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History of BST Ltd.

YEAR EVENTS 1981 - The Comp. was Incorporated on 2nd September, under the name of BPL Electronics limited The Comp. was carrying on the activities of trading in cassette tape recorders & push button telephones.

- The Company object is to manufacture of audio equipments, radio cassette recorders, TV sets, tape deck mechanism and components/parts required thereof.

1986 - A Memorandum of Understanding was signed with KSIDC & BPL group on 9th July, for implementing a cassette tape recorder project, wherein KSIDC & BPL group were to contribute to the extent of 26% each in the equity capital of joint venture.

- The name of Comp. was subsequently changed to BPL Sanyo Technologies, Ltd.

- The Comp. has a modern factory with a built up area of 50,000 sq. ft. at Palghat for manufacture of radio cassette recorders, TV sets, tape deck mechanism etc.

- The Comp. undertook to set up a large industrial complex including a 100% Export Oriented Unit [EOUs] on a 10 acre land acquired from Karnataka Industrial Area Development Board at Doddaballapur near Bangalore for manufacture of radio cassettee recorders, musical systems, compact disc players, TV sets, etc. to reduce dependence on imports.

- The Comp. proposed to expand its manufacturing operations at Palghat by acquiring 3 acres of land adjacent to the existing plot. Equipment for EOU & Expansion scheme were selected by BPL - Group in consultation with Sanyo, Japan. Most of the imported equipment were to be procured from Japan, Singapore and Taiwan.

1988 - All shares were taken up by promoters, directors etc.

1989 - 60,10,000 No. of equity shares of Rs.10 each then issued at par of which the following shares were reserved & allotted on a firm basis:

- [is] 46,10,000 shares to promoters, directors, friends and relations and

- [iis] 2,50,000 shares to Kerala State Industrial Development Corporation Ltd.; of balance 11,50,000 No. of equity shares, 3,49,000 were reserved for allotment on a pref. basis to employees [including Indian working directorss]/workers of Comp. as well as promoter companies [all were taken ups].

- The remaining 8,01,000 shares were issued to the public. Additional 9,01,500 shares were allotted to retain oversubscription [6,91,500 No. of equity shares to promoters, 52,350 shares to employees, 37,500 shares to KSIDC & 1,20,150 shares to the public.

1990 - Simultaneous to the public issue in September, the Comp. also issued 9,80,000 - 12.5% secured redeemable partly convertible debentures of Rs.150 each, of which 1,00,000 debentures were reserved & allotted on firm basis to promoters, directors, their friends & relations. Of the remaining 8,80,000 debentures, the following were reserved for allotment on a pref. basis:

- [is] 49,000 debentures to employees of Comp. as well as promoter companies [only 41,530 debentures taken ups];

- [iis] 60,000 debentures to financial institutions/mutual funds/banks [all were taken ups] and

- [iiis] 98,000 debentures to existing shareholders of BPL Electronics limited [all were taken ups].

- The balance of 6,73,000 debentures along with 7,470 debentures not taken up by employees were issued to the public. Additional 147,000 debentures were allotted to retain oversubscription [14,700 debentures to BPL Electronics Ltd., 15,000 debentures to promoters/directors, 16,470 debentures to financial institutions & 1,00,830 debentures to publics].

- Rs.50 [Part-As] of face value of each debenture was to be compulsorily & automatically converted into 5 equity shares of Rs.10 each at par. Accordingly, 56,35,000 No. of equity shares were allotted in November.

- The remaining Rs.100 [Part-Bs] of face value of each debenture was to be redeemed at par in 3 equal annual instalments at a prem. of 5% on the expiry of 6th, 7th & 8th year from the date of allotment of debentures.

- Through the prospectus the Comp. also issued 6,50,000 - 14% secured redeemable non-convertible debentures of Rs.100 each to the public [all were taken ups].

- These debentures were to be redeemed at a prem. of Rs.5 per debenture on the expiry of 6th, 7th & 8th year from the date of allotment of debentures.

1991 - The Comp. proposed to incur further capital expenditure in respect of introduction of new models, compact disc players, tooling of deck mechanism for radio cassette recorders, as well as car stereos & stabilize new facilities for manufacture of components.

- The Comp. entered into Memorandum of Understanding with Sanyo, Japan for exporting the entire output. Also, through a vast network of dealers/stockists, it was proposed to market the company products on the domestic sector.

1993 - New Hi-Fi Music Systems, Portable Compact Disc Players, Compact Disc Systems were introduced in the market. 1994 - 45,50,000 No. of equity shares of Rs.10 each at a prem. of Rs.39.44 per share were allotted on private placement basis as per SEBI guidelines to the promoter group.

1995 - The Comp. successfully launched ten new audio models.

- The Comp. has allotted on private placement 4,550,000 No. of equity shares of Rs. 10/- each at a premium of Rs. 39.44 per share to the Promoter Group.

1997 - BPL Sanyo Technologies Ltd has entered into a strategic alliance with Ford Mahindra for supply of car stereos on an OEM contract basis.

- BPL Sanyo Technologies Ltd, a BPL group company, has launched its website on the Internet at http://www.bplaudio.com/index.html. This is for first time an Indian audio manufacturing Comp. has gone on online.

1998 - BPL Sanyo Technologies Ltd has tied-up with the Industrial Development Bank of India [IDBIs] & the Industrial Credit and Investment Corporation of India [ICICIs] to raise Rs 22 crore.

1999 - The Comp. has decided to issue 20,00,000 redeemable preference shares of Rs.100 each for cash at par aggregating Rs.20 crores on private placement basis.

2000 - The Comp. has allotted 10% - 40,00,000 Cum. Red. Preference shares of Rs. 100/- each on private placement basis to ICICI Ltd.

- The Comp. name changed from BPL Sanyo Technologies Ltd to BST Ltd.

2002 - The Comp. has informed that Mr. C R Menon, Chief Operating Officer of Comp. has been appointed as the Wholetime Director of Comp. w.e.f. June 25, 2002 for a period of 3 yrs. Mr. Shashi Nambiar has resigned as the Managing Director of Comp. with immediate effect however he will continue as a Director on the Board in a Non-executive capacity. Mr. T C Chauhan has resigned as Director of Comp. w.e.f. June 25, 2002.

2003

-BST Ltd has informed that Mr Srinath Maniyal M has resigned as a Comp. secretary & Compliance Officer of company.

-BST Limited has informed that Mr C R Menon, Director and Chief Operating Officer resigned as the Wholetime Director & was appointed as the Director & Manager of Comp. w.e.f. June 26, 2003. Mr. Srinath Maniyal M resigned as the Comp. Secretary and the Complaince Officer & was relieved by Board.

-Mr. U.N.Kini has resigned as Director of Company -Mr.N.P.Perumal has been inducted on the Board as additioanl director

2004

-Bst Limited has informed that the Secretarial Department of Comp. has been shifted to the following address with immediate effect : Secretarial Department, BST Limited, Dynamic House, No. 64, Church Street, Bangalore 560001. Board No : 080-25587787; Fax No : 080-25596286.

-Delists equity shares from Bangalore Stock Excahnge