 - Kalayani Black Label premium strong beer was launched.
  
            - 1,000,000 equity shares allotted pursuant to scheme of
              amalgamation on conversion of 14% FCD's allotted to the
 members
              of the erstwhile Sona Distilleries Ltd.
 
 1996 - The turnover declined to Rs 188.83 crores due to continued
              prohibition in Andhra Pradesh and introduction of
 prohibition
              in Haryana.
 
           - The Brewery Project was transferred to United Breweries
 Ltd.
 
           - 10,00,000 equity shares were allotted on conversion of
 fully
              convertible of fully convertible debentures.  Each
 debenture
              was converted into 5 equity shares of Rs 10 each at a
 premium
              of Rs 5 per share with effect from 11th August 1995.
 
 1997 - The sales volume grew by 28%, while turnover declined to
              Rs 151.19 crores from Rs 188.83 crores in the previous
 year.
              Company's premier brand Bagpiper Whisky recorded 30%
 growth
              during the year.
 
 2000 - Herbertsons Ltd. India's third largest spirits company
 launched Bagpiper rum.
              
 2001 - The Company has launched a new brand of brandy called Joie de
 Franc', in the 
              premium segment.
 
          - The Company has launched the Honey Bee Premium Brandy with
 a new 
             packaging in Tamil Nadu.
 
          - The Mumbai High Court September 28 ruled that Herbertson
 vice-chairman Kishore Chhabria's additional 21 per cent stake in
 Herbertson which he picked up from the market was void 
 
 
 2004
 
 -Mr KR Chhabria and Mr MD Chhabria (The acquirers), along with
 persons acting in concert (PACs) had made an open offer (the offer)
 to the shareholders of Herbertsons Ltd (HL) pursuant to SAT order
 dated August 1, 2003 to acquire from them upto 1904465 equity shares
 (representing 20% of the paid up share capital of the HL).
 
 -Mr. Vijay Mallya increases his holding in the company by 7.11% from
 28.55% to 35.66%