History of Network Ltd.
YEAR EVENTS 1989 - The Comp. was Incorporated on 25th January, in the name of Network India, limited & the name was changed to Network Ltd., effective 9th November, 1990.
- Network Ltd., was promoted by Shiv Nadar & A.K. Dang. In accordance with the scheme of amalgamation, 51,00,000 No. of equity shares of Rs.10 each in the Comp. were allotted to the erstwhile shareholders of ICNL. With this, ICNL & INSL stood dissolved without winding up.
- The Company object is to manufacture Electronic Type Writers, [ETWss] Word Processors, display modules, ribbons, medical diagnostic equipments like ultrasonic scanners etc.
- Under the scheme of arrangement & amalgamation, Network Ltd., acquired the whole business together with the assets and liabilities of Indian Communications Network limited [ICNLs], & its subsidiary Indian Network Systems limited [INSLs] effective from 1st January, as per the approval received from the High Court of Delhi. The amalgamation became effective from 31st March, 1990.
- The installed capacity of ETW plant increased from 6000 units in 1987 to 25,000 units in 1988-89. The installed capacity of ribbons increased from 8 lakh numbers of cartridges in 1988-99 to 16 lakh nos. in 1990-91, at its facility at B-73, Sector 2, Noida, U.P.
- The Comp. produces 75 different models priced from a low end product to high end work processor. These products use a range of displays that vary from standard on line liquid Crystal display to full page display. These products provide facilities to operate in a bilingual environment whether in Hindi Gujarati, Marathi or Russian. The versatility of product can be enhanced by adding a floppy disk drive & computer interface.
- The Comp. has collaboration agreement with Canon Inc., Japan for licence & technology to manufacture ETWs, interface units & other optional apparatuses using parts, accessories & consumables. In return for services rendered, an initial sum of 30 million Japanese Yen was paid & a royalty was payable at the rate of 3% of net ex-factory sale value of all licensed products manufactured by Comp. for a period of 5 years effective 1st April, 1987.
- It also entered into a technology transfer agreement with Medison Co. Ltd., S. Korea for technical information & patents relating to the contract products diagnostic ie., ultrasound scanners. In return, the Comp. was to pay a technical know how fee of US $2,00,000 [subject to Indian taxess] in three equal instalments & an annual royalty of 3% of net ex-factory selling value for a period of 5 years from the date of commencement of commercial production.
- The Comp. was also in an advanced stage of collaboration with Canon Inc., Japan for manufacture of Facsimile machines and newly designed Cannon ETWs & Word Processors. Terms of collaboration as approved by RBI are a lumpsum technical know-how fee of 40 million Japanese Yen, 5% royalty on domestic sales and exports for a period of 5 years.
- During the year, the new XP series of Electronic Type Writers were launched which were designed & developed indigenously. Also, the Company new plant for ribbon cartridges went into full scale production.
- The Comp. signed a Distributorship agreement with Picker International, USA., a fully owned subsidiary of General Electric Comp. of U.K. for exclusive sale, installation & service Medical Diagnostic Imaging Equipment manufactured by them.
- The Comp. has also an agreement with Robert Bosch GmbH, Germany for sale of computerised controls & programmable controls.
- The Comp. proposed to float a 100% subsidiary Comp. called `Network Finliase Ltd.' to mobilise funds to fuel growth.
1990 - The Comp. proposed to open an office at Moscow with the approval received from the Russian Government authorities.
- A new range of ETWs under the brand name 'Lasernet' were launched.
- 7 shares subscribed for by signatories to the Memorandum of Association. 51,00,000 shares allotted without payment in cash to shareholders of Indian communication Network, limited as per scheme of Amalgamation.
1991 - The Comp. launched `Nevus' an ultrasound diagnostic scanner at its facility located at NOIDA. This was manufactured under technical collaboration with Medison Co. Ltd., S. Korea.
- In addition, RBI permission was obtained to enter into collaboration with Canon Inc., Japan for manufacture of Facsimile machines & newly designed Canon electronic typewriter & word processors.
- The Comp. launched a range of five facsimile machines to further strengthen its office automation market.
- 13,44,000 shares allotted [prem. Rs.12.50 per shares] in part conversion of debs.
1992 - Three additional models of electronic typrwriters under a new brand name 'Lasernet' were launched. With extensive effort an indigenisation, the Comp. proposed to introduce a special low priced electronic typewriter.
- During January-February, the Comp. issued 6,72,000 - 15% secured redeemable partly convertible debentures of Rs.125 each of which 33,600 debentures were offered to the employees on preferential allotment basis [only 16,550 debentures taken ups].
- The remaining 6,38,400 debentures along with 17,050 debentures not taken up under employees quota were offered to the public [all were taken ups].
- Rs.45 of face value of each debenture was to be converted into two equity shares of Rs.10 each at a prem. of Rs.12.50 per share on the date of allotment of debentures. Accordingly 13,44,000 shares were allotted on 26.3.1992.
- The remaining Rs.80 of face value of each debenture was to be redeemed at par in three annual instalments at the end of the 6th, 7th & 8th year respectively from the date of allotment of debentures.
1993 - Office automation segment launched a range of high quality computer printers. These machines incorporate the revoluntionary bubble jet, printing technology.
- A high powered portable notebook computer with an in-built bubble jet printer was also launched.
- The Comp. undertook to manufacture & sell Medical Diagnostic Equipment such as Ultrasound Scanners at its existing facilities.
1994 - Canon QS series of electronic typewriters & faxes in alliance with Col-Comp Inc., Taiwan were launched.
- Also the Comp. introduced Fresh N Air purifier an innovation in cutting out air pollution at homes & offices. The Company proposed to introduce new products in plain paper faxes and non Impact printers.
- The Comp. proposed to enter into the Telecom Services areas confering VSAT, cellular telephones, paging, video conferencing & other such related areas.
- The Comp. entered into a joint venture agreement with Pieker International Inc. of USA to form a Comp. viz. Network Pieker limited for manufacture & sale of diagnostic imaging systems including CT Scanners & NRIs.
- The Comp. has 18 Regional offices in India, 70 dealers handling ETWs & consumables & plans to expand it to 90 dealers.
2004
-Delists Shares from Delhi Stock Exchange
-Network Ltd has informed that the company equity shares has been delisted from The Ahmedabad Stock Exchange Association Ltd wef March 31, 2004.
2007
-Network Ltd has appointed Mr. Vijay Kalra as an additional director of Comp. w.e.f. January 10, 2007.
-Network Ltd has informed that the Comp. has signed an agreement with 'HANOWA LTD' of Switzerland as Sole Distributor for Watches in Indian Domestic Market.
