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History of Onida Saka Ltd.

YEAR EVENTS 1981 - The Comp. was Incorporated on 25th November, as Saka Electronics [Pvt.s] limited & was converted into a public limited Comp. on 9th May, 1989.

- The Comp. was promoted by L.G. Mirchandani & his sons Gulu L. Mirchandani & Sonu L. Mirchandani.

- The Company units for manufacture of CTVs & B and W TVs are situated on a 2,310 sq. yards of leasehold land at GA-1, B-1 Extn., Mohan Cooperative Industrial Estate, Badarpur with a capacity of 20,000 npa of tape recorders/music compact systems & the other on a 4,864 sq. mtrs of leasehold land at Pithampur Dhar Dt. [MPs] with a capacity of 6,000 p.a. of B and W TVs. Another 8,100 sq. mtrs. of land was acquired at NOIDA, Dist. Ghaziabad for setting up of additional manufacturing facilities.

- The Company object is to manufacture Colour Television sets [TVss], Black and White Television sets [B and Wss], audio tape recorders/music compact systems.

1989 - 2,10,450 No. of equity shares taken up by promoters, directors, etc. 24,00,000 No. of equity shares of Rs.10 each then issued at par of which 18,00,000 shares were reserved & allotted on a firm basis to promoters, directors etc. Of the remaining 6,00,000 shares, 1,20,000 shares reserved for allotment on a pref. basis to employees [including Indian working directors/workers of Comp. & of promoter companiess] [only 71,100 shares taken ups]. The balance 4,80,000 shares, along with 48,900 shares not taken up by employees, were offered to public subscription during June 1990. [all were taken ups].

1990 - The Comp. launched air conditioners under the brand name 'ONIDA' in April.

- During June, along with the equity issue, the Comp. issued through a prospectus 1,80,000 - 14% secured redeemable partly convertible debentures of Rs.200 each of which, the following were reserved for allotment on pref. basis:

- [is] 23,000 debentures to ICICI/Canbank mutual fund/Government financial institutions [all were taken ups];

- [iis] 9,000 debentures to employees [including Indian working directorss]/workers of Comp. & of promoter companies [only 1,060 debentures taken ups] & 18,000 debentures to the shareholders of Comp. [all were taken ups].

- The remaining 1,30,000 debentures along with 7,940 debentures not taken up by employees were issued to the public [all were taken ups].

- Part A of Rs.100 of face value of each debenture was to be automatically & compulsorily converted into 10 No. of equity shares of Rs.10 each on the date of allotment of debentures. Accordingly 18,00,000 No. of equity shares were allotted. The remaining part B amounting to Rs.100 was to be redeemed at par in three consecutive annual instalments of Rs.35, Rs.30 & Rs.35 each commencing from the expiry of 6th year from the date of allotment.

1992 - The margins remained under pressure due to steep increase in the prices of raw materials on Acc. of rupee devaluation.

- The Comp. introduced a contemporary 17' B and W television set with several advanced features.

- 44,10,450 rights equity shares issued at par in prop. 1:1 during April. Additional 6,61,567 No. of equity shares allotted to retain oversubscription. 2,20,523 No. of equity shares offered at par to the employees. [Only 1,94,300 shares taken ups]. The unsubscribed 26,223 No. of equity shares of employees quota allowed to lapse.

1993 - The Comp. introduced a B and W Television with Electronic Tuner & Remote control in 14', 17', 20' segments as also the economy model. - The Comp. undertook a project for expansion of its audio tape recorder/musical compact system divisions facilities from 20,000 npa to 1,00,000 npa at Badarpur/Noida. Also, it was proposed to import moulds for its CTV/B and W division. A major portion of the plant & machinery such as axial component insertion machine, auto in circuit component tester & wave soldering machine and moulds & dies were to be imported from Dynapet, Nessei & JVC respectively, all from Japan.