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History of Everest Industries Ltd.

YEAR EVENTS 1934 - The Comp. was Incorporated in the name & style Asbestos Cement Ltd., as a private limited Comp. under the Indian company Act, VII of 1913 with two corporate shareholders viz., C.P. Cement Co. Ltd., [which subsequently in 1936 merged with other companies to form Associated Cement Companies Ltd.s] and Turner and Newall Ltd., U.K.

- The company object is to manufacture asbestos cement sheeting products such as corrugated roofing sheets, corrugated curved tanks, roofing extractors, etc., as well as accessories for roofing sheets. The products are marketed under the brand name 'EVEREST'.

- The name of Comp. was changed to Asbestos Cement [Pvt.s] Ltd as required under the Companies Act, 1956. The name was again changed to Asbestos Cement Ltd., in 1960 when the Comp. became a deemed public limited Comp. under Section 43A of Company Act, 1956.

- The Comp. was the first to set up facilities for manufacture of asbestos cement roofing sheets in India with the commissioning of its first factory in May at Kymore in Madhya Pradesh [formerly Central Provincess]. The manufacturing business was expanded progressively by establishing a second sheeting factory at Mulund [Mumbais] in 1937, a third factory at Calcutta in October 1938 & a fourth factory at Podanur near Coimbatore in Tamil Nadu in November 1953.

- Issued 9,500 shares [1,500 shares without payment in cashs] to Turner and Nowall limited U.K. & 2,000 shares to Associated Cement Companies Ltd.

1937 - 17,500 rights shares issued at par in prop. 7:4.

1938 - 6,500 rights shares issued at par in prop. 13:5 on 27th January, & 6,000 rights shares issued at par in prop. 6:34 on 28th April.

1939 - 18,500 rights shares issued at par in prop. 37:80 on 27th July.

1953 - 40,000 bonus shares issued in prop. 2:3 on 15th January.

1954 - 50,000 bonus shares issued at par in prop. 1:2 on 4th March.

1957 - A second sheeting plant was installed in the Kymore factory. Plants for manufacture of pipes were added at all these factories between 1938 & 1963.

- The Comp. has research facilities at Kymore & Mumbai. Research & development activities are being carried out in close cooperation with the Research & Development units of Turner and Newall Plc., U.K.

- 35,000 rights shares issued at par in prop. 7:30 on 6th March.

1966 - By October, the capital of Comp. increased to 2,46,667 No. of equity shares of Rs.100 each through a series of rights issue & two bonus issues out of which Turner and Newall Ltd., U.K. held 1,86,900 No. of equity shares & ACC held 59,767 No. of equity shares.

- 61,667 bonus shares issued in prop. 1:3 on 11th October.

1981 - The Comp. set up a full-fledged Research centre at Bangalore to enlarge & intensify its efforts in the areas of development of partial substitutes for asbestos fibre, recycling of waste, optimising the use of raw materials, development of newer better products as well as production techniques.

1983 - On 3rd October, Turner and Newall Ltd., U.K., transferred with the approval of Reserve Bank of India, 45 fully paid equity shares of Rs.100 each in the Comp. to each of six Indian directors & three senior executives of Comp. ie., totally 45 No. of equity shares at Rs.225 per share.

- Thus by 3rd October out of capital of 2,46,667 No. of equity shares of Rs.100 each of Company, ACC held 64,167 No. of equity shares & Turner and Newall International Ltd., U.K., held 1,82,455 No. of equity shares & the balance 45 No. of equity shares were held by 6 Indian directors & 3 senior executives of the Company.

- Equity shares were subdivided into shares of Rs.10 each on 10th October. After the offer for sale during November, the equity shareholding of Turner and Newall International Ltd., U.K., was reduced to 12,20,000 No. of equity shares of Rs.10 each or 49.5%.

- With effect from 24th October, the name of Comp. was changed from Asbestos Cement Ltd., to Everest Building Products limited The name of Comp. was again changed with effect from 18th September, 1990 to 'Eternit Everest Ltd.' to reflect the company association with Belgian Eternit Group.

- During November, Turner and Newall International Ltd., U.K., offered for sale out of its holdings, 6,04,550 No. of equity shares of Rs 10 each of Comp. at a premium of Rs 12.50 per share.

- Out of this, 56,150 shares were reserved & offered on a preferential basis to employees & Indian directors of the Company, their relatives & friends, resident in India [only 42,300 shares were taken ups].

