Nalwa Sons Investment Ltd.

YEAR                                                             
 EVENTS
 1970 - The company was incorporated as a Private Ltd. company on 18th
 
              November, and was converted into a Public Ltd. company
 on 25th 
              May, 1975.  The company was promoted by Shri. O.P.
 Jindal and    
              associates for setting up a plant for the manufacture of
 HR Steel
              Strips at Hisar, Haryana.
 
            - The company commenced the manufacturing activities with
 the 
              setting up of a strip mill plant with an installed
 capacity of 
              50,000 tonnes per annum of hot rolled steel strips with
 captive 
              melting facilities at Hisar in Haryana.
 
           - The company manufactures steel strips, pipes,
 billets/slabs etc. 
              Manufacture of oxygen, Argon, nitrogen gas etc. is also
 
              undertaken.
 
 1982 - 3,00,500 bonus shares issued in prop. 1:1.
 
 1983 - 2,00,000 No. of equity shares issued at a premium of Rs. 5 per
 
             share out off which 1,22,700 shares issued without
 payment in 
             cash to a non-resident Indian against the value of
 imported cold 
             rolling mill.
 
 1985 - The company embarked upon a modernisation programme at Hisar. 
 It 
              was planned to add balancing equipment at Vasind.
 
            - 16,02,000 Bonus Equity shares issued in prop. 2:1. 
 12,00,000 No. 
               of equity shares then issued at a premium of Rs. 8 per
 share 
               (including 6,03,000 No. of equity shares offered for
 sale by the 
               existing shareholders at a prem. of Rs. 8 per share)
 linked to 
               debentures in the propn. 2 deb. 5 equity out of this
 the 
               following shares linked to debentures were reserved for
 
               preferential allotment:
 
            - (i) 60,000 shares to employees of the company;
 
            - (ii) 24,000 shares to business associates of the company
 and
 
            - (iii) 4,80,000 shares to non-Resident Indians on
 repatriation 
              basis.
 
           - The balance 6,36,000 shares linked to debentures were
 offered for 
              public subscription during February 1986.  3,00,000
 additional 
              equity shares linked to 1,20,000 debentures were also
 allotted to 
              retain oversubscription (21,000 shares to employees and
 business 
              associates, 1,20,000 shares to non-resident Indians and
 1,59,000 
              shares to the public).
 
 1986 - The company installed an induction furnace, a D.G. set, pusher
 
               type furnace, soaking pit furance, side rolls and other
 balancing
              equipments.
 
           - The company issued 12,00,000 No. of equity shares at a
 premium of 
              Rs. 8 per share (including 6,03,000 - 15% secured
 redeemable 
              non-convertible debentures of Rs. 100 each.  The
 applications 
              were to be made for both equity shares and debentures in
 the 
              ratio of 2 debentures for every 5 equity shares.  
 
            - Out of the total issue (i) 60,000 No. of equity shares
 and 24,000 
              debentures were reserved for preferential allotment to
 the
              employees;
 
            - (ii) 24,000 No. of equity shares and 9,600 debentures
 were 
               reserved for preferential allotment to business
 associates and
 
           - (iii) 4,80,000 No. of equity shares and 1,92,000
 debentures were 
             reserved for preferential allotment to non-resident
 Indians and 
             persons of Indian Origin residing abroad with
 repatriation 
             rights.  The balance of 6,36,000 No. of equity shares and
 
             2,54,000 debentures were offered for public subscription
 during 
             February.
 
           - Additional equity shares and debentures were allotted as
 follows:
 
           - (i) 21,000 No. of equity shares and 8,400 debentures to
 the 
             employees and business associates;
 
            - (ii) 1,20,000 No. of equity shares and 48,000 debentures
 to 
              non-resident Indians and
 
           - (iii) 1,59,000 No. of equity shares and 62,600 debentures
 to the 
              public.
 
            - Simultaneously with the public issue of equity shares
 and 
              debentures, the company offered for sale 6,03,000 No. of
 equity 
              shares to the public linked with debentures on the same
 terms as 
              those contained in the prospectus for the public issue
 of 
              5,97,000 No. of equity shares.
 
 1987 - The company was successful in introducing four feet CRCA
 sheet.  
              To ensure higher profitability and to broaden the base
 of 
              customers, continuous efforts were made to introduce new
 products 
              as import substitutes.
 
            - The programme envisaged the installation of ultra high
 power 
               furnace, vaccum O2 degassing plant, steckel mill, ladle
 furnace 
               facility for continuous charging of sponge iron, 1250
 mm width 
               continuous slab caster, etc.  A new pickling line,
 annealing 
               furnace and other balancing equipments were to be
 installed at 
               Vasind.
 
 1988 - The Hisar division introduced new range of stainless steel
 strips 
              and flats with lower nickel contents and nickel free
 flats which 
               were well received in the market.  The Vasind division
 introduced 
               import substitute products, such as CRCA sheets of DD &
 EDD (Deep 
               Drawn and Extra Deep Drawn grades) for use by the
 automobile 
               industry.
 
