1988 - The Company was Incorporated on 21st June, and obtained the
Certificate for Commencement of Business on 8th August.
promoted by Ashok Kumar Chaturvedi and Harish
Chaturvedi. By a
scheme of amalgamation, the assets and liabilities of
Laminates Ltd. and Flex Papers Ltd. were taken by the
effective from 1st August. The Company's objects is to
manufacture and deal in flexible packaging materials of
laminated of plastics and paper based materials.
- 70 No. of equity shares subscribed for by Signatories to
Memorandum of Association. 22,15,640 No. of equity
allotted to erstwhile Flex Laminates Ltd. (in proportion
shares: 100 held in Flex Laminates) and 6,25,016 shares
to erstwhile Flex Papers Ltd. (in proportion 56 shares;
in Flex Papers Ltd.,) both consequent to the Scheme of
Amalgamation without payment in cash.
1989 - The Company proposed to undertake the
integration scheme, at its existing unit at NOIDA. It
was to be
undertaken under two projects. The first project was
an outlay of Rs.234 lakhs while the second one Rs.775
Financial institution sanctioned a term loan of Rs.169
for the first project and the remaining Rs.65 lakhs was
to be met
by internal accruals. The second project was to be
financed by a
term loan of Rs.580 lakhs and the balance of Rs.195
lakhs was to
be met by internal accruals.
- 21,59,274 No. of equity shares then issued at reserved
allotted to promoters, resident directors etc. Of the
20,00,000 shares, 1,07,964 shares were reserved for
a preferential basis to employees (including Indian
directors)/workers of the Company as well as promoter
(only 94,700 shares taken up). The remaining 18,92,036
alongwith 13,264 shares not taken up by employees were
for public subscription during September 1989 (all were
1990 - With a view to further improving the quality of end products
to keep pace with the changing market requirements, the
embarked upon a Scheme of Upgradation of technology,
products to enable the Company to introduce high quality
range of products. The Company hence proposed to
commission eight colour rotogravure printing machine,
scanner and other high speed, energy saving, high process
equipments and machines.
- The Company issued 2,13,000 secured Redeemable
debentures of Rs.100 each for cash at par by way of
placement to Canbank Mutual Fund.
- 25,00,000 Right equity shares issued in prop. 1:2.
1,25,000 shares offered to employees (all were taken
1991 - During June the company issued 26,25,000 No. of equity shares
Rs.10 each for cash at par at a premium of Rs.10 each
to Rs.525 lakhs. Out of these 25,00,000 No. of equity
were offered to shareholders, on rights basis in the
ratio of 1:2
(all were taken up).
1993 - The Company made inroads into the exports market and
Rs 26.98 crores compared to Rs 1.57 crores in previous
- The Company undertook to set up a plant with the
technology for manufacture of pet film.
- With a view to sustaining growth and cater to the
domestic and international market with greater strength,
Company undertook to the expansion-cum-backward
projects. A plant to manufacture BOPP film with a
15,000 TPA was to be set and the existing capacity at
plant was to be expanded from 10,000 TPA to 23,000 TPA.
- During May-June, the company issued 38,12,500 - 17.5%
partly convertible debentures of Rs.100 each in Rights
prop. 1 debenture : 2 equity shares held.
- Another 1,20,000 - 17.5% debentures were issued to
an equitable basis.
- Rs.50 of the face value of each PCD was to be converted
equity share of Rs.10 each at a premium of Rs.40 per
share on the
date of allotment of debentures.
- Balance Rs.50 of the face value of each debentures was
redeemed in 3 annual instalments of Rs.16, Rs.17 and
Rs.17 at the
end of the 7th, 8th and 9th years from the date of
- Simultaneous to the above issue, the company also issued
- 18.5% secured non-convertible debentures of Rs.100
detachable warrant on Rights basis in prop. 16 NCDs : 50
- Each NCD was to be redeemed in 3 annual instalments of
Rs.35 and Rs.35 at the end of 7th, 8th and 9th year
from the date of allotment of debentures or at the
option of the
company earlier but not before 3 years from the date of
- Each warrant entitled the holder to apply for one equity
Rs.10 each between 3 to 5 years from the date of
1994 - During September-October, the company issued 45,75,500 No. of
equity shares of Rs.10 each for cash at a premium of
share on Rights basis in prop. 2:5. A warrant was
two equity shares and in entailed the holder to apply
equity share at par between 3-5 years from the date of
of debentures (all shares were taken up).
- Also, 22,87,750-13.5% secured non-convertible debentures
issued on Rights basis in proportion INCD:5 equity
along with warrants. Each warrant attached to a NCD
holder to apply for 1 equity share.
- If warrants are not excercised during the said period,
entitlement would lapse.
- The NCDs would be redeemed at the end of 5 years from
of allotment at the option of the Company but not before
years from the date of allotment.
