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History of Fairfield Atlas Ltd.

YEAR EVENTS 1990 - The Comp. was incorporated on February 1, as Atlas Gears Private Limited & was converted into a deemed Public Limited Comp. with effect from March 6, 1992. It was subsequently converted into a Public Limited Comp. by passing a special resolution at the Extra Ordinary General Meeting held on April 27, 1994 & a certificate of change of name to AGL was obtained on July 12, 1994 from Registrar of Companies, Maharashtra.

- The Comp. set up a unit to manufacture automobile transmission gears with an installed capacity of 1,50,000 gears per annum, at Village Devarwadi [Shinolis], District Kolhapur, Maharashtra.

1995 - The Comp. has entered into arrangements with Greaves limited for manufacture of gears for their diesel three wheelers.

- The Company maiden Public Issue of 26,00,000 No. of equity shares of Rs. 10/- each received an over whelming response from the Public being oversubscribed by nearly 36 times.

- Mr. Rattan Singh retires by rotation at this Annual General meeting. Mr. M. K. Fyzee & Mr. P. N. Kotwal were appointed directors on the same day viz. 29th September, 1993 that Mr. M. K. Fyzee will retire at this Annual General Meeting. Mr. Rattan Singh and Mr. M. K. Fyzee being eligible offer themselves for reappointment as Directors.

- Mr. B. D. Damani was appointed Director of Comp. with effect from 15th November, 1994, as a nominee of SICOM Ltd.

- The Comp. proposes to set up a R and D Department in future to improve the quality of jigs and tools required in the manufacture of gears.

1996 - The Comp. proposes to launch an approximately Rs.25 crore expansion project to be financed through debt & equity. Initially the Comp. proposes to make an issue of not more than 20 lakhs warrants having option to convert into equity shares to be offered to Promoters, Directors, Friends, Relatives & Associates on a preferential basis.

- The Comp. has diversified its customer base & is at present supplying on a small scale gears as original equipment to Greaves Ltd., Baramati, for their diesel three wheelers & to Kerala Agro Machinery Corporation [KAMCOs] Cochin, for their power tillers.

- Mr. M. H Desai ceased to be a Director of Comp. with effect from 30th November 1995. Mr. B. D. Damani ceased to be a Director of Comp. with effect from 6th December 1995 consequent upon withdrawal of his nomination by SICOM Ltd.

1997 - The Comp. has developed for Tractor Division 4 components of Constant Mesh projects & 7 components of Small Tractor project, in addition to the 4 gears for main gear transmission.

- The Comp. allotted on 1st February, 1708500 [20%s] Fully Convertible Debentures of Rs.10/- each to the promoters & Mahindra and Mahindra Ltd., being their subscription towards the equity for part financing the expansion programme. The said debentures alongwith net accumulated interest will be converted into Equity shares on 1st April, 1998.

- Mr. M. M. Deshmukh was appointed Director of Comp. with effect from 16th August, 1996 as a nominee of SICOM Ltd.

- Mr. F. S. Mathur & Mr. Dhruva Chaudhuri ceased to be Directors of Comp. with effect from 25th September 1996 & 20th February, respectively consequent upon withdrawal of their nomination by Credit capital Venture Fund [Is] Ltd.

- Mr. Manu Chadha ceased to be Director of Comp. with effect from 7th February, consequent upon resignation due to his preoccupation & withdrawal of his nomination by Risk Capital and Technology Finance Corporation Ltd.

1998 - The Comp. proposes to increase supplies to KAMCO as well as start supplies to other O.E. customers mainly Kirloskar Oil Engines, Bajaj Auto & Ashok Leyland.

- On 1st April 1998 the Comp. allotted 2050790 No. of equity shares of Rs. 10/- each at par to the Promoters & Mahindra and Mahindra Ltd on conversion of fully convertible debentures & net accumulated interest thereon. The Comp. also allotted 469750 No. of equity shares of Rs. 10/- each at par on 1st June 1998 to M/s. Tanyard International Ltd U.K. on a preferential basis.

- Mr. J.M. Mapgaonkar retires by rotation at this Annual General Meeting.

- Mr. Riad Fyzee will retire at this Annual General Meeting. Mr. J.M. Mapgaonkar and Mr. Riad Fyzee being eligible offer themselves for re-appointment as Directors.

- Mr. S. Rengarajan ceased to be director of Comp. with effect from 26th June.

1999 - The Comp. has received the ISO certificate for its Quality Management system which is found to be in compliance with quality standards ISO 9002:1994 as applicable to various types of gears for automotive transmission, engines & industrial equipment.

- The Comp. has been declared a self certified supplier for some of its products supplied to Mahindra and Mahindra limited Tractor division.

- The Comp. has developed engine gears for new EUV project of Mahindra & Mahindra Ltd.

- The Comp. developed 10 gears for proposed `IDAM' & `HORIZON' projects.

- Mr. Rattan Singh ceased to be a Director of Comp. with effect 1st January 1999 on completion of his term of office. Mr. M. M. Deshmukh ceased to be a Director of the Comp. with effect from 25th May 1999, consequent upon withdrawal of nomination by SICOM Ltd.

2000 - Sales to the Tractor Division of Mahindra and Mahindra limited were adversely affected due to a month long strike during January - February 2000 at their plant at Kandivli [Mumbais].

- The drought conditions which prevailed in certain parts of country in the year 1999-2000 adversely affected sales of tractors by Company OEM customer, namely Mahindra and Mahindra limited & consequently adversely affected off take of gears by said OEM customer.

- The Comp. has during the current year entered into technical & financial collaboration with Fairfield Manufacturing Company, Inc., USA ['Fairfield's], who are one of leaders in manufacture of wide range of gears for diverse applications.

- The Board has approved the offer on preferential basis of minimum of 68,90,770 No. of equity shares of Rs 10 each & a maximum of 2,09,65,460 No. of equity shares of Rs 10 each consistuting 51 per cent & 76 per cent respectively

- The Comp. has entered into a technical collaboration agreement with Fairfield, whereby Fairfield has agreed to provide technology to the Comp. to upgrade its manufacturing facilities & capabilities, standard & process.

- The Comp. has entered into a long term Product Supply Agreement with Fairfield for supply of products to Fairfield for its international customers.

- Mr. Murad Fyzee & Mr. P.N. Kotwal resigned as directors.

- Mr. Manoj Borkar ceased to be a director of Comp. consequent upon withdrawal of his nomination by IL&FS Venture Corporation India Ltd.

2004

-Fairfield Atlas Ltd has informed that the reference made by Comp. to BIFR under SICA Act, 1985 has been registered by BIFR on December 22, 2003.

2007

-Fairfield Atlas Ltd has appointed Mr. Rajesh Chopra as Independent Director w.e.f. May 21, 2007.

2008

-Fairfield Atlas Ltd has appointed Mr. Lalit K Chaudhary as Managing Director & Chief Executive Officer of Comp. for a period of 5 years w.e.f. January 01, 2008.

- Fairfield Atlas Ltd has informed that Mr. Devanand E Jacob has been appointed as Managing Director of Comp. for a period of 2 years commencing from October 24, 2008 & ending on October 23, 2010.