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History of Ajanta Tubes Ltd.

YEAR EVENTS 1973 - The Comp. was incorporated on 17th December. It was promoted by Jain Brothers. The Comp. manufactures steel pipes & tubes including API Pipes & PVC Pipes. The Pipes are marketed under the brand name 'ATL' Pipes.

1978 - 30,000 Pref. & 7,20,000 No. of Equity shares offered at par to the public in January. Pref. shares redeemable during 6.4.1990/93 at 3 months notice.

1989 - The Comp. added 350 mm [14's] nominal borer size to its range of steel pipes & plans were afoot to further add 400 mm [16's] nominal bore size.

1990 - Turnover declined to due to strike/lock-out from October to December 1990.

1991 - Due to strike by workers from 2nd April, 1992 onwards for nearly 4 months, the Comp. couldn't reap the benefit of easier availability of raw material in early 1992-93.

1993 - Turnover declined due to illegal strike resorted to by the workers at the factory for about 3 months & go-slow tacties and work to rule before the strike.

1995 - The main reason for loss was due to inadequate operations due to financial constraints/non-availability of L/C Limits from Bank & non-availability of raw materials.

1996 - On 11th April, the BIFR declared the Comp. a Sick Industrial Unit as per the provisions of Sick Industrial Companies [Special Provisionss] Act, 1985. The Comp. also submitted a package for rehabilitation of unit.