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History of Asian Bearings Ltd.

YEAR EVENTS 1974 - The Comp. was incorporated on 19th March, at Madras. It was promoted by Tamil Nadu Industrial Development Corporation Ltd. [TIDCOs], in the joint sector, with S. M.Palaniappa Chettiar as co-promoter. The main objective of Comp. is to manufacture ball & roller bearings of all kinds.

- The co-entered into a technical collaboration agreement with VEM Kombinat Waelzlager Und Normterle [an amalgamated co. of bearings under the brand name of DKFs].

1981 - 8 shares subscribed for by signatories to the Memorandum of Association. 49,99,992 shares issued through a prospectus dated 9th April, of which 12,99,996 shares to TIDCO [Tamil Nadu Industrial Development Corporation Ltd.,s] & 12,49,996 shares to S.M. Palaniappa Chettiar & associates were reserved and allotted. The balance 24,50,000 shares were offered at par for public subscription during May.

1983 - In order to step up the production of taper roller bearings, action was initiated for self-manufacture of rollers and cages. The Comp. also installed machinery required for the manufacture of ball thrust bearings & commenced trial production.

1985 - During October, there was a strike in the factory for 20 days. Even after settlement of strike, the workers adopted go-slow tactics. The Comp. suspended operation at the factory from 23rd December.

- The suspension was lifted on 28th December, & willing workers were allowed to resume work.

1986 - The Company operations came under the purview of Sick Industrial Companies [Sp. Provisionss] Act, 1985 & accordingly a reference was made to BIFR.

- 24,30,000 No. of equity shares issued at par [13,20,000 shares for cash to promoters, directors their friends and relatives and 11,10,000 shares in conversion of loans to financial institutionss].

1988 - The Company rehabilitation scheme was accepted by BIFR. A relief package was envisaged.

1990 - 23,70,000 No. of equity shares issued to promoters, directors and financial institutions. 68,300 shares forfeited.

1991 - The Comp. undertook to instal additional facilities to enhance the plant capacity from 4.20 million bearings per annum to 5.95 million bearings per annum at Bagalur, Dharmapuri District, Tamil Nadu.

1992 - Production of ball bearings & taper roller bearings declined respectively due to lock-out from February to July.

- Inspite of transporters strike, recession, & power cut, production of Ball bearings & taper roller bearing increased.

1994 - 53,10,000 shares allotted at par to FIs, banks & promoters against conversion of loan as per BIFR order.