History of Nelco Ltd.
YEAR EVENTS
1949 - The Comp. was Incorporated as a public limited Comp. on 28th May.
- The Company object is to manufacture radios, radiogram, radio components, electronic & other engineering products. The Comp. received technical collaboration from E.K. Cole Ltd., England under an agreement which was entered into in 1948 for a period of twenty years. The products are sold under the trade mark 'NELCO'.
1950 - Authorised equity capital reduced from Rs.100,00,000 to Rs.80,00,000. Paid up capital reduced by Rs.6,00,000 by writing off Rs.20 per shares. The issued shares were subdivided into fractional certificates of Rs.20 each & later consolidated into shares of Rs.100 each. 6,000 No. of equity shares were issued against payment in cash to M/s. E.K. Cole Ltd., England.
1967 - General Radio and Appliances Ltd., was amalgamated with the Company with effect from 1st January.
1968 - 11,666 No. of equity shares issued to shareholders of General Radio and Appliances limited upon its amalgamation with the Company.
1974 - 20,555 1/3 Right issued at par in prop. 1:3.
1977 - 28,582 rights equity shares issued at par in prop. 3:8. 63,317 shares allotted to schlumberger limited France at par.
1979 - The name of Comp. was changed from The National Ekco Radio & Engineering Co. Ltd., to its present one consequent upon the expiry of collaboration agreement with E.K. Cole Ltd., England.
1980 - The Comp. received licence to manufacture mini-computer/microprocessor based systems.
- Some of engineering support service activities of Company were shifted from Andheri [Zone IIs] to TTC Industrial Area [Zone IIIs]. For this purpose, the Comp. purchased an existing factory building on a plot of land leased from the MIDC at Vashi. The new facility became fully operational from August 1981.
- The Comp. applied for an industrial licence for manufacture of colour television receivers & video cassette recorders.
1983 - 43,530 rights equity shares issued in the prop. 1:4.
1985 - In February, the Comp. issued 1,00,000 - 13.5% secured convertible bonds of aggregate value of Rs.3 crores. Each bond of Rs.300 consisted of two parts, namely, a convertible scrip of Rs.100 & a non-convertible scrip of Rs.200.
- 93,000 bonds were offered on `Rights basis' to the resident Indian shareholders in the prop. of 7 bonds for every 10 No. of equity shares held. 5,000 bonds were offered to the employees & directors & 2,000 bonds to business associates. At the end of 12 months from the date of allotment, the convertible part of Rs.100 was compulsorily & automatically converted into one fully paid-up equity share at par. The non-convertible portion of Rs.200 per bond would be redeemable at par at the end of 7 years from the date of allotment.
- The non convertible portion of Rs.2 crores which was due for redemption on 1st March, 1992 was proposed to extend the date of maturity by a period of two years. 1986 - During October, the Comp. introduced its first colour TV receiving set under the brand name 'Blue Diamond'.
- In association with Morgan Construction Co. U.S.A., General Electric Co., Australia, the Comp. executed a contract for supply of Automated Drive Control System for Bar & Rod Mill for TISCO, Jamshedpur.
- The Comp. in association with Honeywell, Italy, proposed to manufacture Unix-based computer system based on 68020 Motorola Chip.
- The Comp. entered the telecommunications field with the manufacture of Electronic Exchanges [EPABXSs] based on indigenous technology developed by C-Dot.
- 1,00,000 No. of equity shares issued on conversion of bonds.
1987 - Several new models of colour television sets were introduced. The Comp. also developed & launched new models of 14' black & white television sets.
- Major drives, control & automation systems were successfully commissioned at the TISCO & Durgapur Steel plants.
- The Durgapur steel plant introduced a Unix-Based Force 20 mini computer system.
- During Nov./Dec., 3,80,000 rights equity shares issued at par in prop. 6:5 [only 1,25,931 shares taken ups]. 19,000 No. of equity shares offered at par to employees/workers of Company [including working directorss] on an equitable basis [only 290 shares taken ups].
1988 - In-house manufacture of colour television receivers were more than doubled & new models of both colour & black & white TV sets were introduced.
- 1,21,410 rights equity shares [out of 3,80,000 issued in December 1987s] allotted.
1989 - The balance 1,32,659 shares out of 1987 rights quota allotted. The balance 18,710 shares not taken by employees were allowed to lapse.
1990 - Turnover at Rs.160 crores registered further growth, mainly due to improved performance in the industrial systems business.
- The Company industrial systems division diversified into the area of energy management system for power industry. A major order was received from one of power generating companies for the same.
1991 - Industrial systems group & the information technology group registered substantial increase in business but sales & margins in the consumer products continued to decline due to recession in the consumer electronics industry.
1992 - Shares sub-divided on 19th August, 6,00,000 shares allotted to financial institutions in conversion of loans on 28th August.
1993 - Overall sales were reduced due to the demand recession in some of Company business & this coupled with the transfer of the UPS division into a new joint venture Comp. with Tata Liebert Ltd.
- Sales in the Drives & automation area was comparatively lower mainly due to execution of larger turnkey projects.
- Technology group experienced a marginal reduction in sales in view of reduced order from DoT on the industry & also due to non-uniform order replacement.
- During December, 151,58,800 shares of Rs.10 each for cash at par were offered on rights basis to the shareholders of Company in prop. 2:1 [all were taken ups].
- Simultaneously, 2,93,400 shares were to be offered to employees of Comp. [only 80,200 shares taken ups].
1994 - 152,39,000 shares allotted to shareholders.
1996
-Signed a contract with Tata Housing to develop a commercial complex Nelco Plaza at Andheri. Nelco stands to gain close to Rs 100 crore from the project.
-Enteres into a tie-up with General Electric Comp. [GEs] of US for latest knowhow for drive & automation system in the metal industry.
1999
-NATIONAL Radio is dead. Long live Nelco. Replacing its registered name with its brand name recently is only the ostensible face of change at this 57-year-old Tata company.
2003
-Signed a memorandum of understanding to develop, market & sell a range of hi-tech electronics-based systems to the Indian defence forces.
-Dr. Ravi Gopinath has been appointed director on the Board with effect from August 19, 2003. Mr. K A Mahashur has been reappointed Whole-time Director of Comp. designated as Executive Director for 5 years with effect from September 1, 2003.
-Mr. R R Bhinge as an Additional Director of Comp. w.e.f August 29, 2003.
2004
-Tatanet Broadband Wireless Pvt Ltd has become subsidiary of company. Consequently the new name of that Comp. is Tatanet Broadband Wireless Ltd.
2006
-Nelco Ltd has appointed Lt. Gen. Davinder Kumar [Retds] as an Additional Director of Comp. effective November 17, 2006.
2007
-Nelco Ltd has appointed Mr. Prasad R Menon as an Additional Director of Comp. effective July 20, 2007.
-Nelco Ltd has appointed Mr. Shailendra Kumar Gupta as an Additional Director of Comp. effective October 23, 2007.
