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JCT

BSE: 500223|NSE: JCT|ISIN: INE945A01026|SECTOR: Textiles - Composite Mills
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Company History - JCT
YEAR                       EVENTS
 1946 - The Company was incorporated on 28th October in Kapurthala. 
 The
        main object of the Company is to manufacture cotton textile
        goods.  The products manufactured are sheetings, shirtings,
        cambric, dhoties, sarees, coating, mazril, mulls, etc. 
 Counts
        ranging from 12s to 60s are spun and the cloth width varies
 from
        27 inches to 66 inches.
 
 1950 - 430 preference and 30,910 No. of Equity shares allotted. 
 1,815
        pref. & 36,135 shares fofeited. 
 
 1962 - The Company acquired Benaras Cotton and Silk Mills.
 
      - 4,16,364 No. of Rights Equity shares issued (prem. Rs.5, prop.
 of
        1:1).
 
 1963 - preference shares entitled to gross dividend of 6.5% P.A.
 
 1967 - 4,16,275 No. of equity shares issued in prop. 1:2.
 
 1973 - The Company entered into a collaboration agreement with
 Thonburi
        Textile Mills, Ltd., Bangkok (Thailand) whereby the Company
 was
        to render techincal know-how for modernising the exsiting
 weaving
        & processing factory besides its expansion by 21,600 spindles.
 
        This agreement was slightly revised during 1978-79.
 
 1975 - 25,000 11% pref. shares issued (Redeemable during 16th
 September
        1978/90 at 6 months notice).
 
 1978 - Shree Sadul Textiles, Ltd. was merged with the Company on
 28th
        October, and the merger was effective from 1st Febraury 1977.
 
      - Taplon Synthetics Ltd. was amalgamated with the Company with
        effect from 1st Febraury 1979.  As per the scheme of
        amalgamation, 2,02,535 No. of Equity shares of the Company
 were
        allotted to the members of Taplon Synthetics, Ltd. after
        cancelling 28,200 No. of Equity shares held by the Company as
        investment in Taplon Synthetics, Ltd.
 
      - 2,38,108 No. of Equity shares and 24,839 pref. shares allotted
 to
        members of Shree Sadul Textiles Ltd. upon its merger with the
        Company.
 
 1979 - With effect from 1st February, Taplon Synthetics, Ltd. was
 merged
        with the Company. 
 
      - 7,64,117 bonus equity shares issued in prop. of 1:2, 2,760
 bonus
        equity shares remained to be allotted to non Resident
        shareholders.
 
 1980 - 22,77,026 rights Equity shares issued at par in prop. 1:1. 
 319
        bonus shares allotted to non-residents (244) bonus shares
 remains
        to be allotted).  2,02,535 No. of Equity shares issued to
 members
        of Taplon Synthetic, Ltd. on its merger.
 
 1981 - The Company received a letter of intent from the Punjab State
        Industrial Development Corporation to participate in a 15,000
        tonnes per annum, polyster staple fibre project to be set up
 at
        Hoshiarpur in the Company's nylon plant premises.
 
      - A technical collaboration agreement was entered into with
 E.I.
        Dupont, De Nemours of USA.  A new Company under the name and
        style of punjab Polyfibres, Ltd. was incorporated to
 implement
        this project.
 
      - A letter of intent was received to increase the capacity from
        15,000 tonnes to 30,000 tonnes per annum.
 
      - The Company entered into a management & Technical Know-how
        Assistance Agreement with Chempaka Negri Lakshmi Textiles
 SND,
        BHD at Malaysia.
 
      - Out of the unsubscribed portion of the Rights Equity issue,
 1350
        shares allotted in 1981-82 and 2,10,124 shares in 1982-83.
 
 1983 - 1,00,000 13.5% pref. shares were issued.  Rate of dividend on
        these pref. shares was increased to 15% from 16th May 1984. 
        These pref. shares are redeemable during 30th April 1996-99.  
   
