Shree Vallabh Glass Works Ltd.

YEAR                       EVENTS
 1957 - The company was incorporated on 24th December, at Mumbai as a
        private company and converted into a public company on 8th
 June,
        1961.  The company manufacture and deals in sheet glass,
 plate
        glass, wired glass, safety glass, and mirror and all sort of
        glassware.  The company uses the trade name TUFEX
 
 1961 - Issued 27,745 shares to directors, etc. 7,000 shares to ICICI
 and 
        37,255 shares to the public.
 
 1972 - 25,193 Right Equity shares issued (prop. 1:3), 15,000 Pref. 
        shares issued to the public. Pref. shares redeemable during
        31-3-1985/88.  Arrears: Rs 3,350.
 
 1974 - A licence was received for the manufacture of superior quality
 
        sheet glass in Maharashtra.  The plant was commissioned
 during
        1981-82.
 
 1976 - 10,000 No. of equity shares allotted at par to ICICI to 
        conversion of a part of their loan.  Arrears Rs 3,300.
 
 1977 - 54 No. of equity shares forfeited out of which forfeiture on
 33
        Equity shares annulled subsequently.
 
 1979 - 55,002 Bonus Equity shares issued in prop. 1:2.
 
 1981 - 28,957 No. of equity shares issued (prem. Rs 110 par share)
 to
        financial institutions (7,524 shares to IDBI, 7,145 shares to
        UTI, 7,143 shares to LIC and 7,145 shares to GIC and its
        subsidiaries).
 
 1985 - The Govt. of Gujarat declared the Company as a Relief
        Undertaking under the provisions of Mumbai Relief Undertaking
        (Special Provisions) Act, 1958.  As a result, all rights,
        privileges, obligations and liabilities incurred and all
 remedies
        for enforcement thereof has been suspended.  The Relief
        Undertaking protection was granted upto 17th December.
 
      - 80,000 No. of equity shares issued at a prem. of Rs 100 per
 share
        on conversion of 15.5% Con. debentures.
 
 1987 - The overall working was affected due to paucity of funds.  One
 of 
        the figures glassfurnace (R-80) was closed down in August
 1988.  
        Another figured glass furnace (R-20) closed down in November
 1986
        and restarted in February 1988.  The figured glass furnace
 (R-80)
        was restarted in May 1989.
 
      - The furnace at the Boisar plant which was closed down for
 repair 
        in September could not be restarted due to employee's 
        strike and for want of funds.
 
      - The Company supplied to Vallabh Glass Singapore Pvt. Ltd.,
        technical know-how, engineering and management services.  The
 
        Company was also supplying technical know-how for setting up a
 
        glass project in Kenya.
 
      - In order to meet a part of the overrun in the cost of Boisar 
        project, the Company issued 40,000-13.5% secured convertible 
        debentures of Rs 500 each for a total amount of Rs 2 crores on
 
        rights basis to the existing equity shareholders.
 
      - The delay in the commencement of commercial production of
 Boisar 
        plant led to heavy escalation in the pre-operative and
 start-up
        expenses.
 
      - The Company had also applied to the Reserve Bank of India for
 
        increased working capital limits.  On account of stringent
        liquidity position, the Company could not honour its
 commitments 
        towards the intercorporate depositors.
 
      - The Company came under the provisions of the Sick Industrial
        Companies (Special Provisions) Act, 1985.
 
      - BIFR appointed ICICI as an operating agent.  The work of
        preparing viability report was submitted to Tata Economic 
        Consultancy Services and Innovative Consultancy Pvt. Ltd. 
 Both
        the consultants recommended a rehabilitation package of
        rescheduling repayment to all creditors.
 
 1988 - The Tata Economic Consultancy Services and Innovative
 Consultancy
        Pvt. Ltd., found the Company viable and proposed a
 rehabilitation 
        package for the Company.
 
      - To part finance the scheme, the BIFR directed that the
 Company
        should sell its Andheri godown situated at S. No. 78, Hisa No.
 3 
        at Andheri-Kurla Road, Marol, Mumbai which would fetch 
        considerable amount to be utilised in the modernisation of
 Boisar
        plant.
 
 1990 - Another figured glass plant (R-20 furnace), which was closed
 down
        in April 1990 for repairs, was restarted in November 1990.
 
 1991 - Turnover declined due to a strike by workers from 5th July,
 1991 
        to 9th September, 1991.  The forcault sheet glass plant (R-100
 
        furnace) was commissioned in January 1992.
 
 1992 - The turnover declined due to go slow strike by the employees.
 
      - The rehabilitation scheme of the Company under the Sick 
        Industries (Special Provisions) Act, 1985 was sanctioned by
 BIFR
        on 21st January.
 
      - The Scheme envisages restarting of the Boisar Plant for the 
        manufacture of sheet glass and cold repairs by modernisation
 of 
        the batch house and reconstruction of furnace.
 
      - As a part of the package, the Company was declared as a
 Relief
        Undertaking under section 3 of the Mumbai Relief Undertaking
        (Special Provisions) Act, 1958 in May.
 
      - As on 31st March, the Company revalued its land, buildings
 and
        plants and machinery.
 
      - Under the scheme approved by BIFR, 4,50,000-1% non-cumulative
        compulsorily convertible preference shares of Rs 100 each were
 
        subscribed by promoters and their associates.
 
      - Preference dividends amounting to Rs 16.34 lakhs were in
 arrears
        for the period from 1st July, 1983 to 31st March, 1996.
 
 1993 - Authorised capital reclassified and increased.  Equity shares
        subdivided on 21.3.1992.  30,00,000 No. of equity shares
 allotted 
        to promoters, etc. on 20.4.1992. 4,50,000 Pref. shares of Rs
 100
        each issued as per BIFR Scheme.
 
 1994 - Turnover amounted to Rs 1.95 crores due to continued illegal 
        strike and go-slow tactics of the workmen.  And due to heavy 
        expenses involved in repairs and no funds coming forth from 
        financial institutions or banks, the Boisar plant could not
 be
        put back into operation.
 
 1995 - The performance of the company could not improve due to the
        illegal strike and collapse of three machineries in 1993. 
 Only
        one plant was working most part of the year.  Moreover larger
 
        plants required heavy repairs and huge expenses.
 
 1996 - 30,00,000 No. of equity shares were allotted in conversion of
        funded interest of banks/financial institutions as per
 directive
        from BIFR.