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History of Atul Ltd.

YEAR EVENTS 1975 - The Comp. was Incorporated on 11th December, at Ahmedabad. It was originally promoted by Gujarat Industrial Investment Corporation limited The Comp. manufacture synthetic cresol and its by-products viz., sodium sulphite, sodium sulphate, gypsum & soda ash, dyestuff, chemicals, drugs & pharmaceuticals etc.

- An agreement was entered into with Mitsui and Co. limited [MBKs], Honshu Chemical Industry Co. limited [HCIs], & Mitsui Engineering and Ship-building Co. limited [MESs], all of Japan, for supply of technical know-how & basic engineering designs for plant to produce synthetic cresols by sulphonation process.

- 7 Equity shares subscribed for by signatories to the Memorandum of Association; 8,47,593 No. of equity shares allotted to Raipur Mfg. Co., limited 10,000 Pref. & 15,97,400 No. of equity shares offered at par to the public during Jan./Feb. 1978. Pref. shares redeemable at 3 months' notice not later than 15 years from 8.4.1978.

1979 - The erstwhile Atul Products, limited had issued 7.75% mortgage debentures of face value aggregating Rs 450 lakhs and maturing during the year. The rate of interest increased to 11% per annum with effect from 1st January, 1980.

- 3,26,000 Rights Equity shares issued in prop 1:10. Arrears: of Rs 23,215.

1983 - The erstwhile Atul Products, limited privately placed 2,00,000-15% non-convertible secured debentures of Rs 100 each aggregating Rs 2 crores.

1985 - A scheme of Amalgamation of erstwhile Atul Products Ltd., with Gujarat Aromatics limited [GALs] was approved by respective shareholders on 21st December.

- In order to augment working capital resources, 3,90,000 - 15% non-convertible secured debentures of Rs 100 each were privately placed with UTI.

1986 - The shareholders of Comp. also approved the reduction of equity capital & then consolidation of reduced shares at an extra-ordinary general meeting held on 7th January.

1987 - The two new products xylenol & LABS introduced during the previous year were discontinued due to their poor performance. Another two new products viz., pure meta cresol & pure para cresol, were introduced during the year.

- Pursuant to the Scheme of Amalgamation of Atul Products, Ltd. with Gujarat Aromatics, Ltd., the Company production & sales are reported under two units viz., the Atul unit and Ankleshwar/Aromatic unit.

- The Scheme of Merger was approved by Department of Company Affairs. Approval of Gujarat High Court was received on 20.8.1988.

1988 - As per the Scheme of Amalgamation approved by High Court Gujarat on 20th August, Atul Products, limited was merged with Gujarat Aromatics Ltd.

- Effective from 14th September, the name of Gujarat Aromatics Ltd., was changed to Atul Products, Ltd.

- As per the Scheme of Amalgamation approved by High Court Gujarat on 20th August, Atul Products, limited was merged with Gujarat Aromatics limited Effective from 14th September, the name of Gujarat Aromatics Ltd., was changed to Atul Products, Ltd.

- Equity capital reduced as per the Gujarat High Court Order dated 20.8.1988. 75,00,000 No. of equity shares then allotted without payment in cash to members of Atul Products, limited on its merger.

1989 - The R&D unit was supplemented by addition of an unit for treatment of effluent from new products.

- It was proposed to set up projects for carbamate group of pesticides & 3,4,5 - trimethoxy benzaldehyde in the near future subject to Government approvals.

1990 - Cumulative Redeemable Pref. shares redeemed & authorised capital reclassified. 19,64,650 shares issued as Bonus in prop. 1:4.

1991 - During October, the Comp. issued 15,87,300-12.5% secured fully convertible debentures of Rs 120 each on rights basis in the proportion 8 debentures: 50 No. of equity shares held and 9,82,325-17% secured redeemable non-convertible debentures of Rs 150 each on rights basis in the proportion of 1 debenture: 10 No. of equity shares held.

- Only 8,60,208 debenture taken up. The balance 1,12,300 debentures were allotted to Mutual Funds/Financial Institutions. Additional 2,38,095 fully convertible debentures were allotted to retain oversubscription [Allotment of 279 debentures was kept in abeyance under section 206-As].

- Another 79,360-12.5% fully convertible debentures of Rs 120 each & 49,125-17% non-convertible debentures of Rs 150 each were offered to the employees. Only 1,096 NCDs were allotted to Financial Institutions/Mutual Funds & the balance 48,029 NCDs were allowed to lapse.

- Each fully convertible debenture of Rs 120 each will be converted into two equity shares of Rs 10 each at a premium of Rs 50 per share after the expiry of 6 months from the date of allotment.

- Each non-convertible debenture of Rs 150 each will be redeemed in three equal instalments at the end of 6th, 7th & 8th years from the date of allotment along with the premium of 5% payable with the final instalment.

1993 - The Comp. issued 27,26,552-14% secured fully convertible debentures of Rs 180 each for cash at par on rights basis in the proportion of 5 debentures: 25 No. of equity shares held. [all were taken ups].

- Another 1,36,328-14% fully convertible debentures of Rs 180 each were offered to the employees. [only 38,203 taken ups].

- Part A of Rs 45 of each debenture was converted into one equity share of Rs 10 each at a premium of Rs 35 per share on allotment of debentures. Accordingly 27,64,755 shares were allotted.

- Part B of Rs 135 of each debenture was converted into three equity shares of Rs 10 each at a premium of Rs 35 per share on 1st October, 1994. Accordingly 82,62,266 shares allotted.

- Ameer Trading Corporation, Ltd., [wholly owneds] is a subsidiary of Company. Akshar Investments Pvt. Ltd., & Cibatul, Ltd. are the subsidiaries of Ameer Trading Corporation, Ltd.

- Atic Colors Inc. a subsidiary of Atic Industries limited became subsidiary of Comp. following the merger of Atic Industries limited with the Company.

1994 - Plants relating to the manufacture of para cresidine & para anisicaldehyde were commissioned.

1995 - Effective 1st April, Atic Industries limited was amalgamated with the Company.

- 9,00,000 Pref. shares issued during the year.

1996 - The new plant for manufacture of 3,000 TPA of para cresol would be commissioned.

- The name of Comp. was changed from Atul Products limited to Atul Limited.

- 335 shares issued. 50,000 preference shares issued during the year.

2002

-Mr A N Palwankar resigns the Directorship of Comp. & Mr. M K Tandon has been taken on the Board.

-Appoints S M Datta as the Additional Director of company.

2004

-Atul limited has informed that Dr. H Kaiwar, Director of Comp. has resigned from the BoD of Company

2007

-Atul Ltd has appointed Mr. Sunil S Lalbhai, Managing Director and CEO as Chairman of Comp. with effect from August 29, 2007.