 
 1985 - During June, the Company issued 10,00,00-15% (`d' deries)
 secured
        redeemable non-convertible debentures of Rs.100 each as rights
 to
        the shareholders in prop. of 3 debentures for every 20 No. of
        equity shares of Rs.10 each and 3 debentures for every 2
        preference shares of Rs.100 each.  Only 90,524 debentures
 taken
        up.  The balance 9,09,476 debentures devolved on the
        underwriters, viz., UTL.  There was also a buy-back
 arrangement
        at par value for those debenture.  These debentures are
        redeemable on 2nd June, at a premium of 5%.
 
      - 24,94,922 rights Equity shares issued (prem. Rs.10 per share;
        prop. of 1:2) Fractions ignored.  Only 23,74,892 shares taken
 up. 
        Another 1,24,746 No. of Equity shares offered to employees
 (prem. 
        Rs.10 per share) of which only 1,01,300 shares were taken up.
        The balance 23,446 shares out of the employer's quota were
        allowed to lapse.
 
 1986 - To improve the profitability of the Hoshiarpur unit, the
 Company
        took steps to convert a substantial part of its production
        capacity for the manufacture of polyester filament yarn.
 
      - A letter of intent was recieved for the manufacture of 15,000
 TPA
        of polyster filament yarn.
 
      - At Sriganganagar unit operations was adversely affected due
 to
        workers strike for 3 months during October to December.
 
      - Out of the unsubscribed portion of 1,20,030 No. of equity
 shares
        of the 1,20,030 No. of equity shares of the Rights issue of
        1985-86,  1,18,987 shares were allotted on private placement
        basis at the discretion of the directors.
 
 1987 - The Company offered 7,58,334-12.5% partly convertible secured
        redeemable debentures (E-Series) of Rs.120 each for cash at
 par
        on rights basis in the ratio of 1 debentures were allotted to
        retain over-subscription.
 
      - The Company also offered 37,91-12.5% debentures to employees
        including Indian working directors/workers on equitable basis.
 
        None of these debentures were taken up and all were allowed
 to
        lapse.
 
      - A portion of Rs.60 of each debenture was to be converted
        automatically into 2 equity shares of Rs.10 each at a premium
 of
        Rs.20 per share within six months from the date of allotment.
 
        The remaining non-convertible portion of Rs.60 per debenture
 was
        to be redeemed at par on the expiry of 7th year from the date
 of
        allotment.
 
      - 18,95,832 No. of Equity shares allotted at a premium of Rs 20
 per
        share in conversion of debentures.
 
      - The first phase was launched in January.  The Company proposed
 to
        increase the production of CPTS to 10,000 per month by
 December.
 
      - During the year, major processor/equipments were installed.
 
      - The name of the company was changed to JCT Electronics Ltd.
        from the present one.
 
      - The Company applied to the Government for a letter of intent
 for
        the manufacture of shadow masks which are used in the
 manufacture
        of TV picture tubes.
 
 1988 - The Company took up implementations of the PFY project in
 stages. 
        It was planned to add one spinning line to produce speciality
        yarn, in the first stage.
 
      - A dyeing plant was installed at Hoshiarpur, to increase the
        production of dyed yarn.  In addition, a waste recycling
 plant
        was installed to increase the recovery of caprolactum from
 waste.
 
      - The Company issued 4,00,000-14% (`F' series) secured
 redeemable
        non-convertible debentures of Rs.100 each.  These debentures
 are
        redeemable at 5% premium on 15th December, 1995.
 
      - 94,80,899 Rights Equity shares issued (prop. 1:1; Pre. Rs 30).
 
        In 1989, 31,19,101 No. of equity shares offered for public
        subscription (prem. Rs 30) of which 6,30,000 shares offered
 on
        preferential basis to employees (including working directors)
        workers of the Company.  Only 1,35,200 shares taken up by the
        employees.  The unsubscribed 4,94,800 shares of the
 employee's
        quota allotted to the general public.
 
 1989 - During August the Company offered 20,00,000-14% secured
        redeemable debenture of Rs.100 each (series `C') of which
        19,04,672 debentures were offered to the equity shareholders
 of
        the Company as rights and 95,238 debentures were offered to
 the
        employees (including working directors)/workers of the Company
 on
        an equitable basis.  Under this issue 19,48,639 debentures
 were
        allotted.
 
