History of JCT Ltd.

YEAR EVENTS 1946 - The Comp. was incorporated on 28th October in Kapurthala. The main object of Comp. is to manufacture cotton textile goods. The products manufactured are sheetings, shirtings, cambric, dhoties, sarees, coating, mazril, mulls, etc. Counts ranging from 12s to 60s are spun & the cloth width varies from 27 inches to 66 inches.

1950 - 430 preference & 30,910 No. of Equity shares allotted. 1,815 pref. and 36,135 shares fofeited.

1962 - The Comp. acquired Benaras Cotton & Silk Mills.

- 4,16,364 No. of Rights Equity shares issued [prem. Rs.5, prop. of 1:1s].

1963 - preference shares entitled to gross dividend of 6.5% P.A.

1967 - 4,16,275 No. of equity shares issued in prop. 1:2.

1973 - The Comp. entered into a collaboration agreement with Thonburi Textile Mills, Ltd., Bangkok [Thailands] whereby the Comp. was to render techincal know-how for modernising the exsiting weaving and processing factory besides its expansion by 21,600 spindles. This agreement was slightly revised during 1978-79.

1975 - 25,000 11% pref. shares issued [Redeemable during 16th September 1978/90 at 6 months notices].

1978 - Shree Sadul Textiles, limited was merged with the Comp. on 28th October, & the merger was effective from 1st Febraury 1977.

- Taplon Synthetics limited was amalgamated with the Comp. with effect from 1st Febraury 1979. As per the scheme of amalgamation, 2,02,535 No. of Equity shares of Comp. were allotted to the members of Taplon Synthetics, limited after cancelling 28,200 No. of Equity shares held by Comp. as investment in Taplon Synthetics, Ltd.

- 2,38,108 No. of Equity shares & 24,839 pref. shares allotted to members of Shree Sadul Textiles limited upon its merger with the Company.

1979 - With effect from 1st February, Taplon Synthetics, limited was merged with the Company.

- 7,64,117 bonus equity shares issued in prop. of 1:2, 2,760 bonus equity shares remained to be allotted to non Resident shareholders.

1980 - 22,77,026 rights Equity shares issued at par in prop. 1:1. 319 bonus shares allotted to non-residents [244s] bonus shares remains to be allotteds]. 2,02,535 No. of Equity shares issued to members of Taplon Synthetic, limited on its merger.

1981 - The Comp. received a letter of intent from the Punjab State Industrial Development Corporation to participate in a 15,000 tonnes per annum, polyster staple fibre project to be set up at Hoshiarpur in the Company nylon plant premises.

- A technical collaboration agreement was entered into with E.I. Dupont, De Nemours of USA. A new Comp. under the name and style of punjab Polyfibres, limited was incorporated to implement this project.

- A letter of intent was received to increase the capacity from 15,000 tonnes to 30,000 tonnes per annum.

- The Comp. entered into a management and Technical Know-how Assistance Agreement with Chempaka Negri Lakshmi Textiles SND, BHD at Malaysia.

- Out of unsubscribed portion of Rights Equity issue, 1350 shares allotted in 1981-82 & 2,10,124 shares in 1982-83.

1983 - 1,00,000 13.5% pref. shares were issued. Rate of dividend on these pref. shares was increased to 15% from 16th May 1984. These pref. shares are redeemable during 30th April 1996-99.

1985 - During June, the Comp. issued 10,00,00-15% [`d' deriess] secured redeemable non-convertible debentures of Rs.100 each as rights to the shareholders in prop. of 3 debentures for every 20 No. of equity shares of Rs.10 each & 3 debentures for every 2 preference shares of Rs.100 each. Only 90,524 debentures taken up. The balance 9,09,476 debentures devolved on the underwriters, viz., UTL. There was also a buy-back arrangement at par value for those debenture. These debentures are redeemable on 2nd June, at a premium of 5%.

- 24,94,922 rights Equity shares issued [prem. Rs.10 per share; prop. of 1:2s] Fractions ignored. Only 23,74,892 shares taken up. Another 1,24,746 No. of Equity shares offered to employees [prem. Rs.10 per shares] of which only 1,01,300 shares were taken up. The balance 23,446 shares out of employer quota were allowed to lapse.

1986 - To improve the profitability of Hoshiarpur unit, the Company took steps to convert a substantial part of its production capacity for manufacture of polyester filament yarn.

- A letter of intent was recieved for manufacture of 15,000 TPA of polyster filament yarn.

- At Sriganganagar unit operations was adversely affected due to workers strike for 3 months during October to December.

