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History of Nucent Estates Ltd.

YEAR EVENTS 1983 - The Comp. was incorporated on 4th July, as a Public Limited Comp. under the name & style of `Pressman Consultants Ltd.' & obtained the certificate of commencement of Business on 29th July. It was promoted by Suchanti family who were also the promoters of Pressman Advertising and Marketing Pvt. Ltd.

- The Comp. is engaged in leasing of equipment, hire-purchase business, purchasing, selling, hiring or letting on hire all kinds of plant & machinery & equipment.

1985 - The Comp. undertook to set up a plastics division for the manufacture of various types of PVC & plastic containers. Land was acquired at Khopoli in Maharashtra & machinery pertaining to the project was imported from Balleufeld Fisher Blasformtechnik GmbH, West Germany.

- The Comp. proposed to manufacture PVC stretch mould containers.

- The objects of public issue of equity capital during April, was to augment the resources of Comp. to keep pace with the anticipated growth in business & to get the Company equity shares listed on the Stock Exchange.

- 15,00,000 No. of Equity shares offered at par for public subscription during April.

1986 - The Comp. proposed to diversify into the area of mutual funds.

- In February, the Comp. issued 3,93,750-13.5% secured convertible debentures [I-Seriess] of Rs 120 each aggregating Rs 472.50 lakhs. Of these, 3,75,000 debentures were offered as rights to equity shareholders in the ratio 15:100, fractions, being ignored [only 3,33,337 debentures taken ups]. The unsubscribed portion was allotted on private placement basis.

- The remaining 18,750 debentures were reserved for allotment to employees of Comp. on equitable basis but none were taken up. All these 18,750 debentures were allowed to lapse.

- Rs 20 of face value of each debentures was converted into 2 equity shares at par on the expiry of 6 months from the date of issue. Accordingly, 6,66,674 No. of equity shares were allotted during June. The remaining Rs 100 of each debenture will be redeemed in full at par by drawing lots on the expiry of 7th, 8th & 9th year from the date of allotment.

1989 - With effect from 1st April, Pressman Mutual Funds Ltd., was amalgamated with the Company. As per the Scheme of Amalgamated 3,43,326 No. of equity shares of Rs 10 each were allotted to the shareholders of Pressman Mutual Funds Ltd., without payment in cash in the proportion of 6 shares of Pressman Leasing, Ltd., for every 10 shares held in of Pressman Mutual Funds Ltd.

1991 - With a view to strengthening the foundation of Company, the Comp. proposed to made judicious investments in stocks of reputed companies.

1992 - The Comp. has received 'Category i Merchant Banker' authorisation from SEBI.

- The company name was changed from `Pressman Leasings Ltd.' to Pressman Ltd.

1993 - During June, the Comp. issued 17,55,000 Rights equity shares of Rs 10 each for cash at a premium of Rs 10 per share in the ratio 1:2.

- Simultaneous to the Rights issue, the Comp. issued through a Prospectus 35,97,750 No. of equity shares of Rs 10 each for cash at premium of Rs 10 per share of which the following were reserved for allotment on a preferential basis: [is] 10,400 shares to employees & [iis] 5,00,000 shares to NRIs on non-repatriation basis.

- Balance 30,87,350 shares, along with unsubscribed portion, if any, from employees & NRIs quota, were offered to the public in June.

- 53,52,750 No. of Equity shares of Rs 10 each at a premium of Rs 10 per share allotted through Right-Cum-Public Issue.

1994 - The Comp. has promoted `Corporate Management Services & Research limited jointly with IIT, Kharagpur.

- Dubreuil Pressman limited was jointly promoted by Comp. and Dub Olastique Group of France.

1995 - 22,15,700 No. of Equity shares of Rs 10 each at a premium of Rs 40 per share allotted through rights issue & 22,096,000 No. of equity shares of Rs 10 each at a premium of Rs 45 per share allotted through public issue.

2001 - Mr Ravi rajagopa, Vice-President & Comp. Secretary, has resigned effective from 16th February.

2002-Nucent Finance Ltd has informed that the Board of Directors Dr. Niren Suchanti, Chairman and Managing Director & Mr V K Goenka, Director have resigned from the Board & their resignation have been accepted. Mr. Peter S. Coelho, Director has been appointed as Manager of company.

2003- Nucent Finance fixes Book closure for reduction of capital

-Taken on record the Order of Hon'ble Calcutta High Court confirming the reduction of capital.

-The trading in 14% Non Convertible Debentures -2004 Series U2 of Nucent Finance Limited will be suspended w.e.f December 18, 2003.