India Polyfibres Ltd.

YEAR                      EVENTS   
 1982 - The company was incorporated on 21st October, at Sarabanki
        (Lucknow).  The main object of the company is manufacture of
        polyester staple fibre, nylon, propylene, etc.  The company
 was
        jointly promoted by Pradeshiya Industrial & Investment
        Corporation of U.P. Ltd., (PICUP) and Phillips Carbon Black,
 Ltd.
        (PCBL).
 
 1983 - The company entered into a license and know how agreement
 with
        Chemtex Fibres Inc., New York, U.S.A. on 29th July, for Du
 Pont's
        technology.  The company was to pay a technical know-how Fee
 of 
        US $ 2,450,000 net of tax and a fee of US $ 500,000 for
 checking,
        supervision and training of Indian technicians.  An import
        licence for US $ 13,189,000 under the Equipment Supply
 Agreement
        was received.
 
      - The company also entered into an agreement on 22nd August,
 with 
        Chemtex Engineering of India Ltd., for detailed engineering
 and
        other services.
 
      - The company adopted the continuous polymerisation process used
 in
        Du Pont's plant in USA using DMT/TPA and ethylene glycol as
 raw
        materials.
 
 1987 - The company obtained a letter of intent for expansion of the 
        plant capacity to 30,000 TPA.
 
      - 80 No. of equity shares subscribed for by signatories to the 
        Memorandum of Association.  238,00,000 shares then issued at
 par
        of which the following were reserved and allotted to the
        promoters:
 
      - (i) 64,26,000 shares to PICUP and
 
      - (ii) 57,12,000 shares to Phillips Carbon Black Ltd.
 
      - Of the remaining 116,62,0900 shares, the following were
 reserved 
        for allotment on a preferential basis:
 
      - (i) 5,83,100 shares to employees (including Indian working 
        directors) of the Company (only 18,650 shares taken up) and
 
      - (ii) 2,33,240 shares to business associates of the company
 (all 
        were taken up).
 
      - The balance 108,45,660 shares, along with 5,64,450 shares not
 
        taken up out of employee's quota, were offered to the public
 in
        December 1985.  Additional 59,50,000 shares allotted to
 retian
        over-subscription.  (30,34,500 shares to promoters, 58,310
 shares
        to business associates and 28,57,190 shares to the public).
 
 1988 - The company's product was sold under the brand name `DACLENE'.
  
        The glycolysis facility was commissioned in January and the
        facility to use TPA was at an advanced stage.
 
 1989 - A detailed proposal was submitted to the financial institution
 
        for setting up spinning capacity of 7,500 tonnes for the
        manufacture of polyester filament yarn.
 
 1991 - Though the industry over, faced difficulties due to installed
 
        capacity being excess in demand, the company operated
        uninterrupted from October to February 1993.
 
      - The company came under the provision of the Sick Industries 
        Companies (Sp. Provision) Act 1985 and IFCI was approved as
 the
        operating agency.  As a part of the rehabilitation scheme
        approved by BIFR.
 
      - Also, the institution have the right to convert zero interest
 
        debentures into equity at par with prior approval of BIFR. 
 Also,
        the promoters were to bring in 14.50 crores to be converted
 into 
        equity.
 
 2002-Prabhat Charturvedi resigns from the Board of India Polyfibres.