History of Jindal Poly Films Ltd.

YEAR EVENTS 1974 - The Comp. was incorporated on 9th September as a Public Limited Comp. under the name of Hindustan Pipe Udyog Limited & obtained the certificate of commencement of business on 21st September. The Comp. was promoted by Jindal group of Companies.

- The Comp. first set up a unit for manufacture of ERW Steel Pipes and Tubes, Black and Galvanised, at Jindal Nagar, District Ghaziabad, U.P.

1985 - The Comp. diversified its activities by setting up a unit for the manufacture of Polypropylene Filament Yarn & Polyester Filament Yarn at Gulaothi, U.P. with an installed capacity of 1200 TPA. The capacity of this plant was increased to 2400 TPA in 1987, 4800 TPA in 1989, 7800 TPA in 1991 & 10,800 TPA in 1992.

1990 - The Comp. also took-up modernisation of its Poly plant to updated its technology & replace certain old & worn-out equipments/components.

1992 - The Comp. set up a Polycondensation Plant with an installed capacity of 15000 TPA of Polyester Chips for captive consumption.

1994 - As consideration for transfer, the Comp. was allotted 75,000 No. of equity shares of Jindal Pipes limited of Rs 100 each at a premium aggregating to Rs 843 lakhs. The Comp. undertook modernisation-cum-expansion balancing scheme for Company's existing POY plant at Gulaothi.

- The Comp. also undertook to diversify into manufacture of solid state poly condensation chips. It was also proposed to enhance the existing POY capacity from 10,800 TPA to 18,000 TPA by installing certain balancing equipments & replacement of old equipments with the latest technology equipments.

- It was also proposed to diversify into manufacture of high value addition solid state polycondensation chips [SSSs] i.e. bottle grade, mono-filament grade & film grade by installation of additional equipments. In addition, the Comp. proposed to manufacture of polyester polymer chips suitable for PET bottles as mono filament yarn.

- For polycondensation, an additional polycondensation plant with a capacity of 10 tonnes per day was installed.

- Northern Plastic Co. Ltd., in the business of inventing and dealing in securities & financing was amalgamated with the Comp. effective 1st December. As per the amalgamation scheme, the erstwhile shareholder of Northern Plastics were allotted 28,88,400 - 6% convertible cumulative preference shares of Rs 10 each.

- 81,40,000-6% cumulative preference shares of Rs 10 & 46,20,000 No. of equity shares of Rs 10 issued, subscribed & paid up. 15,50,000 Equity shares were issued at a premium of Rs 185 per share through a prospectus of which 7,500 shares reserved for allotment to permanent employees of Company. Balance 15,42,500 shares issued to the public.

1995 - The name of Comp. was changed from Jindal Polyester and Steel Ltd., to Jindal Polyester limited effective 17th January.

1996 - 61,70,000 bonus equity shares issued in prop. 1:1 on 8th August.

1997 - The company, the capacity utilisation at the company grass root BOPET film project set up at Nasik has been considerably low during the year, due to initial stabilisation as well as slackness in demand for BOPET film in the international market resulting in an unabsorbed interest cost of Rs.10 crores and depreciation of Rs.8 crores, thereby affecting overall profitability for year.

1998 - Apart from Reliance Inds., the Comp. is the only stock which is still above its base value.

- The Comp. was planning the merger of M/s. India Polyfilms Ltd. & M/s. Patel Polyproducts limited with the Comp. w.e.f. 1st April 1999.

1999 - Jindal Polyster Ltd [JPLs] is considering to introduce Employees Stock Option Plan [ESOPs]. The Comp. will issue ten lakh equity shares of nominal values of Rs 10 each to employees, including executive & non-executive directors.

- The JPL has thus become the second Comp. in the country after Kinetic Motors Ltd to take advantage of Securities and Exchange Board of India [Sebis] guidelines allowing the companies to make applicable the scheme of ESOP to its employees.

- The scheme of amalgamation of India Polyfilms Ltd & Patel Polyproducts Ltd with the Comp. has been approved by High Court of Uttar Pradesh.

2000 - The Comp. has decided to set up a new unit at Noida Export Processing Zone for purpose of processing, converting and exporting software.

- The Comp. has decided to set up a new unit at Noida Export Processing Zone for purpose of processing, converting and exporting software.

- Issue of 6,60,00,000 Opt. con. pref. shares of Rs 10 each at a premium of Rs 5 each aggregating Rs 5 each aggregating Rs 99,00,00,000 in favour of Jindal Photo Films limited against its loan & advances.

- Jindal Polyester Ltd has informed that Sh. Nvpks. R. Murthy, Director [Technicals] has resigned from the Board. Mr. Kedar Anandrao Deshpande has joined the Board as Director [Technicals].

2002

-Jindal Photo acquires 1,50,00,000 optionally convertible preference shares of company.

-Sh Nvpks R Murthy, Director resigns from the Board. Mr Kedar Anandroa deshpande joins as the Director on the Board of company.

-Appoints Mr Shyam Sunder Jindal as the Additional Director of company.

2003

-Allots 5% optionally convertible preference shares on preferential basis to Jindal Photo Films Ltd.

-Board approves to acquire REXOR GROUP.

-Members approve for following: Appointment of Sameer Banerjee as the Director Marketing. Increase in Authorised capital from Rs.1580mn to Rs.1900 mn. Delisting of company shares from UP, Delhi, Calcutta & Ahmedabad Stock Exchanges.

2004

-Jindal Polyester Ltd has informed that shares of Comp. have been delisted from the following stock exchanges : is] U P Stock Exchange w.e.f. January 30, 2004; iis] Delhi Stock Exchange w.e.f. February 11, 2004.

2006

-Mr. L. P. Soni, Fellow Member of Institute of Comp. Secretaries of India, [Membership No. 2213s] has been appointed as Comp. Secretary of Company.