YEAR                       EVENTS
 1955 - The company was originally incorporated under the name of 
        Oswal Cotton Spinning and Weaving Mills Ltd. on 19th
 September,
        under Indian Companies Act, 1913 and obtained certificate for
        Commencement of business on 19th September, 1955 from
 Registrar
        of Companies Punjab at Jalandhar.  The name of the company
        changed to Oswal Spinning & Weaving Mills Ltd. and a fresh
        certificate of incorporation was obtained on 26th February
 1965.
 
      - The main objective of the company is to manufacture of
 textile,
        Vanaspati, Ghee and Alloy Steel Casting.  Originally the
 company
        commenced its business with the manufacture of wollen and
        worsted yarn.
 
      - The company was promoted by Mr. Dharam Paul Oswal and M. Raj
 Paul
        Oswal under the able guidence of late Mr. Lachman Dass Oswal.
 
 1972 - With a view to diversification set up a vanaspati ghee unit
 with
        a capacity of 25 tpd.  The Company further diversified its
        activities by setting up steel casting unit in 1986 with a
        licensed capacity of 8000 tpa.
 
 1990 - The company undertook to expand and modernise its vanaspati
 ghee
        unit by increasing its capacity to 50tpd.  As a measure of
        backward integration to its vanaspati unit, the company also
        undertook to set up a solvent extraction unit at its existing
        site Jugiana, Dist. Ludhiana.
 
      - The company retained services of M/s. Deepak Glycerides (I)
 Pvt.
        Ltd., Ghaziabad for carrying out detailed study of the
 additions
        and alterations required for increasing the capacity of
 vanaspati
        as well as carry out modernisation.  Orders were placed with
        Desmet Chemfood Engineers (P) Ltd. for supply of solvent
        extraction plant on turnkey basis.
 
      - The company issued 1,37,500-14% FCD of Rs. 200 each on rights
        basis in proportion 1 deb: 10 equity shares held.  Additional 
       
        20625 debentures were allotted to retain oversubscription. 
        Another 2,46,880 debentures were issued through the
 prospectus
        of which the following were reserved for allotment on a
        preferential basis:
 
      - (1) 19219 debs. to employees;
 
      - (2) 25000 debs. to SBI capital markets Ltd.
  
      - (3) 25000 debs. to LIC Mutual fund;
 
      - (4) 25000 debs. to Canbank Mutual fund;
 
      - (5) 25000 debs. to UTI.  Balance 1,27,661 debs. issued to the
        public.
 
      - Additional 37,030 debentures were allotted to retain
        oversubscription.  Rs. 100 of the face value of each
 debenture
        was converted into 5 equity shares of Rs. 10 each at a
 premium
        of Rs. 10 each after 6 months from the date of allotment of
        debentures.
 
      - 13,75,000 No. of equity shares issued, subscribed and
 paid-up.
        The company issued through a prospectus 44,20350 No. of
 equity
        shares allotted on conversion of debentures.
 
      - During 1993/94, 8693,025 rights equity shares were issued
 (Prop.
        3:2, Pre. Rs. 8) per share.
 
 1993 - The company undertook to set up a 100% EOU cotton spinning
 unit 
        with a capacity of 18144 spindles at Doraha, Dist. Ludhiana. 
 The
        company also undertook forward integration to its alloy steel
        unit for manufacture of ERW GI tubes with a capacity of 50tpd
 at
        village Jugiana.
 
 1997 - The turnover and profits of the 100% EOU cotton spinning unit
        were also affected due to abnormal hike in cotton prices and
        lower price realisation for cotton yarn.