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History of Dyna Lamps and Glass Works Ltd.

YEAR EVENTS 1987 - The Comp. was Incorporated in the State of Tamil Nadu and obtained a Certificate of Commencement of Business on 30th October. It was promoted by TIDCO, Obul Reddy & associates.

- The Company object is to manufacture glass tubes for FTLS, glass lamps, glass lamp shells.

- The Comp. undertook to set up a plant for manufacture of FTLs glass lamp shells & GLS lamps to be established with a technical know-how from Corning Engineering USA for glass making & with sale Tiney Technology Plc. U.K. for lamp making. Leasehold land admeasuring 19.57 acres was acquired at SIPCOT Industrial Complex Gummidipoondi, Chengapatti - MGR District Tamil Nadu. Plant & Machinery were imported from Corning. The equipments were purchased from Badalex U.K.

- The Comp. entered into a consortium agreement with Corning Engineering U.S.A & Sale Tiney Technology Plc. U.K. for supply of technical know-how for glass & lamp technology. For the supply of technology Corning Engineering USA would be paid a lumpsum Compensation of US $ 9 lakhs & Badalex Pound Sterling 2,76,200 both net of taxes. In addition Corning would be paid a royalty of 2.9% subject to deduction of taxes for 5 years.

- The Comp. also effected payment of Pound Sterling 184133.32 to sale Tilemy Technology Plc and US $ 6,00,000 to Corning Engineering USA towards royalty in respect of technical arrangement with them & the final 1/3rd of fees would be paid on commencement of commercial production or 4 years after agreement filed with RBI whichever was earlier.

- The Comp. is committed for export of some of its products worth Rs.2,640 lakhs over a period of 4 years & the trial undertaking was to be in the range of Rs.2,750 lakhs to derive concessional custom duty of 25% on import of capital goods of about Rs.900 lakhs out of total capital goods import.

1996 - 90 No. of equity shares of Rs.10 each subscribed for Signatories to the Memorandum of Association. 182,99,910 No. of equity shares of Rs.10 each were issued during March 1992 of which the following were reserved & allotted on a firm basis:

- [is] 33,39,955 shares to promoters, Indian Resident Directors etc.

- [iis] 20,00,000 shares to NRIs, relatives & associates of promoters on repatriation basis

- [iiis] 55,39,955 shares to TIDCO. Of the remaining, the following shares were reserved for allotment on a preferential basis to employees of Comp. & those of promoter companies. Balance 65,05,000 share to the public.

1997 - The Comp. was declared a Sick Industrial Comp. by BIFR. - The Comp. entered into a one year selling agreement with M/s. Philips India limited to keep its furnace in running condition. Besides, technical support was to be provided by Comp. on a need based basis. The agreement could also be extended by a further period of one year as may be mutually agreed by both the parties.

- The Comp. has entered into a fresh selling agreement with M/s. Osram India Pvt. Ltd.