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History of Triveni Glass Ltd.

YEAR EVENTS 1971 - The Comp. was incorporated on 15th December, at Allahabad. The Comp. was promoted by Shri S.N. Agarwal who was associated with the first sheet glass plant in the country set up at Bahji [U.P.s] four decades ago.

- The main objective of Comp. is to manufacture glass and glass products of all types, particularly sheet glass by P.P.G. [Pittsburg Plate Glasss] process.

- All shares were taken up by promoters, directors, etc.

1973 - 6,30,000 No. of equity shares offered at par for public subscription through a prospectus in June.

1978 - 12,100 No. of equity shares forfeited. 1,83,810 No. of equity shares allotted at par to financial institutions on conversion of loans.

1979 - Forfeiture of 1,700 No. of equity shares annulled.

1980 - Forfeiture of 350 No. of equity shares annulled.

1987 - The Comp. undertook a project [plant No. 4s] for manufacture of tinted & white sheet glass with annual capacity of 16 Lakh sq. mtr.

1990 - Production & sales suffered due to strike by workmen for four & half months & high cost of inputs.

- The Comp. undertook a project for manufacture of neutral glass tube & rod with an annual capacity of 4000 tonnes near Meerut.

1991 - All the other plants except plant No. 2 were not in operation due to strike at the factory & the resultant repairs of furnaces. Production & sales improved substantially & as such better operating results were achieved despite increase in the input costs.

- The project for manufacture of neutral glass tubes with imported electric furnace was dropped because of serious foreign exchange crunch in the country. On further consideration it was decided to implement the project with oil fired furnace.

- The Comp. also undertook the implementation of figured wired glass manufacturing plant at Rajahmundry in Andhra Pradesh.

1992 - Record production & sales was achieved with production of sheet glass on 2mm basis & figured & wired glass on 3mm basis improving substantially to 107,98,730 sq. mtrs. & 26,25,010 sq. mtrs. respectively. Production of natural glass tubes was 547 tonnes & a higher production was marred due to some initial teething problems.

- The Comp. proposed to implement a project at Allahabad for manufacture of float glass by Chinese Luoyoang float process with a capacity of 200 tonnes per day. An agreement was entered into between the Comp. & Chinese National Machinery Import & Export Corporation, Beijing for supply of major plant and machinery & technical know-how.

- Legal suits in connection with the take over of management of Kratar Glass Works limited was still pending in the court of law. The Comp. filed a petition for winding up of Kartar Glass Works Ltd.

- As per the scheme of rehabilitation approved by BIFR, the company agreed in principle to the scheme of waiver of 50% of dues & acceptance of balance in 36 equal instalments. Commencing after 24 months from the date of recommissioning of the plant retaining the right to continue with the legal proceedings against Kartat Glass Works limited in case of the scheme of BIFR fails.

- 11,73,760 bonus equity shares allotted in prop. 1:1.

1994 - In October, for financing the float glass project, the company issued 39,12,534 No. of equity shares of Rs. 10 each for cash at a premium of Rs. 60 per share in the ratio of 5 shares for every 3 shares held to the existing shareholders aggregating Rs. 2739 lakhs alongwith 39,12,534 detachable & fully tradeable warrants to be converted into equity shares of Rs. 10 each for cash at a premium of Rs. 70 per share.

- Simultaneously, 16,62,300 No. of equity shares of Rs. 10 each at a premium of Rs. 90 per share for Indian public/FIs & Rs. 110 per share for NRIs/OCBs aggregating Rs. 1731.20 lakhs were oversubscribed.

- 55,68,959 No. of equity shares allotted on Acc. of rights & public issue.

1995 - 133 right equity shares kept in abeyance were allotted. 7,13,772 No. of equity shares [prem. Rs. 70s] were allotted on conversion of detachable & freely tradeable warrants.

1996 - BIFR recommended winding up of Kartar Glass Works limited & steps were taken to submit the company claims before the High Court at Chandigarh.

- Implementation of expansion project at Rajahmundry for manufacture of figured glass was stopped due to paucity of fund.