1954 - A Textile Division was put up at Adoni. 1959 - Another mill was put up at Coimbatore with 24,196 spindles. The Kothari Textile Mill No. 1 and Mill No. 2 units at Coimbatore produced fine counts of yarn, including viscose staple fibre and polyester/cotton blends on hanks and cones and also manufactured higher medium mills, long-cloth, poplin, lawns, gaberdines and polyester-cotton shirtings and suitings. - The Adoni unit manufactures yarn counts ranging from 2s to 40s single and double, yarn on hanks and cones, besides yarn of coarse, medium and fine counts for export market. 1970 - The Company was incorporated on 1st July with the main object of taking over as going concern the entire undertaking of (1) Blue Mountain Estate and Industries Ltd. (2) Waterfall Estates Ltd. (3) Balmadies Plantation Ltd. (4) Kothari Textiles Ltd. and (5) Adoni Spg.& Wvg. Co. Ltd. - All shares subscribed for by signatories to the Memorandum of Association. 1971 - 1,80,000 pref. and 22,25,850 No. of equity shares allotted without payment in cash to members of 6 companies under a Scheme of Amalgamation. 1976 - 14,80,000 right equity shares issued at par in prop. 2:3 in June. 1977 - In 1977-78, 13,00,000 No. of equity shares issued privately at par. 1980 - 1,29,760 No. of equity shares issued at par to IFCI on part conversion on loan. 1981 - ICICI, LIC, UTI, GIC and its subsidiaries, Rs. 200 lakhs by way of subscription to privately placed 13.5% debentures, with an option to convert 20% of the subscription amount into equity shares of the Company of Rs. 10 each at a premium of Rs. 2 per share during 1st January, 1983 to 31st December, 1984. - Issued 4,00,000 No. of equity shares to IDBI and 3,00,000 No. of equity shares to LIC in conversion of loans. Pref. shares redeemed. 1983 - On 30th June, the Company revalued its tea and coffee plantation lands to represent the intrisic value. - 20,00,000 No. of equity shares issued on part conversion of 10,00,000-13.5% debs. of Rs. 100 each (Rs. 36 of each debs. converted to 2 equity shares at prem. Rs. 8 per share on 1st October. 1984 - Machine utilisation in the loom-shed decreased due to frequent load sheedding. This coupled with increased fibre and filament yarn prices adversely affected the working of textile division. - Again as on 30th June, the Company revalued the building and plant and machinery in the plantations, land, building and plant and machinery of the textiles division and land, buildings and plant and machinery of the coffee curing division. - The name of the Company was changed from Kothari (Madras) Ltd., to present one with effect from 10th April. 1985 - Production of superphosphate was curtailed due to poor off-take consequent of drought conditions in the Sothern region and stoppage of production for facilitating expansion of superphosphate and sulphuric acid plants. - The poor capacity utilisation coupled with increase in power tariff, interest charges and depreciation affected the profitability of Chemical Division. - The capacity utilisation at Fertiliser Division, Chemicals Division, Textile Division was adversely affected due to strikes for nearly a month in 2 mills in Coimbatore and for about 45 days in the Adoni unit. - Authorised capital increased and re-classified. 1986 - The Company switched over to Double Contact Absorption System in sulphuric acid plant by installing new broad field den and venturi scrubber. 1987 - Production of coffee crop at 761 tonnes was lower due to drought coupled with erratic blossom showers. 9,004 tonnes of coffee was cured and the curing work had been tuned to handle 14,000 tonnes per annum. - The production in the Chemicals Division was affected due to continued power cut and recession in the user industries like paper, textiles, etc. Approvals from shareholders were received on 2nd September, for the sale of thr chemicals division to Southern India Petrochemical Industries Corporation (SPIC). 1988 - The non-depreciable lands at the plantation estates were revalued as on 30th June, and the resultant value was credited to the fixed assets revaluation reserve. - Kothari (Chennai) International Ltd., is a subsidiary of the Company with a holding of the entire 5,003 No. of equity shares issued. - Securities Operations & Investment Co. Ltd., is also a wholly owned subsidiary of the Company. 