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History of PSI Data Systems Ltd.

1976

- The Comp. was Incorporated as a private limited Comp. on 22nd January, & it was converted into a public limited Comp. on 21st November, 1985.

- The Comp. was promoted by a group of highly qualified professionals.

- The Company object is manufacturing & marketing of mini & micro computers & computer-based systems for data processing, process control, memoric control & telecommunications.

- For the business computer market, the Comp. developed a complete range of 8 bit/16 bit systems. The products in this range are called Action Stations [8 bits], Data Wealth [8 bits], & Omni [16 bits].

- Another product developed by Comp. was a dedicated machine for the banking segment, called Easy Bank.

- The Comp. also introduced in the market, a single-user 16 bit machine, the Action station - 16, which is an IBM-PC-XT compatible.

- The Comp. also developed tele-communications equipment such as modems, Message Switch, & Telex terminals.

1982

- Till date, 100 No. of equity shares issued without payment in cash.

1983

- 13 pref. shares issued in 26.03.1984. These pref. shares redeemable after 26.3.1985 at the company option. 289 No. of equity shares issued.

1984

- 2,150 No. of equity shares issued.

1985

- Another product, automatic trunk ticketing machine was developed.

- 2,862 No. of equity shares of Rs.1000 each issued. All shares then sub-divided. 6,00,000 No. of equity shares of Rs.10 each then issued at par linked to debentures out of which 30,000 shares linked to deb. to employees of Comp. & 12,000 shares linked to deb. to business associates were reserved for preferential allotment. All but 1,300 No. of equity shares of employees quota taken up. The balance 5,58,000 No. of equity shares, along with 1,300 shares not taken up by employees were offered to the public in February 1986.

1986

- The Comp. entered into an agreement with Motorola Semi-Conductor of Phoneix, Arizona, U.S.A.

- The Comp. issued 6,00,000 No. of equity shares of Rs.10 each at par linked to 90,000 - 15% secured non-convertible debentures of Rs.100 each in the prop. of 15 debentures for 100 No. of equity shares. Out of the total issue:

- [is] 30,000 No. of equity shares linked to 4,500 debentures were reserved for pref. allotment to the employees of company.

- [iis] 12,000 No. of equity shares linked to 1,800 debentures were reserved for pref. allotment to the business associates and

- [iiis] 5,58,000 No. of equity shares linked to 83,700 debentures, along with 1,300 No. of equity shares linked to 195 debentures not taken up by employees, were offered for public subscription during February.

- Consent of Controller of Capital issue was obtained for issue of the following securities:

- [is] 51,19,800 No. of equity shares of Rs.10 each at par to the equity shareholders of Comp. as rights in the prop. of 371 : 100,

- [iis] 2,56,000 No. of equity shares of Rs.10 each at par to employees [including Indian working directorss]/workers on an equitable basis [unsubscribed portion, if any, would be allowed to lapses];

- [iiis] 2,77,300 No. of equity shares of Rs.10 each at par to the constituents of Group A [1,38,642 sharess] & Bull SA [1,38,658 sharess] on a firm allotment basis, in order to make up for dilution in their percentage of shareholding arising out of reservation of 5% of the issue for employees,

- [ivs] 1,00,000 - 10% cumulative convertible preference shares of Rs.100 each & 1,00,000 - 14% cumulative preference shares of Rs.100 each for cash at par to public financial institutions on private placement basis.

- 1,00,000 - 10% cumulative convertible pref. shares were issued on 15.9.90 & these are to be converted into equity shares any time between the expiry of 3rd & 5th year from 15.9.90 on such a price as may be decided by subscribers & as approved by CCI.

- The objects of these issues was to finance the mainframe project of the Comp. & to augment long term resources.

1987

- The performance was adversely affected mainly due to availability of imported kits from Singapore & Taiwan.

- The order which the Comp. secured during the previous year for automatic message accounting systems & for CTMX couldn't be executed due to delay in development of these products & non-receipt of approvals in the time from the customers.

1989

- The operating results were adversely affected due to loss of revenue from the company telecom business & costs associated with closing down of certain lines of business.

- 51,19,800 Rights equity shares issued at par in prop. 371:100. Only 30,37,712 shares taken up. The balance 20,82,088 shares devolved on the underwriters. 100,000 - 14% pref. shares issued to financial institutions.

1990

- A 100% export oriented `Software Technology Park' was set up at Bangalore.

- The Comp. planned to expand its activities by taking up the manufacture of mainframe computers with an annual capacity of Rs.50 crores for which an individual licence was received.

- The Comp. commissioned its new plant at Peenya.

- PSI Kalinga, limited is a subsidiary of Company. The subsidiary was closed down due to uneconomical working.

- Tata Electric companies agreed to contribute Rs.2.88 crores to the enhanced capital. Also, Governments permission was received to increase Bull equity holding to 40% from the present 26%.