- The balance 5,48,400 shares along with the unsubscribed portion of 13,850 shares out of reserved quota i.e., 5,62,250 shares were offered for sale to the public. After this offer for sale, the holding of Turner and Newall International Ltd., U.K., was reduced from 74% to 49.5%.

1986 - Though production increased, the sales tonnage was marginally lower than the previous year mainly due to non-availability of materials from the Mulund unit where the operations remained suspended till 20th June.

- The Comp. entered into a 10 year technical collaboration agreement with T and N Materials Research Ltd., U.K. for upgradation of existing technology as well as for gradual introduction of product range using alternative fibres.

1988 - Intermittent strike in certain departments at Mulund works continued throughout the year resulting in loss of production.

- Turner and Newall International Ltd., U.K., transferred its shareholding in the Comp. to Eteroutremer S.A., Belgium who are the holding Comp. of ETERNIT group with headquarters in Brussels.

1989 - Production declined due to strike by workers at Mulund works and Podanur works for a prolonged period.

1990 - 24,66,670 bonus shares issued in prop. 1:1 in December.

1991 - Due to recessionary conditions, production was regulated to low sales demand. Despite steep rise in cost of principal raw material, profits were satisfactory due to improved realisation from sales & effective control over costs.

- Out of initial capital of Comp. of 11,500 No. of equity shares of 100 each, Turner and Newall Ltd., U.K., held 9,500 No. of equity shares [1,500 shares issued without payment in cashs] and Associated Cement Companies limited [ACCs], held 2,000 shares.

1993 - 49,33,340 bonus shares issued in prop. 1:1 on 16th March 1994.

1994 - 49,33,340 bonus shares issued in prop. 1:2.

1995 - A new factory was commissioned at Nashik in March.

1997 - During the year, the second machine at the company new plant at Lakhmapur was commissioned.

1998 - The performance of Comp. was adversely affected by continued depressed economic conditions that affected industrial activity & excess capacity in the industry resulting in huge inventory & pressure on margins.

- Eternit Everest Ltd has been awarded the Inter-Industry State Safety Award for 1994, 1995 & 1996. The award, instituted by the National Safety Council of India, has been awarded to Eternit Everest for its Kymore Works at Madhya Pradesh.

1999 - ETERNIT Everest Ltd [EELs], engaged in manufacture of fibre cement products, has set up a new production line at its Lakhampur plant near Nashik, Maharashtra.

- Eternit Everest, is a MNC engaged in the production of cement based products [like asbestos sheetss] & building materials. The Comp. belongs to Eternit Group of Belgium [which holds a 49.50 percent stake in the companys] & ACC [with 26 percent stakes]. The Comp. was out of sight on the bourses, largely because of lull in the housing sector in the last two years.

2002-The Eternit Everest Ltd is now subsidary ACC.

- The consequent to transfer of 74,00,010 shares by Eteroutremer S.A. & Nefibouw B.V. [Foreign promoterss] to Associated Cement Companies limited At the said meeting Mr.P.K.Sinor, Mr. A.K.Jain & Mr. N.H.Italia have been appointed as Additional Directors on the Board of Directors.Mr D C Shroff has also been re-appointed as Additional Director [Independents] on the Board of Directors.

-Eternit Everest Ltd has informed that Mr Arun K Batra Managing Director EEL has resigned & the Board has accepted Mr Batra resignation.The Board has appointed Mr M L Gupta as an Additional Director of Comp. & also as Managing Director of EEL for a period of two years. The Board has also appointed Mr Manish Sanghi, Director-Marketing EEL as an Additional Director & has also appointed him as Wholetime Director of EEL for a period of two years w e f from aforesaid date.

2004

-Everest Industries enters into an Agreement with Dansk Eternit, Denmark

2005

-Adani Group inks pact with Holcim to take over Everest Industries

2007

- Everest Industries Ltd has informed that M/s. Deloitte Haskins and Sells, Chartered Accountants, New Delhi have been appointed as Statutory Auditors of Comp. to hold office from the conclusion of 74th Annual General Meeting held on July 27, 2007 till the conclusion of next Annual General Meeting.

2008

-Everest Industries Ltd has appointed Mr. M L Narula as Additional Director on the Board of Directors of Comp. effective from January 30, 2008.