History of Merind Ltd.

YEAR EVENTS 1958 - The Comp. was Incorporated under the name Merck Sharp and Dhome [Indias] Pvt. limited on 4th November, with Merck and Co. Inc. USA holding 60% of capital & the principal Indian shareholder being Tata Sons, limited The company' objects is to manufacture chemicals & pharmaceuticals.

- The Comp. was established with the financial & technical collaboration of Merck and Co. Inc. USA.

- The Comp. had set up the manufacturing activities in a small but well equipped plant at Tardeo, Mumbai.

1959 - The name was changed to Merck Sharp and Dhome India Pvt. limited on 30th June. The word private was deleted on 28th March, 1961 as the Comp. was deemed to be a public limited Comp. under section 43-A of Companies Act. The name was further changed to Merind, limited with effect from 17th December 1984.

1964 - The facilities of plant at Tardeo, Mumbai were shifted to Bhandup, Mumbai & expanded to include equipment for chemical & pharmaceutical manufacturing operations. The plant produced antibiotics, cortico-steroids, anti-hypertensives, antihistormines & other pharmaceutical products. New products were introduced over the years. Since 1964, the Comp. also manufactured vitamin B-12 from the basic stage.

1978 - Out of total shares issued till date 10,80,000 shares were held by Merck and Co. Inc. U.S.A & its nominees.

1980 - The Comp. applied for an industrial licence for manufacture of Moduretic tablets, a new antihypertensive agent, for a capacity of 220 lakh tablets per annum. Application was also made to expand the capacity of Vitamin B-12 from 144 kgs. to 250 kgs. per annum.

1985 - Merci and Co. Inc. USA offered for sale out of its holding 3,60,000 No. of equity shares of Rs.10 each of Comp. at a prem. of Rs.3 per share. Out of this 7,200 shares were reserved for preferential sale to business associates of company. The balance 3,52,800 shares along with the unsubscribed portion of the reserved quota, if any, were offered to the public.

- The object of offer for sale of share was to reduce the foreign holding from 60% to 40%. The offer for sale to the Indian public was to enable the Comp. to enlist its shares on the Mumbai Stock Exchange.

1986 - A new division `Merivet' opened up a new front on animal health products. A small beginning was made in the exports of bulk drugs & formulations with some shipments to Italy.

- The Comp. acquired a plot of land admeasuring 39 acres for future expansion in bulk drugs & formulations. In keeping with the locational policy of Government, the plot was acquired at Narsapur, a notified backward area in Andhra Pradesh. Also approval was received for manufacture of two new formulations at the Bhandup works.

1987 - The Comp. established 18 new formulation for live stock and poultry & launched two new pharmaceutical formulations Modact and libotryp. Necessary approvals were received for setting up of R and D facility at Bhandup.

- The pharma division launched two new products, viz., brich and Meriflox. A well equipped fermentation development laboratory was set up with pilot fermentators, computer integrated process monitoring & control systems. Analytical facilities in the quality control department was modernised by acquisition of the latest spectrophotometer & other analytical equipments with micro processor controls.

- Detailed engineering plans for bulk drug unit at Narsapur was under preparation & the Comp. made applications for several new formulations.

- Discussions regarding the disinvestments were in progress between the Company management & Merck and Co.

1990 - The Comp. introduced new formulations viz., Perione in the pharma division & telon inj, califec, Terifix M & Vitamin-B complex in the animal health division.

- The Comp. undertook to expand its manufacturing base for vital bulk drugs & a pilot plant was commissioned at Bhandup.

1991 - The pharma division continued to bring new products & launched Buscalm & Resec. The animal health division launched meriplex liquid, oryteracyline injection, panfugal tablets & amfanide powder.

- In December, the new multi purpose drug plant was commissioned.

- Merck and Co. Inc. disinvested their entire 40% holding in the Merind Ltd., in favour of Ewart Investments Ltd., representing Tata Sons Ltd., & Tata Associate Companies.

1992 - The pharma division launched Inras an anti-hypertensive drug. - The Comp. commissioned a new sterile manufacturing facility for injectibles.

1993 - During March, the Comp. issued 18,00,000 No. of equity shares of Rs.10 each at a prem of Rs.60 per share on rights basis in the prop. 1:1. All were taken up.

- Another 90,000 No. of equity shares of Rs.10 each at a prem. of Rs.60 per share were offered to the employees. Only 42,000 shares taken up. The remaining 48,000 shares not taken by employees was allowed to lapse.

- Merck and Co. [with 40% holding in the companys] proposed to sell their entire holding in the Merind Ltd., & thereby bring an end to the collaboration.

- In March, Ewart Investments Ltd., offered for sale 7,20,000 No. of equity shares of Rs.10 each at a prem. of Rs.10 per share to the shareholders of Comp. in the ratio of 2:3.

1994 - 18,00,000 Right equity shares issued [prem. of Rs.60; prop. 1:1s] Another 90,000 No. of equity shares offered to employees [only 42,000 shares taken ups].

1995 - Tata Pharma Ltd., is a subsidiary of Company. On 1st April, it acquired the Tata Pharma division of Lakme Ltd.