1989 - In October, there was a fire accident in the tea factory in Waterfall Estate (East) resulting in damages to the entire building and machinery. Subsequently, new factory building was constructed and latest machinery was installed. - The fertiliser factory of the Company is at Ennore, near Chennai City. The Fertiliser Division also makes fertiliser mixture for various crops. - The Company undertake a modernisation of programme along with installation of additional balancing equipments that would enable the division to produce 80,000 tonnes of super phosphate and 40,000 tonnes of sulphuric acid. - Steps were taken to install additional generators at the mills. 1990 - Production at the two textile mills at Coimbatore was marginally affected due to the industrywide strike for about 19 days in September/October. - However, productivity per spindle at all the 3 mills increased significantly due to the modernisation programme undertaken and due to the issue of good quality cotton. - The Company undertook a project for the manufacture of granite monuments and markers with a capacity of 10,000 sq. mtrs. per annum. - A new company under the name Tata Kothari Steels Ltd., was jointly promoted by the company and by the House of Tatas for setting up a plant in South India for production of pig iron with a capacity of 1,20,000 TPA. - During February, Kothari Information Systems, Ltd., became a subsidiary of the Company. All the 14,150 No. of equity shares of Rs. 10 each were held by the holding company as at 31st March, 1993. - 15% secured non-convertible redeemable debentures aggregating Rs. 270 lakhs were also privately placed with UTI and debentures aggregating Rs. 180 lakhs were allotted to LIC. The 15% debentures are redeemable at a premium of 5% in five equal annual instalments commencing from 11th August, and ending on 11th August, 1994, the premium to be paid along with the instalment falling due on 11th August, 1992. 1991 - There was a strike for 42 days in Coimbatore belt in October-November and consequently production in the Company's 2 mills at Coimbatore was affected. - Performance of the Textile Division was affected due to increase in raw material and other input costs and labour problems in Coimbatore belt. 1992 - During October, the Company issued, 4,50,000-16% secured redeemable partly convertible debentures of Rs. 400 each on rights basis in the proportion of 1 debenture: 17 No. of equity shares held. Only 4,49,428 debentures taken up. - Another 22,500-16% partly convertible debentures of Rs. 400 each were offered to the employees. Only 7,392 debentures taken up. - Part `A' of Rs. 250 of each debenture was converted into 10 equity shares of Rs. 10 each at a premium of Rs. 15 per share of the expiry of six months from the date of allotment. Accordingly, 45,68,200 No. of equity shares were allotted on 25th August, 1993. - Part `B' of Rs. 150 of each debenture was to be redeemed at par in three equal annual instalments of Rs. 50 each at the end of the sixth, seventh and eight year from the date of allotment of debentures. 1993 - It was proposed to modernise the mills in two phases spreading over a period of 2 to 3 years. - As a part of continuation of modernisation programme, the Company replaced certain ring frames with latest long ring frames and three autoconers and three auto leveller were imported. - During August, the Company allotted 3,60,000 No. of equity shares of Rs. 10 each at a premium of Rs. 15 per share to non-resident Indians on repatriation basis. - In consideration of the transfer of the undertakings and the assets and liabilities of the amalgamating companies to the new company, the new company allotted to the shareholders of the amalgamating companies preference shares of Rs. 10 each and equity shares of Rs. 10 each in the capital of the new company credited as fully paid-up. The details are given a table. - All redeemable preference shares of Waterfall Estates Ltd., were redeemable by payment in cash of the amount paid-up on the shares together with an arrears of preference dividend upto the date of the scheme together with a premium of 50 paise per share of Rs. 10. All the preference shares of Balmadies Plantations Ltd., and Adoni Spg. & Wvg. Co. Ltd., (both A and B Pref.) were redeemed by payment in cash of the amount paid-up on the shares together with all arrears of preference dividend upto the date of the scheme. - The 8% First Mortgage debentures issued by Adoni Spg. & Wvg. Co. Ltd., to LIC were treated as if they were issued by the new company. - 45,68,200 No. of equity shares allotted (prem. Rs. 15 per share) on part conversion of 16% Debs. Another 3,60,000 No. of equity shares of Rs. 10 each at a prem. of Rs. 15 per share allotted to NRIs.