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મોડર્ન ઇન્ડિયા > કંપનીનો ઈતિહાસ > Textiles - Spinning - Cotton Blended > કંપનીનો ઈતિહાસ ના મોડર્ન ઇન્ડિયા - બીએસઈ: 503015, ઍનઍસઈ : N.A

મોડર્ન ઇન્ડિયા

બીએસઈ: 503015  |  ઍનઍસઈ : N.A  |  ISIN: INE251D01023  |  Textiles - Spinning - Cotton Blended

કંપનીનો ઈતિહાસ - મોડર્ન ઇન્ડિયા
YEAR                                                        EVENTS
 1933 - The company was incorporated on 24th October, at Mumbai.
 
      - The company's object is to manufacture of cotton textile goods
 
        and food products.  The products manufactured are drills,
 dhoties
        longcloths, coatings, mulls etc.  Counts ranging from 10s to
 120s
        are spun and the cloth width varies from 26 inches to 55
 inches.
        The mills are equipped to perform dyeing, calendering,    
        mercirising and bleaching operations.
 
      - The company has two mills, Mill No.1 at Parel and Mill No.2
 at
        Mahalaxmi.  Mill No.1 is a spinning unit and produces yarn of
        10s to 60s counts.  Mill No.2 which is a composite unit 
        concentrates on superfine combed yarn from 30s to 120s counts
 and
        also produces coarse, medium, fine and superfine cloth.
 
 1948 - 14,000 Right shares issued at a prem. of Rs.30 per share in
 prop.
        1:2.
 
 1957 - 22,130 Right shares issued at a prem. of Rs.10 per share in
 prop.
        1:2.
 
      - 26,556 Bonus equity shares issued in the prop. 2:5.
 
 1961 - During 1961-62, 92,947 Rights shares at par in the prop. 1:1,
 
        15,491 Bonus shares issued in prop. 1:6 (old shares).  During
 
        1962-63, 15,491 Bonus shares issued to the holders of right
        shares in the prop. 1:6.
 
 1964 - In February, the company entered into partnership with the 
        Mysore Spg. co., Ltd., and Minerva Mills, Ltd. under the name
        and style of Sundatta Fabrics for the purpose of organizing
        shops for retail sales of cloth.  Sundatta Sirur Pvt. Ltd. is
 
        also a partner in Sundatta Fabrics.
 
 1976 - Sundatta Foods and Fibres Division came into existence with
 the
        amalgamation of Sundatta Foods and Fibres Ltd. with the
 company
        effective from 1st January.
 
      - The company's subsidiary, Sundatta Foods and Fibres, Ltd. was
        merged with the company with effect from 1st January.  As per
 the
        scheme, members of Sundatta Foods & Fibres, Ltd. were
 allotted
        364 - 11% preference shares of Rs.50 each and 71,325 No. of 
        equity shares of Rs.50 each of Modern Mills for every 2
 equity
        shares of Rs.50 each of Sundatta Foods and 1 preference share
 of
        Rs.50 each of Modern Mills to every preference share of Rs.50
 of
        Sundatta Foods.  Shares were allotted during 1978-79 and were
        effective from the date of merger.
 
 1978 - 364 pref. and 71,325 No. of equity shares allotted without
        payment in cash to members of Sundatta Foods and Fibres, Ltd.
 on
        its merger with the company, pref. shares redeemable during
        1.1.84/87 at 3 months notice.
 
 1980 - 13,205 Rights equity shares issued at par in the prop. 1:20
 on
        12.7.1980.
 
 1985 - The turnover of the Sundatta Foods and Fibres declined to 
        Rs.17.50 crores due to fall in production of vanaspati.
 
 1986 - Authorised capital reclassified.  Redemption date of pref.
 shares
        extended and will be redeemed during 1.1.1991/94 at 3 months 
        notice.
 
      - The Integrated Expander System imported from Brazil, was
        installed during the year.
 
 1987 - The Company's application to the Board for Industrial and 
        Financial Reconstruction (BIFR) for revival and rehabilitation
 
        was still pending with them.  As per IDBI's directive, the 
        company proposed to raise funds for revival of the textile 
        division by redevelopment of land.
 
      - Between 1987-88 and 1990-91 and 1993-94 the Textile Division 
        continued to remain closed.
 
      - Turnover and exports declined to Rs.16.94 crores and Rs.1.65 
        crores respectively due to inadequate availability of raw 
        material and poor realisations from sales.
 
