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History of Onward Technologies Ltd.

YEAR EVENTS 1991 - The Comp. was incorporated as a Private Limited Comp. on 18th July, in the state of Maharashtra under the name of Onward Engineering Technologists Private Limited.

- OTL is promoted by Mr. Harish Mehta & belongs to the Onward Group. Mr. Mehta is an Electrical Engineer & holds a Masters Degree in Computer Science from Brooklyn University, U.S.A.

1993 - OTL is one of leading companies of India operating in the field of Information Technology. It specializes in offering 'High End' software solutions. Its focus is on CAD/CAM/CAE, Banking & Networking solutions.

1994 - Subsequently vide special resolutions passed on 14th June, it was converted into a Public Limited Comp. & the name of the Comp. was changed to Onward Technologies Limited & the Registrar of Companies, Maharashtra, issued fresh certificate of incorporation on 25th July.

- The Onward Group has initiated steps for consolidation of its synergistic business lines in Information Technology [ITs], presently being carried out by different companies in the Group, in OTL with a view to having a focussed growth.

- The Public Issue of Comp. of 10,50,500 No. of Equity Shares of Rs. 10/- per share aggregating Rs. 525.25 lacs including Firm Allotments of 2,50,000 No. of Equity Shares to ICICI, UTI represented by TDICI through VECAUS II scheme & employees of the company.

1995 - The Comp. offers Software Technology based Systems Integration solutions in the areas of Networking, Banking and Engineering in India and abroad.

- The Comp. has undertaken expansion of its existing facilities in the country.

- The Company project for setting up a Software Technology Park as a 100% EOU engaged in software development & export got somewhat delayed due to immediate non-availability of suitable premises in or near Mumbai.

1996 - The Comp. has been awarded recognition as having an in-house R and D Unit by Govt. of India., Ministry of Science and Technology, Department of Scientific and Industrial Research.

1997 - During the year under review Company U.S. subsidiary, Onward Technologies, Inc. became operational with offices in the states of California & Utah.

- The Mumbai-based Onward Technologies Ltd has appointed Mr Ray Olsen, a former executives as its joint venture partner, US-based Novell Inc., as head of its overseas operations.

- Onward Technologies, part of Onward group which brought the networking giant, Novell, to India has entered into a strategic alliance with Mod-Tap of U.S. to provide Mod-Tap powercat range of new generation networking products in the 350 MHZ range aimed at the physical layer of network.

1998 - Onward Technologies, Inc., USA, [OTIs] the wholly owned subsidiary of Comp. increased its presence across the United States during the year under review.

- The Comp. has already taken effective steps to implement ISO 9000.

1999 - The Comp. has set-up a Branch office in U.K.

- The Comp. issued 7,70,000 equity shares of Rs. 10/- each at a premium of Rs. 250/- per share on private placement basis resulting in increasing its paid up equity capital By Rs. 77,00,000/- to Rs. 3,97,20,880/-.

- 'Everything Connected' is the trademark of Onward Novell India, the 50:50 venture between Onward & networking giant Novell Inc of US.

2000 - The Comp. has allotted 3,600 No. of equity shares further of Rs 10 each in accordance with the employees' stock option plan.

- The Comp. has allotted 14,150 No. of Equity Shares to its employees under the Employees Stock Option Scheme.

- The Comp. also made a Preferential Allotment of 7,70,000 Shares of Rs. 10 each to various parties at a premium of Rs. 250/- per share.

- The Comp. has entered into a Global Partnership Agreement with Novell, Inc., a Fortune 500 Net Services Software Comp. based in the USA. Its Subsidiary, Onward Technologies,Inc., USA has also forged Technical Services Agreements with Structural Dynamics Research Corporation & Thomas Publishing Comp. both from the USA & world renowned players in their respective fields.

2003

-Onward Technologies Ltd has informed that the Board of Directors at their meeting held on May 26, 2003 has appointed Mr Milind Bhat, Manager - Accounts as a 'Compliance Officer'.

-Mr. Yogesh Desai has been appointed as Compliance Officer in place of Mr. Milind Bhat who has resigned from the services of Company.

-The Comp. acquired the banking product business of Kale Consultants limited including the intellectual property rights [IPRs] & support and marketing rights of its banking branch automation products.

-Onward Technologies purchases Kale banking products

2004

-Onward Technologies Ltd [Onwards] and Experia Solutions [Experias] awarded a contract for setting up, managing & running a Dedicated Relationship Center [DRCs] from a well known learning management solution provider in the USA. The outsourcing contract is valued at over $ 1.5 million