- 49,28,416 No. of equity shares allotted at a premium of
1995 - The Company registered a quantum jump over the previous year
dispite facing a reverse shortage of BOPP film.
- During November, the company issued 31,05,590 Global
Receipts representing 62,11,180 No. of equity shares.
- The Company issued 74,53,416 GDR of U.S. Million at a
to the market price in December. The GDR issued at a
U.S.$ 8.05 per GDR. 74,53,416 No. of equity shares were
1996 - To give a further thrust to exports, the Company has set up a
Venture in U.S.A. with Vinmar Inc., viz., Flex Vin Inc.
- The Company won Dupont Award for Innovation in Food
- The Company has been awarded ISO-9002 Certification for
to quality system standard for one of its units.
- The GDRs issued at a price of US $ 8.05 per GDR resulted
in allotment of
7453416 No. of Equity Shares of Rs. 10/- each.
- Shri Shailendra Swarup, Shri R.K. Khanna and Shri Amar
Singh, Directors of
the Company retire by rotation and being eligible offer
themselves for re-appointment.
- Shri R.K. Sharm resigned as Director of the Company
1997 - FIL modernised and expanded the capacity of is polyester film
unit in 1996
from 12,000 tpa to 24,000.
- The Credit Rating & Information Services of India Ltd
(Crisil) has downgraded
the non-convertible and partly convertible debenture
programmes of Flex Industries
from A+ to A, indicating adequate safety for timely
payment of interest and principal.
- Crisil has also downgraded the fixed deposit programme of
the company from FAA- to
FA+ indicating that the degree of safety regarding the
timely payment on the instrument
- Flex Engineering Ltd, a sister concern of Flex
Industries, has also been downgraded by
Crisil. The AA- rating assigned tot he non-convertible
debenture programme of the company
has been downgraded to A indicating adequate safety of
timely payment of interest of
interest and principal.
1998 - The Company has successfully developed some new products
viz. Packaging material for commodity items, for grey
flexi tubes for packaging of tooth paste, jam, jelly,
face cream gel
etc.; peelable film for medical applications etc.
- Due to adverse operating conditions in the company's
particularly in PET & BOPP films sectors, general
sluggishness in the
economy and slackness in demand, it faced tight
liquidity position, which
not only affected company's capacity to meet its
financial obligations to
Financial Institutions and Banks but also affected the
- The Company had allotted 915000 - 18.5% Secured
Debentures alongwith Detachable Warrants in July,
--Flex Industries Ltd and Polyplex Corporation Ltd--two polyester
majors have decided to hive-off their polyester film businesses to
form a joint venture.
-The companies had signed a memorandum of understanding (MoU)
recently to create the country's largest and the world's fifth
largest polyester film manufacturing company with an installed
capacity of 39 000 tonne per annum.
-Board Approves, the proposal to acquire 100% share holding in
Cincom Systems India Pvt. Ltd., 100% subsidiary of Cincom System
Marutius (CSM) and which is a 100% subsidiary of Cincom System Inc.
-Financial institutions led by ICICI sanction a debt restructuring
-Issues and allotts 1,00,00,000 warrants at a price of Rs 24 per
warrant to promoters and their associates.
-The restructuring package, worth Rs 700 crore cancelled by the
-Delhi High Court rejected the bail applications of suspended central
excise chief commissioner Someshwar Mishra and Flex Industries chief
Ashok Chaturvedi in a bribery case.
-Mr. M G gupta and Mr. N Sitaraman have been appointed as Directors
of the company.
-Shri K.E.C. Raja Kumar has been nominated by UTI on the Board of
Directors of the company as their new nominee in place of Shri Ravi
Kathpalia. Shri Ravi Kathpalia has been co-opted as a Director on the
Board of the company.
-Mr. N Sitaraman, Director of the company has been appointed as
Director (Secretarial & Legal) of the company w.e.f. July 08, 2002.
-Approves the allotment of 10000000 equity shares against the
conversion of 10000000 warrants on preferential basis
- Mr. Paresh Nath Sharma has been appointed as a Whole-time Director
of the Company with effect from September 15, 2003.
-Major fire breaks out at two of the production lines located at
Sector-60, Noida engaged in manufacturing flexible plastic materials
on October 01, 2003
-Mr. P Abraham has been appointed as Nominee Director of Unit Trust
of India in place of Mr. K E C Raja Kumar on the Board of the
-Independent investigator appointed by the Department of Company
Affairs to probe the charges against Flex Industries
-Uflex Ltd has informed that ICICI Bank Ltd has nominated Mr. Sandeep
Malhotra as their Nominee Director on the Board of the Company in
place of Mr. A Karati.
-Company name has been changed from Flex Industries Ltd to Uflex Ltd.