 1988 - Turnover and exports further declined to Rs.12.44 crores and
 0.5
        crores respectively due to continued inadequate supply of raw
        materials and poor realisations from sales.
 
 1991 - The State Government accepted the proposal submitted under
 the
        Development Control Regulations subject to the approval of
 the
        rehabilitation package by BIFR.
 
      - The company came under the provisions of the Sick Industrial
        Cos. (SP. Provision) Act. 1985 and a reference was made to
 BIFR
        under Section 15 of the said act.
 
 1993 - The company commenced the real estate business activities.
 
      - BIFR, sanctioned a scheme of revival of the company.  As per
 the
        scheme of Rehabilitation sanctioned by the BIFR, the
 promoters
        are required to bring in interest - free funds of Rs.740 lakhs
 
        for financing part of the cost of scheme of which Rs.300
 lakhs
        was brought in by way of equity capital.  
 
      - Pref. Shares redeemed.
 
 1994 - Out of 19,712 spindles, 7,616 were found to be workable and
 for
        the remaining, the company proposed to go in for new
 technology 
        and purchased machines for open end spinning unit.  
 
      - 30,00,000 No. of equity shares of Rs.10 each allotted to 
        promoters.
 
 1995 - The Company submitted a fresh scheme as directed by the BIFR.
 
        The main features of the fresh scheme as sanctioned were as
        follows: 
  
      - (i) Cost of the scheme has been placed at Rs.1144 lakhs.
 
      - (ii) Promoters to bring an additional interest-free funds of 
        Rs.437 lakhs,
  
      - (iii) The company to raise additional funds of Rs.707 lakhs
 from
        real estate activity to meet the cost of the scheme.
 
      - (iv) The company to put into operation 7,616 spindles and 864
        Rotors of open end spinning,
 
      - (v) With the implementation of the scheme, the accumulated
 losses
        were expected to be completely wiped off by 31st March 1999.
 
 1996 - The company could put into operation only 7616 spindles.  The
 
        work of providing necessary infrastructural facilities for 
        installing the Rotors of Open End Spinning (OES) was hampered
 on
        account of stoppage of construction work as per directions of
 the
        State Government of Brihanmumbal Municipal Corporation.
 
      - The work of providing necessary infrastructural facilities for
 
        installing the Rotors of Open End Spinning (OES) was hampered
 on 
        account of stoppage of construction work as per directions of
 the
        State Government and Brihanmumbal Municipal Corporation.
 
 2000 - The Company has amalgamated with Agrata Exports as per the
 orders of
               the Bombay High Court.
 
 2002- The Board of Directors of Modern Mills Ltd at its meeting held 
 has  appointed Mr Jimmy F             Pochkhanwalla and Mr Rajas R
 Doshi as Directors of the company.
 
 2002-Modern Mills Ltd has informed  that U A Patel, has been
 appointed as the Company           Secretary from February 11, 2002.
 
 -Pradip Kumar Bubna appointed as Director of Modern Mills.
 
 2004
 
 -Modern Mills Ltd has informed that it has entered into Consultancy
 Services Agreement with California Institute of Jewelry Training, USA
 for setting up Training Centre for imparting training in the field of
 jewelry designing and manufacturing at Mumbai.
 
 2008
 
 - The Company has splits its face value from Rs10/- to Rs2/-.
 
 2009
 
 - Modern India Ltd has informed BSE that Shri. Dilip J Thakkar has
 been appointed Director of the Company.
 
 - Modern India Ltd has informed that Smt. Vasanti B Patel has been
 appointed Directress of the Company.
 
 2010
 
 -Modern India Ltd  has entered into an MoU with K. Raheja Corp Pvt
 Ltd. 
 
 2011
 
 -Dr. Shivkumar Israni has been appointed as Independent Director of
 the company.
 
 2012
 
 -Shri Vijay Kumar Modi has been appointed as Company Secretary and
 Compliance Officer of the Company
 
 2013
 - Shri Parind Chandrakant Badshah has joined as Company Secretary and
 Compliance officer of the Company.
 -Board recommends Dividend of 25% i.e. Rs. 0.25 per Equity Shares.
 
 2014
 -Shri Kaiwan Kalyaniwalla has been appointed as Additional Director.
 -Company Corporate Address will be as under;Modern India Ltd.228,
 Gr.Floor, Mittal ChambersNariman Point,Mumbai - 400021Tel: +91 22
 67444200.
 
 
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