YEAR                       EVENTS
 1975 - The Company was Incorporated on 31st December, and the 
        Certificate of Commencement of Business was obtained on 18th
 May,
        1976.  It was promoted by Punjab State Industrial Development
        Corporation, Ltd. (PSIDC).  Sukhinder Singh was the
 Co-promoter
        of the company.  The Company was licensed to manufacture per
 day
        30 tonnes of writing, printing and kraft paper.
 
      - The company's object is to manufacture writing, printing and
        Kraft Paper.
 
      - The site for the plant was selected at Chak-Alla-Baksh
 village,
        Mukerian, (a backward area) in the Hoshiarpur district of
 Punjab.
        48.3 acres of land was acquired and adequate arrangements
 were
        made for the requirement of water and power.  A second hand
 paper
        machine was imported from West Germany.
 
      - Cellulosics Consultants (India) Pvt. Ltd. were appointed as
        technical consultants for the project.
 
      - 70 shares subscribed for by the signatories to the Memorandum
 of
        Association; 3,37,930 shares allotted to PSIDC (promoter) and
        2,50,000 shares allotted to co-promoters and their friends/
        relatives.  7,12,000 shares issued at par through a prospectus
 
        dated 10.2.1978 of which 75,000 shares reserved for allotment
 to
        Sukhinder Singh and 6,37,000 shares offered to the public
 during
        1978.
 
 1978 - Other items of indigenous machinery started arriving at site.
        The plant was expected to be commissioned for trial runs by
        September/October.
 
 1979 - Shares fully called up by December 1978.
 
 1992 - The Company undertook to set up a new unit of 60 TPD capacity
 
        paper and pulp plant with facilities of co-generation of power
 of
        6 MW at a capital outlay of Rs.73 crores.
 
      - 10,99,200 No. of equity shares allotted.
 
 1993 - But for closure of the factory due to floods for 15 days, the
 
        overall working could have been still better.
 
      - During November, the company issued 75,000 NCD with warrants
 to
        Oswal Foods Ltd., a group company on 27th November.  Each NCD
 of
        Rs.100 each has a non-tradable warrant attached with which
        entitles the holder to apply for 100 No. of equity shares at a
 
        price of Rs.45 per share between 42 to 60 months from the
 date
        of allotment.
 
 1994 - During February, the company issued 11,99,600 - 22% partly 
        convertible debenture of Rs.140 each on Rights basis in prop.
 1
        deb : 2 equity shares held. (all were taken up).
 
      - Another 22,16,000 - 22% secured redeemable partly convertible
        debentures of Rs.150 each were issued through a prospectus as
        follows:
 
      - On firm allotment basis: (i) 56,000 debentures to promoters, 
        their friends etc.
 
      - (ii) 2,32,000 debentures to IFCD.
 
      - (iii) 2,00,000 debentures to ICICI.
 
      - (iv) 4,75,000 debentures to NRDS.
 
      - (v) 2,32,000 debentures to PNB Mutual Fund.
 
      - (vi) 50,000 debentures ICICI Mutual Fund.
 
      - (vii) 50,000 debentures to Kothari Mutual Fund.
 
      - (viii) 20,000 debentures Tarus Mutual Fund.
 
      - (ix) 30,000 debentures to 20th Century Mutual Fund.
 
      - (x) 50,000 debentures to Indbank Mutual Fund.
  
      - Of the remaining, the following debentures were reserved for
        allotment on a preferential basis:
 
      - (i) 2,16,000 debentures to shareholders of group companies.
 
      - (ii) 64,800 debentures to employees.
 
      - Balance 5,40,000 debentures were issued to the public.
 
      - Part A of Rs.30 of each debenture was converted into 1 equity
        share of Rs.10 each at a prem. of Rs.20 per share on
 allotment
        of debentures.  Accordingly 34,15,600 shares were allotted.
 
      - Part B of Rs.40 was converted into 1 equity share of Rs.10 at
 a
        prem. of Rs.30 per share after 1 year from date of allotment.
        Accordingly 34,15,600 shares were allotted.  
 
      - Part C of Rs.70 was to be redeemed at the expiry of 4th, 5th,
 6th
        & 7th year from date of allotment of debentures.  It also has
 a
        detachable warrant entitling the holder to apply for 1 equity
        share at Rs.70 between 21 to 24 months from date of allotment
 of
        debentures.
 
 1995 - The Company undertook to set up a soda recovery plant of the
        state of the art technology from Ahistrom Enmass with an 
        additional co-generation of power 6 MW capacity.
 
      - 68,31,200 No. of equity shares allotted on part conversion of
 A &
        B part of PCD.
 
 1996 - Turnover declined to Rs.71.95 crores due to overall recession
 in
        the paper market.
 
      - The Company was setting up a paper machine of 125 TPD
 alongwith
        balancing equipments in pulp the utilisation plant which was 
        under implementation.
 
      - Subject to necessary approvals being obtained the company 
        proposed to set up a new company in collaboration with Punjab
        State Industrial Development Corporation to implement its
        on-going expansion plan of putting up a 100 TPD paper plant.
 
 1997 - The Company allotted 7,84,487 No. of equity shares against 
        detachable equity warrants, which were issued alongwith
        non-convertible debentures Part `U' of Rs.70 each of PCDs of
        Rs.150 each issued through prospectus and letter of offer.