YEAR                       EVENTS
 1948 - Equity shares were split.  14,850 bonus shares of Rs. 100
 each
        issued in prop. 1:3. 5,000 Pref. shares issued at par.
 
 1956 - 5,000 Secured Pref. shares issued at par during 1957.
 
 1959 - The company was incorporated on 14th November, at Kanpur.  The
 
        main objective of the company is to manufacture of textile
 goods,
        rayon yarn and electronic equipments.
 
      - The Company runs a textile mill, a rayon unit including a
        sulphuric acid plant, a carbon-di-sulphide plant, a sodium
        sulphate plant and an electronics factory.
 
      - The factory under the name and style of J.K. Rayon having a
        rayon plant with a capacity of 5 tonnes viscose rayon yarn
 per
        day based on continuous process, together with capacity of 25
        tonnes and 5 tonnes per day respectively, was put into 
        operation in August.
 
 1960 - In 1959, equity shares sub-divided.  39,000-6.5% Pref. and
        6,20,000 No. of equity shares of Rs. 10 each offered at par
 to
        the public.
 
 1967 - The Company undertook the implementation of a television
 project
        in the name of J.K. Electronics at Kanpur.
 
 1969 - It was found that J.K. Electronics unit had lost its
 viability.
        It was, therefore, decided to close down the unit.
 
      - 25,000-10% shares offered through a prospectus.
 
 1973 - 6,868-8.5% cumulative redeemable Pref. shares were redeemed.
 
 1979 - 5,000-10% Pref. shares each redeemed on 21.5.1979, 30.9.1980,
 
        30.9.1981 and 30.9.1982.
 
 1982 - The balance, 5,000-10% Pref. shares were redeemed on
 30.9.1983.
 
 1983 - In order to make Rayon unit an economic and viable
 undertaking,
        it was given on licence to J.K. Synthetics, Ltd. J.K.
 Snythetics,
        Ltd., terminated the licence agreement with effect from 16th
 May.
        Hence, the Company closed down its rayon unit.
 
 1985 - The Company issued 1,25,000-15% non-convertible debentures of
        Rs. 100 each for Rs. 125 lakhs.  These debentures were due
 for
        redemption on 1st February, 1993 at a premium of 5%.
 
      - On account of financial constraints, the Company could not
 pay
        interest on these debentures under the non-cumulative scheme
 for
        the half year ended 31st January, and onwards.  The Company
 was
        also not in a position to redeem the debentures on due date.
        These matters would be considered in the rehabilitation plan
        which was under consideration of the BIFR.
 
      - Matter pertaining to 15% secured non-Convertible Debentures
 of
        Rs. 100 each of the face value of Rs. 125 lakhs with a premium
 of
        Rs. 5 per debenture and interest thereon would be considered
 by
        BIFR in Rehabilitation package and necessary action would be
        taken by the Company as per their decision.
 
 1986 - The J.K. Electronics Unit was closed and the licence was
        surrendered.
 
 1987 - The company took up the IIIrd phase of modernisation
 programme, 
        under which 24 Nos. of Sulzer Airjet weaving machines were
        imported and commissioned.
 
      - Most of the plant and machinery was disposed of during the
 period
        from 1st January, to 31st March, 1989.
 
      - 12,50,000 Rights equity shares issued (prem. Rs 15 per share;
        prop. 1:1) 1,48,610 additional shares allotted to retain
        oversubscription.  Another 1,300 No. of equity shares (prem.
 Rs
        15 per share) allotted to employees, etc.
 
 1988 - The working was adversely affected due to liquidity
 constraints,
        rise in the prices of inputs and stiff competition from 
        unorganised sector.  Concellation of the much awaited Pandey
        award by the Industrial Tribunals led to labour indicipline,
        forcing the Company to declare a lock-out in the mills with
        effect from 15th May, 1989.
 
      - The Government of Uttar Pradesh banned the lock-out by a
        notification.  A writ petition filed by the Company
 challenging
        the ban orders was pending before the High Court at
 Allahabad.
        However, the matter was referred to informal arbitration of
 the
        chief minister of Uttar Pradesh.
 
      - The High Court of Allahabad by its orders dated 19th May,
        sanctioned amalgamation of J.K. Manufacturers, Ltd., with the
 
        Company with effect from 1st January, 1986.  In terms of the
        scheme of amalgamation, shareholders of J.K. Manufacturers,
 Ltd.
        were allotted the following shares of the Company:
 
      - (i) 4,720-8.5% cumulative redeemable preference shares of Rs.
 100
        each to the holders 6% cumulative preference shares in
 proportion
        1:1 and
 
      - (ii) 7,840 equity shares of Rs. 10 each to the equity
        shareholders in the proportion 1:25.
 
      - 5,000-6% preference shares and 6,000-8.5% preference shares
 are
        redeemable at par within a period of 5 years from 15.6.1988
 as
        per the Companies (Amendment) Act, 1988.
 
      - A petition has been made to the Company Lawboard seeking
        permission to issue fresh preference shares in lieu of the 
        unredeemed shares, for the amount due on redemption including
 the
        dividend accrued thereon.
 
 1989 - The Company made a reference to the Board for Industrial and 
        Financial Reconstruction (BIFR) under section 15(1) of the 
        Irredeemable Cumulative Reference Shares (ICPS).
 
 1990 - BIFR declared the Company a sick industrial company and
        appointed Industrial Finance Corporation of India (IFCI) as
        operating agency to prepare a scheme for rehabilitation of
 the
        Company.  This scheme was expected to be finalised soon. 
        Meanwhile, the proceedings before the BIFR were stayed by the
        High Court at Allahabad on a write petition filed by some
 trade
        unions.
 
 1991 - The lockout of the Cotton Textile Mills continued and the
        operations remained suspended.  As a result, the financial
        position of the Company deteriorated due to heavy incidence
 of
        interest charge and other fixed overheads.  Till date, no
        acceptable package of rehabilitation could be evolved for the
        mills.
 
      - 4,720-8.5% preference shares are redeemable at par at any
 time
        after 31.12.1991 but before 31.12.1995 at 3 months' notice.
 
 1993 - As per provisions of the Company Act, 1956 the Company was
        required to redeem 5,000-6% CPS of Rs. 100 each for Rs.
 5,00,000
        a and 6000-8.5% CPS of Rs. 100 each for Rs. 6,00,000 by 15th
        June, by issue of redeemable preference shares in lieu
 thereof
        including amount of dividends due thereon.  The Company's
 fresh
        petition was still pending before Company Law Board.
 
 1994 - The Government did not take any decision regarding sale of
        surplus land.  Also, rehabilitation package prepared by
 Ahmedabad
        Textile Industry's Research Association (ATIRA) were sent to
 PNB
        & IFCI.
       
 1995 - Financial conditions of the Company further deteriorated due
 to
        heavy burden of interest and other fixed over heads.  The
        operations of the mill remained suspended due to continued
        lock-out.
 
      - On the 4th July, the Hon'ble Bench of Company Law Board
 ordered
        that since BIFR is seized of the matter, the petition had
 been
        consigned to records with liberty to the petitioner to revice
        the same in future.  As and where the Company's case if
 finally
        decided by BIFR, the Company would inform the Company Law
 Board
        for doing the needful.
 
 1997 - The financial position deteriorated further and the operations
 of
        the mill continued to remain suspended.
 
      - The company was required to submit a revised proposal to the
        operating agency.  The matter was taken afresh by the company
        with the state government for extending the required reliefs
        for early opening of the company's mill.