- 1,00,000 - 10% pref. CC were issued to financial institutions. 2,000 No. of equity shares issued at par.

1992

- The Comp. issued 96,20,000 No. of equity shares of Rs.10 each for cash at par in prop. 2:1. [200 shares kept in abeyances]. Another 4,81,000 shares were offered to the employees on an equitable basis [only 71,700 shares taken ups]. Simultaneous to the above issue, the company also made the following allotments on a firm basis:

- [is] 93,10,000 shares to M/s. Bull SA of France,

- [iis] 6,90,000 shares to Tata Hydro Electric Power Supply Co. Ltd.,

- [iiis] 6,90,000 to Tata Power Co. Ltd.,

- [ivs] 6,90,000 shares to Andhra Valley Power Supply Co., Ltd.

1993

- Bull SA, brought in additional capital of Rs.720 lakhs increasing its stake in the Comp. to 51%. The Comp. is a subsidiary of Bull.

- 210,71,500 shares allotted as rights & on firm allotment basis.

1994

- During February, the Comp. allotted 82,90,786 No. of equity shares to foreign collaborators & financial institutions in conversion of 10% cumulative convertible preference shares.

1995

- The High Court of Orissa has in a winding up petition filed by the Company against PSI Kalinga Ltd., appointed the Official Liquidator as Provisional Liquidator.

- The Comp. has the recognition of In-house R&D by Government of India, vide their letter No.TU/IV-RD/1266/95-96, dated 31st May. The recognition is valid upto 31st March, 1997.

1996

- The Comp. entered into an agreement for sale of factory land and building at Peenya, Bangalore, together with some specified assets like electrical fittings, furnitures & other equipment for an aggregate price of Rs.410 lakhs.

1997

- PSI Data Systems, an affiliate of Bull, France, has entered into an alliance with CMC & Kores for distribution & maintenance of its CP-8 Transact range of banking hardware products.

- PSI Data Systems, an affiliate of $5-billion Groupe Bull of France, is in talks with potential joint venture partners in Europe for providing solutions in the global sales and distribution information systems [SDISs] market.

- The gross income of PSI Data Systems limited for first half of the year has gone up by 67 per cent, at the same time it is joining hands with two companies.

- The Comp. has signed an agreement to supply software for cash registry systems for Hectronic GmbH, a German Comp. specialising in the area of measurement & gauging systems for petrol stations, parking meters & video surveillance systems.

1998

- PSI Data had reduced its equity capital in 1997 to reintroduce reality into the balance sheet position of company.

- PSI, which had recently entered into a joint venture agreement with Accelerex Ltd of UK, is awaiting Reserve Bank nod to formalise its equity participation.

1999

- PSI Data System is in talks with the Commonwealth Development Corporation [CDCs] apart from 3 other investors for equity participation in its UK joint venture Accelerex, according to Mukesh Patel, vice-chairman & chief executive officer of company.

- The Comp. has entered into a joint venture with a UK-based stat-up company called Accelerx, in which PSI Data has a 20 per cent equity stake. This strategic joining venture has made substantial progress by launching a series of Internet products.

- While continuing to support its joint venture partner, PSI Data Systems, the French company, Groupe Bull, will adopt a flexible approach if PSI leverages its strengths to work outside the joint venture.

2000

- PSI Data Systems, a subsidiary of Groupe Bull of France, has added a new line of business -- the embedded software services division.

2001

- PSI Data Systems, a Groupe Bull Subsidiary, has tied up with a German consulting company, IT Consult AG, to provide back-end technical support including software development to the latter clientele.

- PSI Data Systems Ltd has informed BSE that the Audit Committee of the Board has been reconstituted at the Board Meeting held on December 20, 2001. The Committee will now comprise of following Directors

1. Mukesh Patel

2. Adesh Gupta

3. Dr. Santrupt Misra

2002

- Indian Rayon and Industries Ltd has informed BSE that Birla Technologies Ltd has become the subsidiary of PSI Data Systems Ltd, which is a subsidiary of company.

-Arun Thiagarajan coopted as Additional Director of PSI Data Systems.

-PSI Data Systems Ltd has informed BSE that consequent to the resignation of Mr. Nagendra Venkaswamy from the position of President of Company, Mr R Vittal, Vice President Legal Affairs and Comp. Secretary has been entrusted by Board of Directors the additional charge as 'Manager' under the Companies Act, 1956. Mr Vittal will hold the office of 'Manager' for a term not exceeding five years from the date of appointment.

-The Aditya Birla group company, PSI Data Systems, has announced the appointment of Mr S. Balasubramanya as President & Chief Operating Officer. He will be responsible for operations, development centres, technological, quality, secretarial & sales, in India & South East Asia.