YEAR                       EVENTS
 1968 - The Company was Incorporated on 20th January, as a private 
        limited company under the name Paper Machine Wire Industries
 Pvt.
        Ltd., and commenced business immediately thereafter.  It was
        converted into a public limited company on 24th October,
 1980.
 
      - The Company's object is to manufacture (a) Fourdrinier wire
 cloth
        for paper industry, (b) Industrial screens for paper pulp,
        asbestos, textile and electrical industries both in ferrous
 and
        non-ferrous metals and (c) Speciality papers such as
 capacitor/
        condenser tissue paper, cable insulating paper, glassine
 paper,
        metallising tissue paper, carbonising, cigarette overlay
 tissues
        and other low gsm special grade M.F. paper.
 
 1981 - 5,500 bonus shares issued in prop. 1:2 in 1978-79.  Equity
 shares
        of Rs.100 each subdivided on 13th May, 1980.
 
 1982 - With effect from 15th April, the name of the Company was
 changed
        to Pamwi Speciality and Tissue Paper Ltd.
 
      - The Company undertook to set up a project for the manufacture
 of
        speciality paper at Barotiwala in Solan district of Himachal
        Pradesh, a Centrally notified backward area.  A consultancy
        agreement was entered into with a consortium of foreign 
        technicians comprising M/s. K.W. Kent, D. Holdoroft and A.
 Lowe.
        The Company imported 3 second hand paper making plants of
        Britannia Paper Ltd., U.K. 2 of the 3 paper making plants went
 
        into production in May 1983.
 
      - 26,00,000 shares issued at par to the public in December.
        Arrears not known.
 
 1985 - Forfeiture on 31,650 shares annulled.
 
 1986 - The Company came under the provisions of the Sick Industrial
        Companies (Sp. Provisions) Act, 1985 and a reference was made
 to
        the Board for Industrial and Financial Reconstruction (BIFR).
 
      - Forfeiture on 50 shares annulled.
 
 1989 - The Company's name was changed from Pamwi Speciality and
 Tissue
        Papers Ltd., to Pamwi Tissues Ltd.
 
      - Consequent to the sale of the wire cloth unit at Nasik, the
        Company proposed to transfer the Registered office of the
 Company
        from Maharashtra to Himachal Pradesh where the Company's 
        speciality paper manufacturing unit is situated.
 
      - Forfeiture on 200 shares annulled.
 
 1990 - As per Development Consultants Ltd's (DCL) recommendation, 
        machine with larger capacity was shut down in December
 resulting
        in lesser cash loss.  However, poor power situation and use
 of
        second hand equipment nullified DCL's package.
 
 1991 - ICICI was hence appointed as a new operating agency and as per
 
        its report BIFR formed a prima facie opinion on 16th
 December,
        that the company may not be viable.
 
      - The Company, further, submitted a report proposing to give on
 
        lease, the manufacturing facilities of the Company.  ICICI
 were
        asked to submit further clarification and submit additional 
        report on the Company.  As per the rehabilitation scheme
 approved
        the sole manufacturing activity of speciality paper of the 
        Company situated at Industrial Estate, Barotiwala was given
 on
        lease for a period of 9 years to SWIL Ltd. effective from 1st
        April, 1993.
 
      - As on 2nd January, the Company Law Board gave its approval
 for
        shifting of the registered office.