             - The industrial license of the company was endorsed for
 
               manufacture of 1,25,000 tonnes of steel ingots from the
 existing 
               50,000 tonnes and 1,00,000 tonnes of hot rolled strips
 from 
               40,000 tonnes at Hisar Division.
 
           - The company set up a pilot plant at Hisar by adopting new
 
               technology to manufacture both Sponge iron and Pig
 iron.  The
               company found it economically viable to commercialise
 the
               technology and decided to set up a plant at Raigarh in
 Madhya
               Pradesh to manufacture 1,00,000 tonnes per annum each
 of Sponge
               iron and Pig iron.
 
 1989 - During November, the company offered 16,50,000-14% secured
 fully 
              convertible debentures of Rs. 140/- each on rights basis
 to the
              then existing equity shareholders in proportion 1
 debenture: 2
              equity shares.  Additional 2,64,665 debentures were
 allotted to
              retain over subscription.  82,500 debentures were also
 offered to 
              employees/workers of the company on an equitable basis
 but only
              77,710 debentures were taken up.  Unsubscribed portion
 of 4,790
              debentures out of the employees quota was allowed to
 lapse.
 
            - As per the term of issue, the entire amount of Rs. 140
 of each 
              debenture was converted into two equity shares of Rs. 10
 each at 
              a premium of Rs. 60 per share at the end of six months
 from the 
              date of allotment of debentures i.e. 14.8.1990.
 
            - 32,99,200 Bonus shares issued in propn 1:1.
 
 1990 - Jindal Holdings Ltd. (JHL) became a subsidiary of the
 company.
 
             - Vasind division also improved with the introduction of
 better 
               CRCA coils in DD & EDD grade catering to the needs of
 automobile 
               and refrigeration industries.     
 
             - The company installed and commissioned gas flow control
 system 
               and some balancing equipments and a DG set of 5,400 KVA
 capacity 
               at Hissar.  A modern CR slitter and cut to length line
 was also 
               installed at Vasind.
  
            - 39,84,750 Shares issued (Prem. Rs. 60 per share) in
 conversion of 
               Debs. 
 
 1991 - The company installed VOD system, automation of steckel mill
 and 
              continuous charging of AOD furnace at Hisar. 
 Modernisation of 
              second rolling mill at Vasind division was undertaken.
 
            - A ferrochrome plant was also being put up, mainly for
 captive 
              consumption.  The Ist phase of the sponge iron project
 was 
              commissioned in the month of March.
 
            - One more rotary kiln was installed thereby increasing
 the total 
              capacity to 2 lakh tonnes of sponge iron and 1 lakh
 tonne of pig
              iron.  The company proposed to modify the production
 process of
              pig iron and install two EBT electric arc furnaces of 50
 tonnes
              capacity, one laddle furnace, one 12M radius single
 strand slab
              caster and one 12 M radius three strand bloom caster.
 
 1992 - During March, the company issued 74,08,765-12.5% secured 
              redeemable partly convertible debentures of Rs. 360 each
 on
              rights basis in the proportion of 7 debentures: 10
 equity shares 
              held.  Additional 11,11,315 debentures were allotted to
 retain 
              over subscription.
 
            - Another 3,70,438-12.5% redeemable partly convertible
 debentures 
              of Rs. 360 each were offered to the employees on an
 equitable 
              basis.  Additional 33,412 debentures were allotted to
 retain over 
              subscription.
 
            - Part A of Rs. 100 of each debenture will be converted
 into 1 
              equity share of Rs. 10 each at a premium of Rs. 90 per
 share, at
              the end of six months from the date of allotment. 
 Accordingly
              89,23,930 No. of equity shares were allotted on 14th
 November.
 
            - Part B of Rs. 260 of each debenture would be redeemed at
 par in 
              five annual instalments of Rs. 52 each at the end of
 5th, 6th,
              7th and 10th years from the date of allotment of
 debentures.
 
 1993 - A coal washery plant with a capacity of 200 tonnes per hour of
 
              high ash contents coal was imported from W. Germany. 
 This was to 
              be used for power generation high fluidised bed
 boilers.
 
            - 5,10,525 No. of equity shares out of the previous year's
 rights 
               issue (Balance 21,290 shares yet to be allotted).
 
 1994 - The installation of new oxygen plant having a capacity of 80
 TPD 
               with Argon attachment, modernisation of concast machine
 and 
               tandem mill.
 
            - A coal washery plant to process 200 tonne per hour, high
 ash loaf 
              imported from Germany was also installed.  Also, another
 power 
              generating unit from waste gas of the Rotary kiln was
 installed 
              which would generate 15 MW power.
 
            - It was proposed to install at hot strip mill with a
 capacity to 
              roll 5 lakh tonnes p.a. and this was expected to be
 implemented.
 
           - The company issued 4.25% convertible bonds for an
 aggregate 
             amount of US $ 16.50 million equivalent to 4189.79
 crores.  These
             bonds were converted into 53,91,719 No. of equity shares
 at a
             price of Rs. 352 per share, subject to certain
 adjustments.
 
           - 8,42,175 shares issued on conversion of 1,990 Euro Bonds
 of US $ 
              5000 each at a premium of Rs. 342 per share.
 
