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RACL Geartech > Company History > Auto Ancillaries > Company History of RACL Geartech - BSE: 520073, NSE: N.A

RACL Geartech

BSE: 520073|ISIN: INE704B01017|SECTOR: Auto Ancillaries
Dec 13, 11:05
0.6 (0.74%)
RACL Geartech is not listed on NSE
Company History - RACL Geartech
 1983 - The company was incorporated. The company has been promoted as
               joint venture of PICUP and Bharat Gears Ltd, a Runaq
 group enterprise.
            - The company had technical collaboration with DAB
 Industries, U.S.A. for
               manufacture of Bi - metal bearings.
 1991 - The company has installed Pre-heater furnaces and Sealed
              Furnances with inbuilt recuperators which has resulted
 in substantial energy
           - The company has also explored to install processing
 equipments designed to
              conserve energy.
 1994 - Company has contested/gone into appeal against against the
 exparte order of
              Asst. Sales Tax Officer, Bhopal for the year 89-90 with
 Demand Notice for Rs. 10,531/-.
 1995 - The company is committed to accord priority for energy
              The company gives significant importance to R&D
 activities, to optimally
               utilise available resources.
 1996 - The Company has started implementation of ISO 9000
 Certification and
               is also simultaneously working on Total Quality
             - In order to meet the financial requirements for such
 Expansion cum Modernisation
               programme, the Company is proposing to issue its Equity
 Share Capital on Right
               basis to its existing Shareholders.
            - Subsequent to the withdrawal of nomination of Mrs.
 Surjeet Kaur Sandhu as
              Chairperson/Director during  the year by The Pradeshiya
 Industrial & Investment
              Corporation of U.P. Ltd. (PICUP), Mr. Siddhartha Behura
 was nominated as Chairman
               and Director on the Board of Directors of the Company
 w.e.f. 22.12.95 by PICUP.
 1997 - Due to adverse condition of industry in general and stock
 market in
              particular, the Company could not come out with Rights
 Issue, as
              proposed in previous Annual General Meeting.
           - After the last Annual General Meeting, Mr. Raunaq
 Co-Chairman and
              Director and Mr. O. R Vaish, Director, had resigned from
 the Board.
 1998 - The Company has embarked upon export sales drive and
               it has received various enquiries from overseas markets
 for supply of
               components and negotiations are on with various
 potential customers.
            - During the year under review the Company has allotted
 10,00,000 (Partly
              Paid-up) Equity Shares of Rs. 10/- each at par to the
 said Overseas
              Corporate Body increasing the issued and subscribed
 capital to Rs.844
           - Pradeshiya Industrial & Investment Corporation of U.P.
 Ltd. (PICUP) the
             Promoter Financial Institution of the Company withdrew
 the nomination
             of Mr. D.S. Bains as Chairman & Director and Km. Nita
 Chowdhury was
             appointed as Chairperson & Director of the Company.
           - Mr. Indu Kumar Pande, IAS was nominated as Chairman and
 Director of the Company,
              w.e.f. 23rd April.
 1999 - The Company had been badly affected due to low demand of
 vehicles and
               further due to a strike in Escorts group of Companies
 for nearly 4 months.
            - The Company has also entered into arrangement with some
 other OEMs.
            - The company develops a number of new components during
 the year and the
               Company has been following this policy of writing off
 the development cost
               over five years for the reasons that the benefits of
 development of new components
               accrue over a number of years.
 2000 - The Board has decided to issue up to 10 lakh equity shares of
              10 each on preferential basis to H.S. Kohli & his
            - The Company has signed an agreement with CDLS and NSDL
 for dematerialisation.
 2002-Raunaq Automotive Components Ltd has informed  that following
 changes have taken place on its Board:1. Mr Sanjiv Nair has been
 nominated by PICUP as the Chairman & Director of the Company in place
 of Mr D S Bains w e f July 12, 2002.2. Mr Akhil Swami has been
 nominated by PICUP as the Director of the Company w e f July 10,
 -Raunaq Automotive Components Ltd has informed BSE that Mr Gursharan
 Singh has been appointed as Director of the company wef August 23,
 -Raunaq Automotive Components Ltd has informed that Mr. M R Gireesan
 has been nominated as a Director by IFCI in place of MR. S P Gupta.
 -  The Company has received SilverTrophy for Excellence in Exports.
 - The Company has received Bronze Trophy for Excellence in Exports.
 -  The Company has received Second Prize from CII National Cluster
 Summit .
 -  The Company has received Golden Trophy for Excellence in Exports.
 -The Company has allotted 10,00,000 equity shares of face value of
 Rs. 10/- at the rate of Rs. 16.25 per share to Middleware Development
 Ltd. on preferential allotment basis.
 -RACL has been awarded BRONZE TROPHY, SILVER TROPHY, & most
 prestigiousn GOLD TROPHY for excellence in exports.
 -The Company has allotted 10,00,000 equity shares of face value Rs.
 10/- at a price of Rs. 20 per share to Mr. Arendra Kumar on
 preferential basis.
 - The company has changed its name from Raunaq Automotive Components
 Ltd. to Racl Geartech Ltd.                                           
Source : Dion Global Solutions Limited
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