Merind Ltd.

YEAR                       EVENTS
 1958 - The Company was Incorporated under the name Merck Sharp &
 Dhome
        (India) Pvt. Ltd. on 4th November, with Merck & Co. Inc. USA
        holding 60% of capital and the principal Indian shareholder
 being
        Tata Sons, Ltd.  The company' objects is to manufacture
 chemicals
        and pharmaceuticals.
 
      - The Company was established with the financial and technical
        collaboration of Merck & Co. Inc. USA.
 
      - The company had set up the manufacturing activities in a
 small
        but well equipped plant at Tardeo, Mumbai.  
 
 1959 - The name was changed to Merck Sharp & Dhome India Pvt. Ltd.
 on
        30th June.  The word private was deleted on 28th March, 1961
 as 
        the company was deemed to be a public limited company under
        section 43-A of the Companies Act.  The name was further
 changed
        to Merind, Ltd. with effect from 17th December 1984.
 
 1964 - The facilities of the plant at Tardeo, Mumbai were shifted to
 
        Bhandup, Mumbai and expanded to include equipment for chemical
 
        and pharmaceutical manufacturing operations.  The plant
 produced 
        antibiotics, cortico-steroids, anti-hypertensives, 
        antihistormines and other pharmaceutical products.  New
 products 
        were introduced over the years.  Since 1964, the Company also
 
        manufactured vitamin B-12 from the basic stage.
 
 1978 - Out of the total shares issued till date 10,80,000 shares
 were
        held by Merck & Co. Inc. U.S.A and its nominees.
 
 1980 - The Company applied for an industrial licence for the
 manufacture
        of Moduretic tablets, a new antihypertensive agent, for a 
        capacity of 220 lakh tablets per annum.  Application was also
        made to expand the capacity of Vitamin B-12 from 144 kgs. to
 250
        kgs. per annum.
 
 1985 - Merci & Co. Inc. USA offered for sale out of its holding
 3,60,000
        No. of equity shares of Rs.10 each of the company at a prem.
 of
        Rs.3 per share.  Out of this 7,200 shares were reserved for
        preferential sale to business associates of the company.  The
 
        balance 3,52,800 shares along with the unsubscribed portion of
 
        the reserved quota, if any, were offered to the public.
 
      - The object of the offer for sale of share was to reduce the 
        foreign holding from 60% to 40%.  The offer for sale to the 
        Indian public was to enable the Company to enlist its shares
 on 
        the Mumbai Stock Exchange.
 
 1986 - A new division `Merivet' opened up a new front on animal
 health
        products.  A small beginning was made in the exports of bulk 
        drugs and formulations with some shipments to Italy.
 
      - The Company acquired a plot of land admeasuring 39 acres for 
        future expansion in bulk drugs and formulations.  In keeping
 with
        the locational policy of the Government, the plot was acquired
 at
        Narsapur, a notified backward area in Andhra Pradesh.  Also
        approval was received for the manufacture of two new
 formulations
        at the Bhandup works.
 
 1987 - The Company established 18 new formulation for live stock and
        poultry and launched two new pharmaceutical formulations
 Modact & 
        libotryp.  Necessary approvals were received for the setting
 up 
        of a R & D facility at Bhandup.
 
      - The pharma division launched two new products, viz., brich
 and
        Meriflox.  A well equipped fermentation development
 laboratory
        was set up with pilot fermentators, computer integrated
 process 
        monitoring and control systems.  Analytical facilities in the
        quality control department was modernised by acquisition of
 the
        latest spectrophotometer and other analytical equipments with
        micro processor controls.
 
      - Detailed engineering plans for the bulk drug unit at Narsapur
 was
        under preparation and the Company made applications for
 several
        new formulations.
 
      - Discussions regarding the disinvestments were in progress
 between
        the Company's management and Merck & Co.
 
 1990 - The Company introduced new formulations viz., Perione in the
        pharma division and telon inj, califec, Terifix M and
 Vitamin-B
        complex in the animal health division.
 
      - The Company undertook to expand its manufacturing base for
 vital
        bulk drugs and a pilot plant was commissioned at Bhandup.
 
 1991 - The pharma division continued to bring new products and
 launched
        Buscalm and Resec.  The animal health division launched
 meriplex
        liquid, oryteracyline injection, panfugal tablets and
 amfanide
        powder.
 
      - In December, the new multi purpose drug plant was
 commissioned.
 
      - Merck & Co. Inc. disinvested their entire 40% holding in the 
        Merind Ltd., in favour of Ewart Investments Ltd.,
 representing
        Tata Sons Ltd., and Tata Associate Companies.
 
 1992 - The pharma division launched Inras an anti-hypertensive drug.
   
      - The Company commissioned a new sterile manufacturing facility
 for
        injectibles.
 
 1993 - During March, the Company issued 18,00,000 No. of equity
 shares
        of Rs.10 each at a prem of Rs.60 per share on rights basis in
 the
        prop. 1:1.  All were taken up.
 
      - Another 90,000 No. of equity shares of Rs.10 each at a prem.
 of 
        Rs.60 per share were offered to the employees.  Only 42,000 
        shares taken up.  The remaining 48,000 shares not taken by 
        employees was allowed to lapse.
 
      - Merck & Co. (with 40% holding in the company) proposed to
 sell
        their entire holding in the Merind Ltd., and thereby bring an
        end to the collaboration.
 
      - In March, Ewart Investments Ltd., offered for sale 7,20,000
 No. 
        of equity shares of Rs.10 each at a prem. of Rs.10 per share
 to 
        the shareholders of the company in the ratio of 2:3.
 
 1994 - 18,00,000 Right equity shares issued (prem. of Rs.60; prop.
 1:1)
        Another 90,000 No. of equity shares offered to employees
 (only
        42,000 shares taken up).
 
 1995 - Tata Pharma Ltd., is a subsidiary of the Company.  On 1st
 April,
        it acquired the Tata Pharma division of Lakme Ltd.