      - Each debenture of Rs.100 carry two detachable share warrants.
 
        The warrant holder have the option to surrender each warrant
 for
        one equity share at a price to be decided by the controller
 of
        Capital issue on the expiry of 5 years from the date of
 allotment
        of the debentures.  The holders also have the option either to
 
        pay an amount equivalent to the share price along with
 warrant
        for keeping one equity share or hand over the debenture along
        with warrant to the Company for equity shares.
 
      - The Company issued 20,000,000-14% (`G' Series) secured
        non-convertible debentures of Rs.100 each as rights with
        detachable warrants.  Only 19,48,639 debentures were taken up.
  
        These debentures are redeemable in three yearly instalments
        commencing from 31st October and ending on 31st October,
 1998.
        Along with the debentures, the Company also offered 38,97,278
        detachable share warrnats.  The warrant holders have the
 option
        to surrender each warrant for one equity share at a price to
 be
        decided by the CCI after the expiry of five years from the
 date
        of allotment of debentures.  The holders will also have the
        option either to pay an amount equivalent to the share price
        along with the warrant for keeping one equity share on hand
 over
        the debenture along with the warrant to the Company for equity
     
        shares.
 
      - In April, the name of the Company was changed from `Jagatjit
        Cotton Textile Mills, Ltd.' to JCT, Ltd.
 
 1990 - With effect from 1st April The undertakings of Kidarnath
        Kishanchand Pvt. Ltd., (KKPL) and Sterling Steels & Wires,
 Ltd.
        (SSWL) were amalgamated with the Company.  As per the scheme
 of
        amalgamation the following shares were allotted without
 payment
        in cash:
 
      - (i) The shareholders of erstwhile SSWL were allotted
 17,99,700
        No. of Equity shares of JCT, Ltd. in the proportion 1 equity
        share of Rs.10 each of JCT Ltd., for every 1 share held by
 them
        in SSWL.
 
      - (ii) The shareholders of erstwhile KKPL were to be allotted
        30,91,200 No. of Equity shares of JCT, Ltd. in the proportion
 2
        equity shares of JCT Ltd., of Rs.10 each for every one share
 held
        by them in KKPL.
 
 1991 - The profitability was adversely affected by various factors
 such
        as increase in interest rates, devaluation, partial
        convertibility of Rupee etc.
 
      - The performance of the nylon and ployester filament yarn
 division
        was affected due to steep increase in excise duty, poor
 offtake
        of textile material, increase in the cost of the basic raw
        material viz., caprolactum and import curbs.
 
      - Also the textile division was affected by the general
 recession
        in the textile market and unprecedented rise in cotton
 prices.
 
      - The Company issued 3,00,000-14% secured redeemable debentures
 of
        Rs.100 each (`H' series).  These are redeemable at a premium
 of
        5% at the expiry of 7 years from the date of allotment of
        debentures i.e., 1st September.
 
      - The Company issued 3,00,000-14% secured redeemable debentures
 of
        Rs.100 each (`I' series).  These are redeemable at a premium
 of
        5%  in three equal instalments on the expiry of 6th, 7th and
 8th
        year respectively from the date of allotment i.e., 3rd April.
 
      - The Company issued 25,00,000-18% secured redeemable debenture
 of
        Rs.100 each (`J' series).  These are redeemable at premium of
 5%
        at the expiry of 7 years from the date of allotment i.e.,
 28th
        June.
 
      - The debentures on which equity option has not been exercised
        shall be redeemed at par in three instalments on the expiry
 of
        7th, 8th and 9th years from the date of allotment.
 
      - 48,90,900 No. of Equity shares allotted without payment in
 cash
        to members of Sterling Steels & Wires, Ltd., and Kidarnath
        Kishanchand Pvt. Ltd. on their merger with the Company.
 
 1992 - The Company offered 97,23,759 No. of Equity shares of Rs.10
 each 
        at a premium of Rs.40 per share as follows:
 
      - (i) 80,91,539 No. of Equity shares as Rights basis in the
 prop. 
        of 3:10, (all were taken up).
 
