YEAR EVENTS 1980 - The Company was incorporated as Modern Threads (India) Limited, (MTIL) a Public Limited Company on 28th August. The Company was jointly promoted by the Rajasthan State Industrial Development & Investment Corporation, Ltd. (RIICO) and Shri H.S. Ranka. The Company Manufacture industrial yarn and sewing thread. 1981 - The company envisaged to expand its spindleage by 12,436 spindles. 1982 - 70 shares taken by subscribers to the Memorandum of Association. 7,54,000 shares allotted to RIICO and 5,26,930 taken up by H.S. Ranka, his friends etc. 12,30,000 shares offered to the public in Nov. 1981. 1983 - The Company added additional capacity of 4,760 spindles. To overcome the power shortage, one more diesel generating set of 350 KVA was installed. - With a view to diversifying part of its capacity towards spinning of man-made fibres, the Company undertook to set up a balancing and diversification scheme. This scheme was implemented during 1985. 1986 - With a view to manufacture synthetic dyed and fancy yarns, the Company undertook a scheme. 1987 - The Company decided to completely switch over from cotton to synthetic spinning to arrest mounting losses in cotton section. 1988 - In order to improve the quality of synthetic blended yarn for export, the Company installed sophisticated machines. - The Company had set up a new 100% EOU consisting of 6,720 spindles at its existing site at Raila for the manufacture of synthetic blended yarn. 1991 - During August, the Company offered 2,51,000-14% fully convertible debentures of Rs 150 each as rights in proportion 1 equity : 1 debenture. Only 1,76,252 debentures taken up. The balance of 74,748 debentures, along with permitted retention of 37,650 debentures were allotted privately. - Another 12,500-14% fully convertible debentures were offered to employees, etc. but none were taken. All this employees quota was allowed to lapse. Each debentures of the face value of Rs 150 was to be fully converted into 10 equity shares of Rs 10 each at a premium of Rs 5 per share on 21.4.1992. 1992 - 2,886,500 No. of equity shares allotted on conversion of debentures. 1994 - The Company undertook modernisation cum expansion scheme in yarn division for setting up a new unit under EPCG scheme for an installed capacity of 25,344 spindles and to increase the existing installed capacity from 23,888 spindles to 25,808 spindles alongwith modernisation of the existing unit for manufacture of synthetic blended grey, dyed and fancy yarns. - 99,35,760 No. of equity shares allotted (prem. Rs 30 per share) on right basis in prop. 2:5, 1,94,42,900 No. of Equity shares allotted (prem. of Rs 25 per share) to Modern Woollen Ltd., and Suneel Textile Mills Ltd. on amalgamation as per order of Rajasthan High Court. 1995 - The Company was in the process of setting up a fully integrated and international size project to manufacture 170,000 TPA of Paraxylene (PX) and 2,50,000 TPA of Purified Terephthalic Acid in technical collaboration of the world renowned UOP Inter Americana of U.S.A. for PX and INCA International, a subsidiary of DOW chemicals, U.S.A. for PTA. - Authorised Capital increased. 8,00,000-16% Pref. shares of Rs 100 each allotted through private placement. 1996 - PX & PTA project could not be implemented due to lack of requisite finances.