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History of Parekh Platinum Ltd.

HISTORY

PPL was incorporated as a private limited Comp. on July 5, 1982 with the Registrar of Companies, Maharashtra at Bombay under the name Parekh Platinum Private Limited. Subsequently, it was converted into a Public Limited Company in terms of special resolution passed on June 10, 1992 & a fresh certificate of incorporation was issued on August 24, 1992 in the name of Parekh Platinum Limited.

The registered office and factory of Comp. is located at 16B Samhita Industrial Estate, Jeevan Silk Mills Lane, Off Andheri Kurla Road, Safed Pool, Bombay - 400 072.

On July 1, 1987, the Comp. had acquired the business of refining process & noble metals, manufacture of precious metal chemicals, precious & noble metal catalysts, wires, foils, sheets, plates etc. at 16B, Samhita Industrial Estate, Jeevan Silk Mills Lane, Off Andheri Kurla Road, Safed Pool, Bombay - 400072 from M\s. Jyoti Refinery, a partnership firm consisting of Mr. Jamnadas Nathalal Parekh, Mr. Jaisukhlal Jamnadas Parekh, Mr. Hasmukhrai Jamnadas Parekh, Mr. Rajnikant Jamnadas Parekh, Mr. Rajesh Jamnadas Parekh.

The important terms of agreement are,

[as] The business was to be acquired as a going concern including goodwill, but excluding the immovable property.

The Comp. acquired:

[is] all movable assets including stock-in-trade, plant and machinery, furnitures, motor car etc.

[iis] the current assets & current liabilities as set out in the annexure to the indenture entered into in this respect on 10.08.87,

[iiis] benefits & uses of all the rights, titles, licences, and

[ivs] goodwill valued at Rs.50,000/-.

The total consideration was Rs. 18,34,078.97.

[bs] The consideration in respect of assignment was paid to the partners in the form of shares of face value of Rs. 9,50,000 & the balance amounts of Rs. 8,84,078.97 by crediting the Acc. of partners.

The Comp. has also taken on lease the factory building and 32,000 square feet of land from M/s. Jyoti Refinery.

The major events in the growth of Comp. can briefly be presented as follows: 1976 - The activity of precious metal refining starts.

1979 - Diversification into the field of Capacitor materials business.

1983 - Moved into Platinum group metals business.

1989 - Entered into a technical know-how agreement with Gemini Industries Incorporated, USA for refining of spent petrochemical & petroleum catalyst.

1989 - Executed an order for supply of catalyst gauzes worth Rs. 14 crores to Rashtriya Chemicals & Fertilisers.

1990 - Received order for recovery of platinum from petrochemical catalyts from IPCL, Baroda.

1990 - Awarded order for supply of supply of catalyst gauzes & chloroplantinic acid by GSFC, Baroda.

1993 - Commissioned the Gold refining plant.

1994 - Awarded 4 year exclusive contract by GNFC for catalysts and catchment gauzes.

1994 - Awarded 5 year by GSFC for catalysts and catchment gauzes.

1994 - Commissioned the Gold Potassium Cyanide project in collaboration with LeoRonal U.K. plc.

2003

-Mr. Hiten M Parikh was appointed as Additional Director on the Board of Company.

-Mr. Sanjay Majmudar has resigned as Director of Comp. w.e.f. December 03, 2003. Mr. Bharat Ghiya has resigned as an Alternate Director of Comp. w.e.f. December 03, 2003.