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History of Textool Comp. Ltd.

The Comp. was incorporated on 1.5.1946 with the main object of manufacturing Textile Spinning Machinery & components. The Comp. was promoted by Mr. G.K. Devarajulu with the involvement of several other including M/s. K.Sundaram, D. Balasundaram & K.Govindarswamy Naidu. The Managing Agency system was prevalent then & the day-to-day affairs of Comp. were managed by M/s. Balasundaram and Co. in which M/s. D. Balasundaram & K. Sundaram were Partners. The Comp. was faring well & subsequently, facilities for manufacture of Cone Winding Machines were also established in a different location. While the Comp. fell into a bad period in the 1960's, due to recession in the industry, the Government appointed nominees on the Board to manage the Company. From 1970 onwards the Comp. made steady progress & returned to the dividend list in the year 1979, under the Managing Directorship of Shri S.Subramaniam, the Government Nominee. He continued to be the Managing Director till 1984.

With a view to better utilise the technical know-how for manufacture of Spinning Machinery available with the LMW Group, its shareholding in the Comp. increased gradually, resulting in reconstitution of Board in 1984.

The Comp. made a public issue of Fully Convertible Debentures in 1990 aggregating Rs. 9.92 crores, to finance normal capital expenditure & long term working capital requirements. As a consequence of this, the equity share capital increased to Rs. 3 cores, from Rs. 79.528 lacs.