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History of Neelamalai Agro Industries Ltd.

YEAR EVENTS 1943 - The Comp. was incorporated at Coimbatore. The main object of the Comp. is Cultivation of tea. The estates are situated in Nilgiris & Coorg at an average elevation of 5000 feet.

1964 - Wooligooly Coffee estate was disposed at a profit of Rs 6,28,378.

1979 - Effective from 30th May, the name of Comp. was changed from Neelamalai Tea and Coffee Estates Ltd., to Neelamalai Tea and Coffee Estates and Industries limited It was again changed to Neelamalai Agro Industries Ltd.

1980 - An area of 14.94 hectares on Katary Estate was brought into plucking.

1984 - A.V. Thomas Exports limited & Neelamalai Investments Ltd., became subsidiaries of Comp. with effect from 10th May, & 18th May, respectively.

- An area of 6.40 hectares was brought into plucking on Katary Estate. An area of 3.20 hectares of old uneconomic tea was uprooted for replanting.

1985 - The Comp. promoted a new Comp. by name, AVT Rubber Products limited & it became a subsidiary of Comp. with effect from 20th July, 1984. As this subsidiary couldn't commence either the business for which it was formed & any other business authorised by its Memorandum of Association, the Comp. proposed to wind up this subsidiary.

1986 - On 27th March M/s A.V. Thomas Industrial products limited became subsidiary of Neelamalai Tea & Coffee Estates and Industries limited This Comp. was to manufacture Soyabean Oil and deoiled cake at its factory in Madhya Pradesh.

- Due to unfavourable weather conditions the estates couldn't harvest the estimated crops.

- On Katary estate, 6.40 hectares of old tea was replanted with high yielding clonal plants & a further area of 6,39 hectares of old & uneconomic tea was uprooted.

- Equity shares of Rs 5 each consolidated into shares of Rs 10 each on 17th July.

1987 - The overall operations suffered as production declined & prices realised for tea were also lower than the previous year.

- On Katary estate 6.39 hectares of old tea was replanted with clonal plants.

1988 - 1.37 hectares on Sulton, 6.39 hectares on Katary & 4.84 hectares on Bhawani estates were replanted with high yielding clonal plants.

1989 - Crop harvested was poor on Acc. of unfavourable weather conditions.

1990 - Crop harvested was poor on Acc. of unfavourable weather conditions.

1991 - 3,60,000 Bonus Equity shares issued in the prop. 1:1.

1992 - The estates couldn't harvest the estimated crop. Due to general decline in tea prices, the prices realised were lower than the previous year.

- Crop harvested continued to be poor on Acc. of unfavourable weather conditions.

1993 - The Comp. extended Katary factory & commissioned CTC manufacturing facility.

- 1,80,000-5% Pref. shares redeemed.

1994 - Though in the initial stages, the prices for Orthodox teas were very poor, the Comp. could combat the situation by trying up supplies for export.

- The High Couirt of Chennai gave its approval for amalgamation of the subsidiary viz., Neelamalai Investments Ltd., with the Company. A. V. Thomas Industrial Products Ltd., is a subsidiary of Company.

2000 - The Comp. has bought back 92,650 equity shares at a price of Rs.65 per share from the existing equity shareholders of company.