The Company was Incorporated on 2nd August 1989 as PANCHSHEEL ORGANIC
 PRIVATE LIMITED with th Registrar of Companies, Madhya Pradesh at
 Gwalior.  Subsequently the 
 company was converted into a Public Limited Company by a special
 resolution passed at the Extra Ordinary General Meeting of the
 Company held on 1st May 1992.  A certificate to that effect has been
 obtained on 23rd June'92.  The name of the Company was changed to
 PANCHSHEEL ORGANICS LIMITED on 30th May 1995 and Fresh Certificate of
 Incorporation 
 obtained from ROC, Madhya Pradesh at Gwallor.
 
 The Company was promoted by Mr. Mahendra Turakhia and Mr. Kishore
 Turakhia, with the main object to manufacture and deal in Bulk Drugs
 and Drug Intermediates etc.  The company acquired land at Plot No.
 B-6 & B-7, Sector-C, Industrial Area, Sanwer Road, Indore, and
 commenced commercial production in May, 1991 with the financial
 assistance of Rs. 55.00 lacs from Madhya Pradesh Financial
 Corporation.