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History of Hotline Glass Ltd.

YEAR EVENTS 1992 - The Comp. was Incorporated on 15th June & obtained the Certificate for Commencement of Business on 22nd February, 1993. It was promoted by Anil K. Gupta & hotling group of industries in technical cum-financial collaboration with PICVUE Electronics limited [Taiwans].

- The company object is to manufacture of glass parts of black & white picture tubes.

- The Comp. undertook to set up a project for manufacture of glass parts [panels and funnelss] for B and W picture tubes, used in Black & White TVs. The installed capacity of plant based on the average size of 14' tubes would be 3-5 mnpa. As per the proposed product-mix, the installed capacity was estimated at 3-3 mnpa comprising glass parts for 14' picture tubes [2.6 millions] & 17' picture tubes [0.7 millions]. Land admeasuring 11.65 hectares was acquired at Malanpur Industrial Growth Centre, Bhind District of M.P. A part of forming equipment was imported from PICVUE viz. the two presses were bought second hand at a cost of U.S. $ 2,911 million.

- The Comp. entered into an agreement with PICVUE for technical know-how, financial participation & buy-back tie up. The period of agreement was 8 years from commercial production or 10 years from the date of agreement dated 17th December, which was later. As per the agreement, the collaborator would provide technical assistance, technical know-how, onsite facilities for training & such other technical information as may be required from time to time.

- The Comp. also appointed G.D. Techno Pvt. limited as architects & consultants for utilities & would be responsible for finalising civil structural design & drawings for buildings as well as specific design for PICVUE.

1993 - The Comp. undertook to promote a Unit for manufacture of colour tubes in collaboration with Glodston Co. Ltd., Korea with an initial capacity of 1-2 million picture tubes per annum.

- 70 No. of equity shares of Rs.10 each issued, subscribed and paid-up. 799,99,930 No. of equity shares of Rs.10 each were issued through a prospectus in January 1994 of which the following were reserved & allotted on a firm basis:

- [is] 161,49,930 shares to promoters,

- [iis] 11,850,000 shares to foreign promoters Picvue for consideration other than cash,

- [iiis] 20,00,000 shares to M.P. State Electronic Development Corporation limited Of the remaining, the following were reserved for allotment on a preferential basis:

- [is] 80,00,000 shares for Ind. Mutual funds [only 24,00,000 shares taken ups],

- [iis] 80,00,000 shares to Financial Institutions, - [iiis] 40,00,000 shares to NRIs on repatriation basis [only 8,26,500 shares taken ups],

- [ivs] 40,00,000 shares to FIIs on repatriation basis,

- [vs] 2,00,000 shares to employees of Comp. & promoter companies [37,100 shares taken ups],

- [vis] 38,00,000 shares to shareholders of promoting Companies [5,47,400 shares taken ups]. Balance 220,00,000 shares along with 121,89,000 shares not taken up under preferential issue, issued to the public.

1996 - The Company sales & production declined due to overseas supplies dumping Black & White glass parts at very low prices. Commercial production from the third press commenced & glass parts for 17' Black & White picture tubes were developed.