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History of Williamson Tea Assam Ltd.

YEAR EVENTS 1977 - The Comp. was incorporated on 15th March 1977 and obtained the certificate of commencement of Business on 28th June 1977. The Comp. undertook cultivation of tea.

1978 - It was formed with the object of taking over the assets and liabilities of Indian undertakings of twelve sterling tea companies with effect from 1st January, to comply with the provision of FERA & pursuant to two Schemes of Arrangement for Amalgamation sanctioned by High Courts of Calcutta and Guwahati.

1979 - 7 shares subscribed for by signatories to the Memorandum of Association & 24,50,000 shares allotted without payment in cash [21,61,000 shares to Williamson Tea Holdings Ltd., U.K., and 2,89,000 shares to Borelli Tea Holding Ltd., U.K.s]. 3,15,000 shares reserved & allotted on a firm basis [30,000 shares to UTI, 20,000 shares to GIC, 1,40,000 shares to Bishnauth Tea Co. Ltd., & 1,05,000 shares to Dimakusi Tea Co., Ltd.s] 34,993 shares reserved & allotted to employees/Indian working directors of Company. 7,00,000 shares offered at par to the public in August 1979.

1985 - 28,00,000 bonus equity shares issued in prop. 1:2.

1988 - 31,50,000 bonus equity shares issued in prop. 1:2.

1992 - 47,25,000 bonus equity shares allotted on 13-4-1992 in prop. 1:2.

1995 - Effective from 21st April, the Clivia Investments Ltd., an existing Comp. became a wholly owned subsidiary of the Company.

1997 - 87,52,050 shares of Comp. were held by Williamson Tea Holdings Plc., U.K., & another 11,70,450 shares of Company were held by The Borelli Tea Holdings Ltd., U.K., a co-subsidiary company.

- The Comp. is taken over by Williamson Magor Group of Khaitans.

- With a view to staying ahead of its competitors, GWA has been continually upgrading technology both in the field & in the factory.

1998 - George Williamson [Assams] Limited has recorded an improved all-round performance during the first three months of the current financial year.

1999 - George Williamson [Assams] Ltd, is one of bigger tea companies in the Williamson Magor group.

- Williamson Magor and Co, the holding Comp. of group, has reported a dip in its net profit from Rs 5.16 crore in 1997-98 to Rs 2.51 crore in 1998-99. The Comp. did not make any provision for taxes in the year to March 31, 1999.

2001 - ICRA has assigned LAA+ to the Rs.50 crore NCD program of George Williamson [Assams] Ltd.

2002

-George Williamson Assam Ltd has informed that the Board has made changesin the Board:Mr S K Mitra the Chairman & Managing Director of Comp. has resigned from the Board with immediate effect.Mr P Magor has been appointed as the Chairman of Board,Mr A Vira the Wholetime Director of Comp. has also resigned from the Board of Directors.

-ICICI Ltd acquires 8,12,749 fully paid up equity shares of Rs.10/- each in the Comp. which represents 5.73% of paid up equity share capital

-Mr. R B Magor ceases to be a Director of Comp. w.e.f. May 15, 2002.

-Dr. Pronab Dasgupta resigns as director of company

2003

-Board decides to acquire 14,885 equity shares of Rs 100 each out of total issued 15,000 equity shares of Rs 100 each of Nilpur Tea Comp. Pvt Ltd Kolkata,the owner of Nilpur Tea Estate in the Sonitpur District of Assam

2005

-ICICI Securities Ltd ['Manager to the Offer's] on behalf of McLeod Russel India Ltd, Williamson Magor and Comp. Ltd, United Machine Comp. Ltd, Ichamati Investments Ltd & Nitya Holdings and Properties Pvt Ltd [collectively referred to as 'Acquirers's] pursuant to Regulation 10 & Regulation 12 of Securities and Exchange Board of India [Substantial Acquisition of Shares and Takeoverss] Regulations, 1997 & subsequent amendments thereto [SEBI [SASTs] Regulations, 1997s], has announced as below:

The Offer:

The Acquirers are making an open offer to the shareholders of Williamson Tea Assam Ltd ['Target Company's] to acquire up to 2,835,000 fully paid-up equity shares of face value of Rs 10 each representing in the aggregate 20% of paid-up equity share capital of Target Comp. at a price of Rs 145 per share ['Offer Price's] payable in cash subject to the terms and conditions.