History of NRC Ltd.
YEAR EVENTS 1946 - The Comp. was incorporated at Mumbai & is engaged in the manufacture of Textile Rayon Yarn, Industrial Rayon Yarn, Nylon Tyrecord, Caustic Soda, Sulphuric Acid, Carbon bi-sulphide, liquid chlorine, hydrochloric acid & other allied chemicals & hydrogen gas.
1969 - Collaboration agreements for production of 2,200 tonnes of nylon-6 tyre yarn per annum were finalised with Chemtex Fibres of U.S.A. for supply of technical know-how & Chemtex Overseas for supply of technical personnel & engineering services.
1976 - 102 No. of equity shares forfeited but forfeiture on 34 shares annulled.
1979 - 51,000 No. of equity shares issued to financial institutions on conversion of loans.
1980 - 45,642 No. of Equity shares allotted at a premium of Rs 80 per share upon conversion of debentures.
1981 - The Comp. received industrial licence for industrial preservatives project.
- 45,642 No. of equity shares allotted at a premium of Rs 80 per share upon conversion of debentures.
1982 - Letter of Intent was received for manufacture of 1,000 tonnes per annum of polypropylene continuous filament yarn. The Letter of Intent was converted into an industrial licence during 1983.
- A registration certificate from the Central Insecticides Board in connection with the fungicides programme for manufacture of three out of six products was received & the industrial licence was awaited.
1983 - 4 No. of equity shares of Rs 100 each allotted on conversion of debentures.
1984 - 2 No. of equity shares allotted during the year, 3 No. of Equity shares remained to be allotted.
1987 - The Board for Industrial & Financial Reconstruction [BIFRs] approved a modernisation scheme.
- The Comp. installed the Barmeg Single position pilot extruded spinning & spindraw machinery, imported under TDF scheme.
- The proposal for enhancement of annual licensed capacity of caustic soda & chlorine by 3908 TPA & 2281 TPA respectively, received Government approval.
- Caristrap, limited with an issued & paid-up capital of Rs 10 lakhs is a wholly owned subsidiary of Company.
- The Board for Industrial & Financial Reconstruction by its order dated 1st September, declared the Comp. sick under the provisions of Sick Industrial Companies Act, 1985 and appointed ICICI as the operating agency for unit. The Scheme of Rehabilitation submitted by ICICI was approved by BIFR and major reliefs/connections were offered to the Company.
1991 - The Comp. received letter of intent for expansion of its caustic soda plant by 63 TPD based on Membrane Cell Technology.
- Letters of intent were received for manufacture of fungicides & industrial preservatives.
- The Comp. proposed to issue 86,03,638 No. of equity shares of Rs 10 each at a premium of Rs 65 per share on rights basis in the proportion of 5:4. Another 4,30,182 No. of equity shares of Rs 10 each at a premium of Rs 65 per share were to be offered to the employees.
- 87,000 No. of equity shares allotted at par in part conversion of loans to financial institutions.
1992 - Due to disturbed labour conditions & the consequent lockout in the latter half of year the turnover declined. The lockout was lifted from 2nd May, 1993.
- The Comp. undertook the modernisation of its rayon & nylon plants.
1993 - 4,07,250 No. of equity shares issued to the employees at a premium of Rs 55 per share.
1994 - With effect from 4th August, name of Comp. was changed from `The National Rayon Corporation Ltd., to NRC Ltd.
1995 - Stage Investments limited was Amalgamated with the company. Amalgamation of Consolidated Fibres & Chemicals limited & Star Paper Mills limited with the Comp. effective 1st April, 1996 was under consideration subject to necessary approvals from the concerned authorities.
1996 - In view of frequent hike in the power tariff & deterioration in the Quality of grid supply, the Comp. proposed to install Diesel Generating Sets to overcome short & medium term requirements.
- 12,76,386 No. of equity shares issued to the shareholders of erstwhile Stage Investments limited pursuant to the Scheme of Amalgamation.
1997 - The Comp. undertook to set up a captive power project envisaging installation of 4 diesel generating sets of 6 MW capacity each.
- Caristrap Limited, a wholly owned subsidiary of company, was amalgamated with the Comp. with effect from 1st April.
2003 -Members of Comp. approved the delisting of equity shares from Calcutta, Pune & Ahmedabad Stock Exchanges. & approved to Issue of 47,00,000 equity shares of Rs.10/- for cash on preferential basis to the promoter group at a price as per applicable SEBI Guidelines in one or more tranches, in terms of restructuring package sanctioned by FI's.
-Delisting of equity shares from Calcutta, Pune & Ahmedabad Stock Exchanges
2006
-NRC enters into MoU for sale of part of land at Kalyan
2007
-NRC Ltd has appointed Shri. P K Mallik as Director of Company.
-Nrc limited has informed vide its letter dated October 25, 2007 that: 'the Board, at its Meeting held on 24th October, 2007, have designated Shri M.C. Nalwaya as the 'Chief Financial Officer'.
-NRC Ltd has appointed Shri. L S as an Additional Director of Comp. & also as a Managing Director of Comp. w.e.f. December 13, 2007.
