SENSEX NIFTY
Madras Aluminium Company > Company History > Aluminium > Company History of Madras Aluminium Company - BSE: 504580, NSE: MALCO
YOU ARE HERE > MONEYCONTROL > MARKETS > ALUMINIUM > COMPANY BACKGROUND - Madras Aluminium Company
Madras Aluminium Company
BSE: 504580|NSE: MALCO|ISIN: INE223B01026|SECTOR: Aluminium
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
Madras Aluminium Company is not traded in the last 30 days
Madras Aluminium Company is not traded in the last 30 days
Company History - Madras Aluminium Company
1960 
 
 - The Company was incorporated on 31st August, at Chennai.  The
 Company
 manufacture of aluminium ingots and alloys from the bauxite reserves
 of
 Sheveroy Hills and rolled products.  The factory was inaugurated on
 2nd
 July, 1965.  The rated capacity was reached only in July 1965, when
 all
 the electrolytic pots were commissioned. 
 
 - The company entered into a collaboration agreement with M/s.
 Montecantini of Italy.
 
 - 50,000 No. of equity shares allotted to directors, etc. 70,000
 Pref.
 and 80,000 No. of equity shares allotted to the Madras Industrial
 Investment Corpn. Ltd., 20,000 Pref. and 10,000 No.  of Equity
 shares
 allotted to LIC.  63,500 No. of Equity shares allotted to certain
 brokers and their constituents, 120,000 No.  of equity shares
 reserved
 for allotment to the foreign collaborators for consideration other
 than
 cash, out of which 45,000 shares were allotted, and 60,000 Pref. and
 1,26,500 No.  of Equity shares offered for public subscription
 during
 January 1961.
 
 1962 
 
 - Further 30,000 No. of equity shares allotted to the foreign
 collaborators.  First call on partly paid shares made during the
 year.
 
 1964
 
 - During 1963, further 45,000 No. of Equity shares were allotted to
 the
 collaborators.  All shares were fully called up.
 
 1966 
 
 - The properzi plant was erected in November.  195 Pref. shares and
 3,390 No. of Equity shares forfeited for non-payment of calls.
 
 1967
 
 - The Company executed the lease deeds with Government of Chennai
 for
 mining bauxite in 167.51 acres in the Kolli Hills area of Salem
 district.
 
 1971
 
 - Out of forfeited shares, 80, 85, 100, 1,270 and 237 No. of equity
 shares reissued in 1967, 1968, 1970 and 1971 respectively.
 
 1977 
 
 - The Company had taken up a programme in which included
 diversification of production to 7,000 tonnes of continuous sheet
 casting and 2,000 tonnes of extrusion.
 
 - Alumina production capacity was to be increased from 120 tonnes to
 140 tonnes per day.
 
 1980 
 
 - The imported extrusion plant was commisioned.  The continuous
 casting
 plant was ordered with French suppliers.
 
 - The redemption date of 1,43,157 preference shares was extended
 from
 1st January, to 1st January, 1985 and the rate of dividend was
 increased to 11% per annum with effect from 1st January.  657 shares
 belonging to the dissenting preference shareholders were redeemed on
 1st July.
 
 1981 
 
 - Capacitor banks were installed in order to improve the power
 factor.
 
 1982
 
 - The casting plant for the manufacture of sheets over 6mm was
 expected
 to be commissioned during September which was to be followed by the
 project for the manufacture of sheets by installing a suitable 4
 high
 cold rolling mill with allied facilities.
 
 1984 
 
 - The rate of dividend was further increased to 13.5% and redemption
 date extended to 1st January, 1990.
 
 1985 
 
 - The rolling mill was commissioned.
 
 1987
 
 - The company was brought under the Sick Industrial (Special
 Provisions) Act, 1985 with effect from 15th May.  The Company
 submitted
 certain proposals for rehabilitation to the Board for Industrial and
 Financial Reconstruction (BIFR) with the help of package of reliefs
 worked out by IDBI.  According to BIFR, the Company became sick only
 due to lack of supply of adequate power to the Company.
 
 1989 
 
 - Based on the scheme of revival formulated by BIFR, an agreement
 was
 entered into between the Company and the Tamil Nadu Electricity
 Board
 on 20th January.  In terms of this agreement, TNEB released to the
 Company 46,872 KVA and 28.36 million units per month as against the
 BIFR scheme for immediate release of 47,000 KVA and an endeavour to
 increase the power supply to 67,000 KVA subsequently.  However
 additional power cuts were imposed by TNEB within hardly 40 days of
 signing the agreement.
 
 - The Company proposed to submit proposal to IDBI for recommending
 them
 to BIFR for improving the viability of the Company.
 
 1990 
 
 - As per the directions of BIFR, the redemption date was further
 extended to 1st January, 1996.
 
 1991 
 
 - In view of certain adverse developments, the production activities
 were suspended from 1st October, and were restarted from 1st
 February
 1995 and aluminium cell house was restarted in March end.
 
 - The Company moved to High Court of Chennai and the Court ordered
 stay
 of further proceedings in the matter for 8 weeks from 10th July.
 
 - The Company submitted to IDBI another scheme for rehabilitation
 envisaging reduction in costs of production of both alumina and
 aluminium, utilising among other, excise duty loans and sales tax
 deferment for financing the project.
 
 - The Company also managed to secure from the Government of Tamil
 Nadu
 substantial reliefs and concessions in respect of payment of
 electricity charges and sales tax in order to enable rehabilitation
 of
 the Company.
 
 - The company filed an application before the High Court of Chennai
 seeking suitable directions to be issued to the BIFR for considering
 the revised rehabilitation scheme to be submitted by the Company to
 the
 BIFR and the IDBI on 6th July 1992.
 
 1992 
 
 - The High Court of Chennai issued directions to the BIFR to
 consider
 the revised rehabilitation scheme to be submitted by the Company
 within
 8 weeks' time from the date of such submission by the Company and
 the
 Company was permitted to file the scheme within 4 weeks.
 
 - BIFR after holding a hearing on 1st September, directed that the
 management of the Company should submit to IDBI within a period of
 one
 month all informations required by it and IDBI should formulate a
 comprehensive and realistic rehabilitation within a period of 90
 days.
 
 1994 
 
 - Based on a proposal from the Company, BIFR sanctioned a scheme of
 rehabilitation on 23rd December.  The scheme envisages, change of
 management with one-time settlement dues of the banks and financial
 institutions interalia to augment alumina capacity from 40,000 to
 80,000 TPA relining and change of design for smelter, continuation
 of
 package of reliefs agreed by Govt. of Tamil Nadu.
 
 - Pursuant to the direction of BIFR, the Company issued further
 equity
 capital to the new promoters to the extent of 12,76,000 shares (Rs
 12.76 lakhs).  BIFR also permitted the new promoters to convert Rs
 524
 lakhs from unsecured loans to equity share capital.
 
 1995 
 
 - 5,24,000 No. of equity shares allotted to promoters on conversion
 of
 unsecured loan.
 
 1996 
 
 - The Company undertook to set up a captive power plant of 75MW for
 assured power supply throughout the year for smelter.
 
 - The networth of the Company having turned positive, BIFR delisted
 the
 Company from the provision of SIC Act effective 10th September,
 1997.
 
 2000
 
 - The Company has subscribed to 1,10,00,000 No. of equity shares and
 1,00,00,000 equity warrants of India Foils Ltd.
 
 2008
 
 - The Company has splits its face value from Rs10/- to Rs2/-.
Source : Dion Global Solutions Limited
Quick Links for Madras Aluminium Company
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.