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History of Deepak Spinners Ltd.

YEAR EVENTS 1982 - The Comp. was incorporated on 25th March, at New Delhi. It obtained the certificate of commencement of business on 13th August.

- It was promoted by Pradip Kumar Daga & Himachal Pradesh Mineral and Industrial Development Corporation Ltd., [HPMIDCs] patricipated in the equity of company.

- The main object of Comp. manufactures synthetic blended yarns both grey & dyed out of polyester, viscose, acrylic and other man-made fibres.

- With a view to further improve the performance, the Comp. undertook to set up another spinning unit, in a notified backward area in Madhya Pradesh.

1985 - Allotted 1,50,070 shares to promoters, directors, etc. & 4,30,000 shares to HPMIDC. 27,19,930 shares then issued at par out of which 8,26,130 shares reserved & allotted to promoters, etc. Out of remaining 4,00,000 shares to NRIs with repatriation rights & 1,65,000 shares to employees etc. and Business associates were reserved preferential allotment. Only NRI taken up. - The balance 13,28,800 shares, along with 1,65,000 shares not taken up by employees etc. were offered to the public in February 1986. 4,73,400 additional shares allotted to retain excess subscription [1,00,000 shares to NRIs & 3,73,4000 shares to the public.s]

1986 - The companies works are situated at Dist. Solan, Himachal Pradesh. Commercial production was started on 1st February, with 3,456 spindles which were gradually increased to 5,760 spindles by 30th April.

1987 - Major portion of factory building was constructed, substantial machinery received and/or installed & partial production commenced.

1988 - As a part of its diversification programme, the Comp. commenced manufacture of acrylic yarn.

1989 - Forfeiture on 15,600 shares annulled.

1990 - Various machinery including 960 spindles, one card, one cone winder, ring data system & hank dyeing equipments were installed.

- 14,99,600 rights shares issued [prem. Rs. 3 per share; prop. 2:5s]. Additional 2,24,940 shares allotted to retain oversubscription. Another 74,900 shares offered to employees etc. [prem. Rs. 3 per shares] but only 9,700 shares taken up. The balance 65,200 shares allowed to lapse.

1992 - The expansion scheme at Baddi unit by installation of 4608 spindles made progress.

- Plans for addition of about 1500 spindles with related machinery & some balancing equipments were under active considerations.

1993 - The Comp. registered significant improvements in sales & exports.

- During the year, the Comp. was granted the status of an `Export house'.

- Modernisation cum expansion scheme of 1152 spindles & related machines & two auto coners.

- 10,96,828 Rights shares issued [Prop. 1:5; Prem. Rs. 30s]. Another 54841 shares issued to employees [only 8400 shares taken ups].

1994 - The improvement was attributed to installation of balancing equipments, implementation of expansion schemes etc.

- 2304 spindles & related machines along with two imported auto coners were installed.

- The first phase of proposed 100% EOU named Deepak Polyspin with an installed capacity of 8640 spindles & other related machines.

2008

- Deepak Spinners Ltd has appointed Shri. J N Pathak as Additional Director of Comp. in the Board Meeting held on September 11, 2008.

2009

- Deepak Spinners Ltd has informed that Shri. V N Khemka, Executive Director has been appointed as Chief Executive Officer [CEOs] in the Board Meeting held on September 11, 2008.