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Triveni Glass > Company History > Glass & Glass Products > Company History of Triveni Glass - BSE: 502281, NSE: TRIVENSHET
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Triveni Glass

BSE: 502281|NSE: TRIVENSHET|ISIN: INE094C01011|SECTOR: Glass & Glass Products
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Company History - Triveni Glass
YEAR                       EVENTS
 1971 - The company was incorporated on 15th December, at Allahabad. 
 The
        company was promoted by Shri S.N. Agarwal who was associated
 with
        the first sheet glass plant in the country set up at Bahji
 (U.P.)
        four decades ago.
 
      - The main objective of the company is to manufacture glass and
        glass products of all types, particularly sheet glass by
 P.P.G.
        (Pittsburg Plate Glass) process.
 
      - All shares were taken up by promoters, directors, etc.
 
 1973 - 6,30,000 No. of equity shares offered at par for public
        subscription through a prospectus in June.
 
 1978 - 12,100 No. of equity shares forfeited.  1,83,810 No. of
 equity
        shares allotted at par to financial institutions on
 conversion
        of loans.
 
 1979 - Forfeiture of 1,700 No. of equity shares annulled.
 
 1980 - Forfeiture of 350 No. of equity shares annulled.
 
 1987 - The company undertook a project (plant No. 4) for manufacture
 of
        tinted and white sheet glass with annual capacity of 16 Lakh
 sq.
        mtr.
 
 1990 - Production and sales suffered due to strike by workmen for
 four
        and half months and high cost of inputs.
 
      - The company undertook a project for the manufacture of
 neutral
        glass tube and rod with an annual capacity of 4000 tonnes
 near
        Meerut. 
 
 1991 - All the other plants except plant No. 2 were not in operation
 due
        to strike at the factory and the resultant repairs of
 furnaces.
        Production and sales improved substantially and as such
 better
        operating results were achieved despite increase in the input
        costs.
 
      - The project for manufacture of neutral glass tubes with
 imported
        electric furnace was dropped because of serious foreign
 exchange
        crunch in the country.  On further consideration it was
 decided
        to implement the project with oil fired furnace.
 
      - The Company also undertook the implementation of figured
 wired
        glass manufacturing plant at Rajahmundry in Andhra Pradesh.
 
 1992 - Record production and sales was achieved with production of
 sheet
        glass on 2mm basis and figured and wired glass on 3mm basis
        improving substantially to 107,98,730 sq. mtrs. and 26,25,010
        sq. mtrs. respectively.  Production of natural glass tubes
 was
        547 tonnes and a higher production was marred due to some
 initial
        teething problems.
 
      - The company proposed to implement a project at Allahabad for
        manufacture of float glass by Chinese Luoyoang float process
        with a capacity of 200 tonnes per day.  An agreement was
 entered
        into between the company and Chinese National Machinery Import
 &
        Export Corporation, Beijing for supply of major plant and
        machinery and technical know-how.
 
      - Legal suits in connection with the take over of management of
        Kratar Glass Works Ltd. was still pending in the court of
 law.
        The Company filed a petition for winding up of Kartar Glass 
        Works Ltd.
 
      - As per the scheme of rehabilitation approved by BIFR, the
 company
        agreed in principle to the scheme of waiver of 50% of the
 dues
        and acceptance of the balance in 36 equal instalments. 
        Commencing after 24 months from the date of recommissioning
 of
        the plant retaining the right to continue with the legal
        proceedings against Kartat Glass Works Ltd. in case of the
        scheme of BIFR fails.
 
      - 11,73,760 bonus equity shares allotted in prop. 1:1.
 
 1994 - In October, for financing the float glass project, the
 company
        issued 39,12,534 No. of equity shares of Rs. 10 each for cash
 at
        a premium of Rs. 60 per share in the ratio of 5 shares for
 every
        3 shares held to the existing shareholders aggregating Rs.
 2739
        lakhs alongwith 39,12,534 detachable and fully tradeable
 warrants
        to be converted into equity shares of Rs. 10 each for cash at
 a
        premium of Rs. 70 per share.
 
      - Simultaneously, 16,62,300 No. of equity shares of Rs. 10 each
 at
        a premium of Rs. 90 per share for Indian public/FIs and Rs.
 110
        per share for NRIs/OCBs aggregating Rs. 1731.20 lakhs were
        oversubscribed.
 
      - 55,68,959 No. of equity shares allotted on account of the
 rights
        and public issue.
 
 1995 - 133 right equity shares kept in abeyance were allotted. 
 7,13,772 
        No. of equity shares (prem. Rs. 70) were allotted on
 conversion
        of detachable and freely tradeable warrants.
 
 1996 - BIFR recommended winding up of Kartar Glass Works Ltd. and
 steps
        were taken to submit the company's claims before the High
 Court
        at Chandigarh.
 
      - Implementation of the expansion project at Rajahmundry for
        manufacture of figured glass was stopped due to paucity of
 fund.
 
 2014
 
 - Appointment of Company Secretary cum Compliance Officer Ms Sushma
 Membership Num A34410 an Associate member of the Company.
 
 
 
Source : Dion Global Solutions Limited
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