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History of Kesar Petroproducts Ltd.

YEAR EVENTS 1990 - The Comp. was incorporated on 1st January, & obtained the certificate of commencement of Business on 24th January. The Comp. was jointly promoted by Maharashtra Petrochemicals Corporation, limited [MPCLs] & by Shailendra C. Bagrodia, Sanjay Bagrodia & Sushil Kumar Sharaf of Sobhagya Mercantile Ltd. [SMLs]. The main objective of Comp. is to manufacture Bisphenol-A [BPAs] apart from dealing in all kinds of petroproducts.

- The Comp. undertook to set up a project for manufacture of 5000 TPA of Bisphenol-A on a piece of leasehold land at MIDC's industrial estate at Lote Parshuram, a notified backward area in the Ratnagiri district of Maharashtra. The product is a raw material for production of wide variety of resins and plastics.

- The Comp. entered into an agreement with Polibur Engineering limited [PELs] of UK for supply of technical know-how of basic engineering package based on ICSO technology. It also provides for performance guarantee with regard to plant capacity, raw material & utility consumption & quality of goods. In addition, the agreement also provides for buy-back arrangement of 2000 tonnes, 1500 tonnes & 1000 tonnes. As consideration for the services rendered, the collaborators would be paid a technical know-how fee of US $ 1.5 million.

- M/s. Dany Powergas India Pvt. Ltd., were appointed as consulting engineers for project.

- 70 shares subscribed for by signatories to the Memorandum of Association. 103,59,930 shares then issued at par of which the following shares were reserved & allotted:

- [is] 26,80,000 shares to MPCL;

- [iis] 19,19,930 shares to Indian resident directors, etc. and

- [iiis] 10,00,000 shares to SBI Mutual Fund.

- Out of remaining 47,60,000 shares 5,18,000, shares to employees, etc. of Comp. & those of promoter companies were reserved for preferential allotment but only 1,41,900 shares taken up. Another 5,00,000 shares subscribed by SBI Mutual Fund & 2,50,000 shares by Infrastructural Leasing and Financial Services, Ltd.

- The balance 34,92,000 shares, along with 3,76,100 shares not taken up by employees, etc. were offered to the public in Jan. 1991. Additional 15,54,000 shares allotted to retain oversubscription [8,40,000 shares to promoters, directors, etc. & 7,14,000 shares to the publics].

1992 - During February-March, the Comp. offered 23,82,800 Rights equity shares of Rs. 10 each at par in proportion 1:5 [all were taken ups]. Additional 3,57,420 shares were allotted to retain oversubscription.

- Simultaneously another 1,19,140 shares were issued to the employees' on an equitable basis [all were taken ups].

- 25,01,940 No. of equity shares allotted on Rights basis.

2002-Kesar Petroproducts Ltd has informed that Mr S K Gupta has ceased to be Director of Comp. with effect from November 29, 2002.