      - (ii) 4,63,036 No. of shares to employees on an equitable
 basis
        (only 4,04,570 shares taken up).
 
      - (iii) 11,69,184 No. of shares to share warrant holders in the
        ratio of 3:10 warrants held (all were taken up).
 
      - During October-November the Company offered 366,37,091 No. of
        Equity shares of Rs.10 each for cash at premium of Rs.40 per
        share on Rights basis in the prop. 1:1 (all were taken up).
 
 1993 - With a view to consolidating its position in the synthetic
 fibre
        industry, the Company undertook to set up a grass-root
 polyester
        implex with facilities to manufacture polyster staple fibre,
        textile grade chips, PET resins upto 11,000 TPA all in the
 first
        phase.
 
      - With the rise in prices of cotton, it was proposed to shift
        production towards polyester blended fabrics.  New varieties
 of
        cloth with high value addition were introduced.
 
      - The Textile division embarked upon a plan of modernisation
        wherein older equipments were to be replaced with modern and
        efficient equipment.
 
      - Both 20,000-5% and 24,869-5% (income-tax free) Cumulative
        Preference shares Redeemed.
 
 1994 - The steel division entered into a tie up with a Korean
 Company
        for manufacture of wire ropes.
 
      - JCT Fibres Ltd., was merged with the Company.  It was
 proposed
        to increase the polymer capacity to 65,000 TPA from 33,000
 TPA. 
        The said additional polymer was to be processed partly on
        polyster filament yarn and partly on polyster staple fibres.
 
      - The Company also undertook to invest in down stream equipment
 to
        manufacture additional polyster filament yarn and additional
        polyster staple fibre.
 
      - Under a modernisation/replacement programme, the Company
 proposed
        to instal 48 high speed sophisticated looms and open end
 spinning
        machines at Phagwara.
 
      - The polyester staple fibre plant undertook debottlenecking
        leading to increased capacity at 30,000 TPA from 20,000 TPA. 
 The
        additional capacities were expected to be operational from
        September 1995 onwards.
 
      - JCT Electronics Company, a fully owned susidiary of Punjab
 State
        Industrial Development Corporation, Ltd. received a letter of
        intent for setting up a colour picture tube (CPT) project in
        Punjab.  The Company is participating in the equity capital
 of
        JCT Electronics Ltd. (Formerly Punjab Display Devices, Ltd.,)
 to
        the extent of 24%.  The project envisages a production of 5
 lakh
        colour picture tubes per annum.  Negotiations were in a
 advanced
        stage with Hitachi, Ltd. Japan to finalise collaboration
        agreement.  PDDL was already manufacturing picture tubes for
        black & white TV receivers.
 
      - 278,98,000 shares allotted against GRD.  145,47,780 shares
        allotted to the shareholders of erstwhile JCT Fibres Ltd.
        38,82,530 shares (prem. Rs. 40 allotted against detachable
        warrants of `G' Series debentures.
 
 2001 - The Company has decided hive-of its synthetic fibre division
 in Punjab and has also
              proposed to restructure its equity capital by reducing
 the face value of its shares from 
              Rs 10 to Rs.2.50
 
           - MM Thapar group flagship JCT has decided to induct three
 new professionals on the             board. The new inductees are Raj
 Mohan Singh, head of the company's Phagwara unit,             finance
 head; T N Subramaniam and; S P Narang, secretary, The Institute of
 Company             taries of India.
 
 2003
 
 -JCT Members approve delisting from 3 exchanges ( Ludhiana, Delhi and
 Kolkata)
 
 2007
 
 -JCT signs MOU with Dakshidin Corporation to produce water pumping &
 power generation Wind Mills
 
 2011
 -Dr. Ajit Kumar Doshi has been co-opted as an Additional Director of
 the Company.
 
 2013
 -Ms. Priya Thapar as Whole Time Director and designated her as
 Director (HR).
 - M. P. S. Narang as Chief Financial Officer of the Company.
 
 2014
 -JCT launches Indigo Shirting/Bottom/Jacketing Fabrics Manufactured
 With Green Technology.
 
 
 
Source : Dion Global Solutions Limited
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