- Out of unsubscribed portion of 1,20,030 No. of equity shares of 1,20,030 No. of equity shares of Rights issue of 1985-86, 1,18,987 shares were allotted on private placement basis at the discretion of directors.

1987 - The Comp. offered 7,58,334-12.5% partly convertible secured redeemable debentures [E-Seriess] of Rs.120 each for cash at par on rights basis in the ratio of 1 debentures were allotted to retain over-subscription.

- The Comp. also offered 37,91-12.5% debentures to employees including Indian working directors/workers on equitable basis. None of these debentures were taken up & all were allowed to lapse.

- A portion of Rs.60 of each debenture was to be converted automatically into 2 equity shares of Rs.10 each at a premium of Rs.20 per share within six months from the date of allotment. The remaining non-convertible portion of Rs.60 per debenture was to be redeemed at par on the expiry of 7th year from the date of allotment.

- 18,95,832 No. of Equity shares allotted at a premium of Rs 20 per share in conversion of debentures.

- The first phase was launched in January. The Comp. proposed to increase the production of CPTS to 10,000 per month by December.

- During the year, major processor/equipments were installed.

- The name of Comp. was changed to 'JCT Electronics Ltd.' from the present one.

- The Comp. applied to the Government for a letter of intent for the manufacture of shadow masks which are used in the manufacture of TV picture tubes.

1988 - The Comp. took up implementations of PFY project in stages. It was planned to add one spinning line to produce speciality yarn, in the first stage.

- A dyeing plant was installed at Hoshiarpur, to increase the production of dyed yarn. In addition, a waste recycling plant was installed to increase the recovery of caprolactum from waste.

- The Comp. issued 4,00,000-14% [`F' seriess] secured redeemable non-convertible debentures of Rs.100 each. These debentures are redeemable at 5% premium on 15th December, 1995.

- 94,80,899 Rights Equity shares issued [prop. 1:1; Pre. Rs 30s]. In 1989, 31,19,101 No. of equity shares offered for public subscription [prem. Rs 30s] of which 6,30,000 shares offered on preferential basis to employees [including working directorss] workers of Company. Only 1,35,200 shares taken up by the employees. The unsubscribed 4,94,800 shares of employee's quota allotted to the general public.

1989 - During August the Comp. offered 20,00,000-14% secured redeemable debenture of Rs.100 each [series `C's] of which 19,04,672 debentures were offered to the equity shareholders of the Comp. as rights & 95,238 debentures were offered to the employees [including working directorss]/workers of Comp. on an equitable basis. Under this issue 19,48,639 debentures were allotted.

- Each debenture of Rs.100 carry two detachable share warrants. The warrant holder have the option to surrender each warrant for one equity share at a price to be decided by controller of Capital issue on the expiry of 5 years from the date of allotment of debentures. The holders also have the option either to pay an amount equivalent to the share price along with warrant for keeping one equity share or hand over the debenture along with warrant to the Comp. for equity shares.

- The Comp. issued 20,000,000-14% [`G' Seriess] secured non-convertible debentures of Rs.100 each as rights with detachable warrants. Only 19,48,639 debentures were taken up. These debentures are redeemable in three yearly instalments commencing from 31st October & ending on 31st October, 1998. Along with the debentures, the Comp. also offered 38,97,278 detachable share warrnats. The warrant holders have the option to surrender each warrant for one equity share at a price to be decided by CCI after the expiry of five years from the date of allotment of debentures. The holders will also have the option either to pay an amount equivalent to the share price along with the warrant for keeping one equity share on hand over the debenture along with the warrant to the Comp. for equity shares.

- In April, the name of Comp. was changed from `Jagatjit Cotton Textile Mills, Ltd.' to 'JCT, Ltd.'

1990 - With effect from 1st April The undertakings of Kidarnath Kishanchand Pvt. Ltd., [KKPLs] & Sterling Steels and Wires, Ltd. [SSWLs] were amalgamated with the Company. As per the scheme of amalgamation the following shares were allotted without payment in cash:

- [is] The shareholders of erstwhile SSWL were allotted 17,99,700 No. of Equity shares of JCT, limited in the proportion 1 equity share of Rs.10 each of JCT Ltd., for every 1 share held by them in SSWL.

- [iis] The shareholders of erstwhile KKPL were to be allotted 30,91,200 No. of Equity shares of JCT, limited in the proportion 2 equity shares of JCT Ltd., of Rs.10 each for every one share held by them in KKPL.

1991 - The profitability was adversely affected by various factors such as increase in interest rates, devaluation, partial convertibility of Rupee etc.

- The performance of nylon & ployester filament yarn division was affected due to steep increase in excise duty, poor offtake of textile material, increase in the cost of basic raw material viz., caprolactum & import curbs.

