M/s. Indo Vanillon Chemicals Ltd. was incorporated on
26th June, 1992 under the name Sakhi Chemicals Ltd. (SCL)
by Shri. Prem Prakash Khanna and Shri L. T. Bhojwani.
The company was incorporated with the objective of setting
up project to manufacture Ethyl/Methyl Vanillin with an
installed capacity of 120 TPA. Accordingly, the company
identified M/s. Arovanilon Ltd. of the Czech Republic for
the acquisition of necessary technical know-how for the
said project A collaboration agreement to this effect was
signed with M/s Arovanilon Ltd. , on September 17, 1992.
Subsequently, the promoters entered into a Memorandum of
understanding on November 11, 1992 with Haryana State
Industrial Development Corporation ltd. (HSlDC) for
setting up of the aforesaid project in the assisted sector.
This Memorandum of understanding was converted into an
assisted sector agreement on April 2, 1993. According to
this agreement, HSlDC consented to participate in equity to
an extent of Rs. 41 Lakhs. In order to part finance the
conceived project of Rs. 846 lakhs the company approached
Industrial Development Bank of India (lDBl) for a Term Loan
assistance of Rs. 225 lakhs. The latter sanctioned the
desired term loan vide their letter no. 4006/IV/PFD/687
dated April 7, 1993. Afterwards the loan agreement was
also signed between the company and lDBI on May 26, 1993.
Meanwhile, in a subsequent development, Shri L. T.
Bhojwani, left the Company due to his personal reasons. At
a meeting conducted by HSIDC on 11.4.94 at Chandigarh, he
expressed his inability to participate in wnning the
Company sitting at Bombay. This decision of Shri. Bhojwani
affected the progress of the project adversely. However,
Shri. Prem Prakash Khanna, the other promoter succeeded in
persuading Shri. Subhash Chander Wadhwa to join the company
as one of the main promoters. Accordingly, Shri.
Bhojwani's equity stake in the company was purchased by
Shri. Wadhwa on June 11, 1994. He joined the Board on May
25, 1994. A supplementary assisted sector agreement in
this regard was signed on July 13,1994 with HSIDC. IDBI
too vide their letter no. 394/lV/PFD-687 dated August 12,
1994 gave its consent to the introduction of Shri. Wadhwa
in the company as one of the promoters. Along with the
above developments, the name of the company was also
changed from Sakhi Chemicals Limited to Indo Vanillon
Chemicals Limited. This was done to identify the company
more with the product of the company namely ethyl vanillin.
A new certificate of incorporation was issued on July 21,
1994 by the Registrar of Companies, NCT of Delhi and
Haryana. lDBl disbursed Rs. 150 Lacs out of its sanctioned
term loan of Rs. 225 Lacs and held Rs. 75 Lacs which was
margin money in the project as per the terms and conditions
of Loan agreement. In order to avoid any delay and to use
this money for completion of project, the Company
approached State Bank of Patiala (SBOP) who subsequently
sanctioned the loan on lower rate of interest than lDBI.
SBOP had also disbursed an amount of Rs. 22,00,591/-.
However, the bank had marked a lien on the current account
of the Company at the advise of their Head Office, vide
letter no. 4058 dated 23.03.95. As a consequence of which
the management of the Company had given back the money to
the bank and the promoters of the Company has given an
unsecured loan to substitute the loan from SBOP to avoid
delays and over-runs. The Company has already got the
sanction from the Haryana Financial Corporation vide their
letter no. HFC/App/288, dated 17.07.95 for a term loan of
Rs. 75 Lacs which will in turn replace the unsecured loan
from the promoters.
As per the initial schedule, the company was slated to
start commercial operations from April 1, 1994. However,
the developments as stated above hampered the physical
progress of the project considerably and now the
commencement of commercial operations is scheduled for
August, 1995. Despite this delay in implementation
schedule, the company is expecting to implement the project
without any cost overrun.
MAIN OBJECTS OF THE COMPANY
The main objects of the company as contained in Memorandum
of Association are:
To carry on the business as manufacturers, importers,
exporters, dealers, producers, miners, refiners, stockists,
agents, brokers, traders of all kinds of organic and
inorganic chemicals, fine chemicals, dyes, petrochemicals,
alkalies, gases, acids, salts, compounds, fertilizers,
chemicals and chemicals products of every nature and
description and compounds, intermediates, derivatives and
bye-products thereof and products to be made there from
including but not limiting generality to the foregoing,
paints, pigments and varnishes, plastic and resins, dyes
and dyestuffs, reagents, wetting agents, insecticides,
fumingents, catalytic agents, direct colours, basic and
rapid fast colours, phosphates, nitrates, sulphates,
caustic soda, chlorine products, iodine salts and minerals,
heavy and fine chemicals, industrial chemicals,
petrochemicals, aeromatics products derived from phosphat
and other mineral mines, lime stone, bauxite mines,
petroleum, natural gas and other natural products useful or
suitable in the manufacture of chemicals and chemicals
2. To purchase, manufacture, produce, refine, own hold
use, sell, transfer or otherwise dispose of trade, deal in
all kinds of petro-chemicals and scarce materials,
ingredients, mixtures, derivatives and compounds thereof
and any and all kinds of products in which any of the
foregoing is used including medicines, parmaceuticals,
fertilizers and chemicals of all kinds.
SUBSIDIARIES OF THE COMPANY
The Company does not have any subsidiary company.