 1995 - The Hissar division rose by 120% while the Vasind division 
              produced 1,29,675 tonnes of CRCA strips.  The cold
 rolled special
              steel manufactured by the unit was successfully used in
 strap on
               booster rockets of dry fuel section of Polar Satellite
 Launch
               Vehicle launched into space in March.
 
            - Power generation unit from waste gas of rotary kiln was
 also 
              installed resulting in assured power availability of 30
 MW for 
              steel making.  In addition one waste heat recovery
 boiler and a 
               turbine with a capacity of 15 MW was proposed to be
 installed.
 
           - Jindal Ferro Alloys Ltd. was amalgamated with the company
  
              effective 1st April.  In pursuance of the scheme of
 amalgamation 
               the shareholders of the erstwhile Jindal Ferro Alloys
 Ltd.
 
            - 44,559 No. of equity shares issued upon conversion of
 1990 Euro 
               bonds of US $ 5000 each at a premium of 342 per share.
 
 1996 - The overall performance of the company was satisfactory
 despite 
              the frequent shutdown taken for modernisation,
 renovation,
              upgradation of the existing facilities, lower
 realisation due to
              cheaper imports and general economic slow down.  The
              profitability was lower because of increase in interest
 cost,
              higher depreciation and minimum alternate tax.
 
            - A new steel melting shop with an EAF, AOD, LRF &
 state-of-the-art
               billet caster capable of producing 1,50,000 TPA of
 stainless 
               steel was installed at Hisar division.  A new descaling
 unit was 
               being installed for effective removal of scale during
 hot 
               rolling.  A new 4-Hi cold rolling mill capable of
 rolling 
               material upto 1250 mm width and 5 mm thickness
 alongwith several 
               other modern facilities was commissioned.
 
             - 111,32,550 shares allotted to the shareholders of
 erstwhile
                Jindal Ferro Alloys Ltd.
 
 1997 - Hissar Division recorded a 56% growht in production.  CRCA
              production at Vasind Division dropped due to depressed
 market
              condition.
 
  2000 - The Company has appointed Andersen Consulting to conduct a
 profit
               maximisation exercise.
 
             - The Vasind Division was hived off to Jindal Steel &
 Alloys Limited a subsidiary
                w.e.f. 01.01.2000, pursuant to a scheme of arrangement
 approved by the Hon'ble
                Punjab & Haryana High Court.
 
 2001 -  A Wholly owned subsidiary, Cross-Border IT (India) Ltd., is
 being incorporated to provide
               IT services internationally both by means of on-site
 support and offshore services.
  
            - Jindal Strips has offloaded 11 per cent stake in
 Shalimar Paints to the joint-venture partner, the             
 Jhunjhunwala Group, based in Hong Kong. The shares were brought by
 the Jhunjhunwala Group at Rs 36                                    
 per share, paying a premium of Rs 26 for each Rs 10 share
 
 2002- Jindal Strips Ltd has informed  that the Board  has appointed
 Shri Arvind Parakh as             Director-Finance and Sh. B.P.Goyal
 as Director-Projects. Both the Directors have been            
 appointed as Additional Whole-time Directors on the Board of the
 Company.
 
 -Promoters of Jindal Strips have hiked their stake in the company
 from 35 per cent to 43 per cent. Sun Investments, the O P Jindal
 group's investment company sold 3.17 per cent (6 lakh shres) to
 Vrindavan Services at Rs 47.50 per share.
 
 2003
 
 -Jindal Strips prepays the Foreign Currency Convertible Bonds(FCCB's)
 woth $15million.
 
 -IFCI Ltd withdraws nomination of Mr. S Lahiri from the Board of
 Jindal Strips.
 
 -Naveen Jindal, N C Mathur, Suman Jyothi Khaitan and Dr Lokesh Kumar
 Singhal 
 gave their resignation from the Board of Jindal Strips Ltd.
 
 -Mr. Rakesh gard and Mr H V Mishra are appointed as the Additional
 Directors on
 the Board of the company.
 
 - Mr. Subir Bisht was with drwan from the board by icici bank ltd
 
 -  Rakesh Garg and H V Mishra  are appointed  as Directors in the AGM
 held November 29, 2003.
 
 -ICICI Bank Ltd has withdrawn the nomination of Mr. Subir Bisht from
 the Board of Directors of the company.
 
 2004
 
 - Shares of  Jindal Strips Ltd delisted from Madras Stock Exchange
 wef June 7, 2004.
 
 2005
 
 -Jindal Strips Ltd has informed that the Board of Directors of the
 Company in its meeting held on January 17, 2005, have approved change
 of name of the Company to Nalwa Sons Investments Ltd subject to
 shareholders approval in General Meeting of the Company.
 
 
 -Smt. Savitri Devi Jindal has appionted as a  Additional Director and
 Chairperson of the Company.
 
 -Company has changed its name from Jindal Strips Ltd. to Nalwa Sons
 Investments Ltd.                                                
                                                         
 2006
 
 -Nalwa Sons Investments Ltd has informed that the Registered Office
 of the Company has been shifted from the State of Haryana to the NCT
 of Delhi, vide certificate of Registrar of Company.