- Also the textile division was affected by general recession in the textile market & unprecedented rise in cotton prices.

- The Comp. issued 3,00,000-14% secured redeemable debentures of Rs.100 each [`H' seriess]. These are redeemable at a premium of 5% at the expiry of 7 years from the date of allotment of debentures i.e., 1st September.

- The Comp. issued 3,00,000-14% secured redeemable debentures of Rs.100 each [`I' seriess]. These are redeemable at a premium of 5% in three equal instalments on the expiry of 6th, 7th & 8th year respectively from the date of allotment i.e., 3rd April.

- The Comp. issued 25,00,000-18% secured redeemable debenture of Rs.100 each [`J' seriess]. These are redeemable at premium of 5% at the expiry of 7 years from the date of allotment i.e., 28th June.

- The debentures on which equity option has not been exercised shall be redeemed at par in three instalments on the expiry of 7th, 8th & 9th years from the date of allotment.

- 48,90,900 No. of Equity shares allotted without payment in cash to members of Sterling Steels and Wires, Ltd., & Kidarnath Kishanchand Pvt. limited on their merger with the Company.

1992 - The Comp. offered 97,23,759 No. of Equity shares of Rs.10 each at a premium of Rs.40 per share as follows:

- [is] 80,91,539 No. of Equity shares as Rights basis in the prop. of 3:10, [all were taken ups].

- [iis] 4,63,036 No. of shares to employees on an equitable basis [only 4,04,570 shares taken ups].

- [iiis] 11,69,184 No. of shares to share warrant holders in the ratio of 3:10 warrants held [all were taken ups].

- During October-November the Comp. offered 366,37,091 No. of Equity shares of Rs.10 each for cash at premium of Rs.40 per share on Rights basis in the prop. 1:1 [all were taken ups].

1993 - With a view to consolidating its position in the synthetic fibre industry, the Comp. undertook to set up a grass-root polyester implex with facilities to manufacture polyster staple fibre, textile grade chips, PET resins upto 11,000 TPA all in the first phase.

- With the rise in prices of cotton, it was proposed to shift production towards polyester blended fabrics. New varieties of cloth with high value addition were introduced.

- The Textile division embarked upon a plan of modernisation wherein older equipments were to be replaced with modern and efficient equipment.

- Both 20,000-5% & 24,869-5% [income-tax frees] Cumulative Preference shares Redeemed.

1994 - The steel division entered into a tie up with a Korean Company for manufacture of wire ropes.

- JCT Fibres Ltd., was merged with the Company. It was proposed to increase the polymer capacity to 65,000 TPA from 33,000 TPA. The said additional polymer was to be processed partly on polyster filament yarn & partly on polyster staple fibres.

- The Comp. also undertook to invest in down stream equipment to manufacture additional polyster filament yarn & additional polyster staple fibre.

- Under a modernisation/replacement programme, the Comp. proposed to instal 48 high speed sophisticated looms & open end spinning machines at Phagwara.

- The polyester staple fibre plant undertook debottlenecking leading to increased capacity at 30,000 TPA from 20,000 TPA. The additional capacities were expected to be operational from September 1995 onwards.

- JCT Electronics Company, a fully owned susidiary of Punjab State Industrial Development Corporation, limited received a letter of intent for setting up a colour picture tube [CPTs] project in Punjab. The Comp. is participating in the equity capital of JCT Electronics limited [Formerly Punjab Display Devices, Ltd.,s] to the extent of 24%. The project envisages a production of 5 lakh colour picture tubes per annum. Negotiations were in a advanced stage with Hitachi, limited Japan to finalise collaboration agreement. PDDL was already manufacturing picture tubes for black and white TV receivers.

- 278,98,000 shares allotted against GRD. 145,47,780 shares allotted to the shareholders of erstwhile JCT Fibres Ltd. 38,82,530 shares [prem. Rs. 40 allotted against detachable warrants of `G' Series debentures.

2001 - The Comp. has decided hive-of its synthetic fibre division in Punjab & has also proposed to restructure its equity capital by reducing the face value of its shares from Rs 10 to Rs.2.50

- MM Thapar group flagship JCT has decided to induct three new professionals on the board. The new inductees are Raj Mohan Singh, head of company Phagwara unit, finance head; T N Subramaniam and; S P Narang, secretary, The Institute of Comp. taries of India.

2003

-JCT Members approve delisting from 3 exchanges [ Ludhiana, Delhi & Kolkatas]

2007

-JCT signs MOU with Dakshidin Corporation to produce water pumping and power generation Wind Mills