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History of Tak Machinery and Leasing Ltd.

YEAR EVENTS 1961 - The Comp. was incorporated at Mumbai. The main object of the Comp. is to manufacture wide range of lifting and hoisting equipments. The main items to be manufactured electric overhead travelling cranes, hoist, bucket elevators, screw conveyors, flat conveyors, etc. In addition, the Comp. is engaged in structural fabrication work, production of gray iron castings & leasing equipment.

1962 - The Comp. entered into a ten-years technical collaboration agreement with Fellows Brothers, Ltd., of England for manufacture of electric hoists & chain pulley blacks. Technical Collaboration Agreement was also finalised with Naylor Brothers, limited of U.K., for manufacture of conveying equipment and martonair, Ltd., of U.K., for manufacture of air hoists.

1963 - 25,500 of shares were reserved for directors and their relatives & 24,500 shares were offered for public subscription.

1965 - A technical collaboration agreement was concluded with Ursvikens Nekanisks Verkstads AB, Sweden, for manufacture of press brakes & another collaboration agreement with Nuquip, Ltd., of U.K., for manufacture of airline equipment like filters, lubricators, pressure regulators & automatic drain valves.

- 336 No. of Equity shares forfeited for non-payment of calls.

1966 - 105 No. of Equity shares reissued out of forfeited shares. 10 No. of Equity shares reissued out of forfeited shares.

1971 - 5 No. of Equity shares reissued out of forfeited shares.

1973 - The Government approved the collaboration agreement entered into by Comp. with Fellows Stringer, Ltd., England, for the manufacture of flameproof electric hoists. In order to meet the needs of expansion, a new plant was being set up at Vatwa near Ahmedabad.

1979 - A part of plant & machinery at Ambernath was disposed of. Following the closure of Ambernath plant, operations at Vatwa plant was stepped up to meet the requirements of order book.

1982 - There was marginal decline in sales turnover.

1983 - The production was adversely affected due to labour unrest, strike & go-slow for a period of about two months. Sales also suffered a substantial decline on Acc. of continued demand recession.

1991 - However, the working of manufacturing division was affected adversely on Acc. of cost escalation & intensified competition from small scale sector.

- 19,914 Rights Equity shares of Rs.100 offered [premium Rs.50, prop. 2:5 all were taken ups]. Another 996 No. of Equity shares of Rs.100 [premium Rs.50s] issued to employees on equitable basis.

1992 - The performance of manufacturing division continued to decline due to demand recession on one hand & the escalating input costs on the other.