History of Saregama India Ltd.
1946
- The Comp. was Incorporated on 13th August. The Comp. was a subsidiary of The Gramophone Comp. Ltd., England [parent companys]. The parent Comp. established its Indian branch in 1901 & set up a factory in Calcutta to manufacture records & gramophones in 1907. The factory at Dum Dum, Calcutta was established in 1928.
- The products manufactured were marketed under the trade marks 'His Master Voice' & 'Columbia'. The parent Comp. carried on business in India until 1st July, 1964 & from which date, the Company purchased & acquired appropriate assets of parent Company's branch in India as a going concern. The parent Comp. is itself a subsidiary of Electric and Musical Industries Ltd., England, known as EMI throughout the world.
- The Company main object is to manufacture, sell & deal in gramophone records, radio receivers, radiograms, record players, record producers, pick-up cartridges, components & accessories thereof and other allied products.
- The Company factory is situated at Dum Dum, Calcutta, where the parent company factory was situated. The Company factory is most up-to-date in all manufacturing techniques [especially in the field of gramophone recordss] & is largely air conditioned.
- The Comp. also maintains recording studios & distribution depots of its own in Calcutta, Mumbai, Delhi & Chennai for gramophone records & other products. Two Industrial Licences granted to the parent Comp. for manufacture of [is] 24,000 radio receivers per annum & [iis] 36,000 4-speed mains & battery operated record playing decks & 4-speed mains & battery operated record reproducers per annum were transferred in the name of Company.
1968
- In May, the Comp. obtained another licence to increase the annual capacity for manufacture of radio receivers from 24,000 to 40,000.
- As on 30-6-1968, all shares were held by Gramophone Co. Ltd. U.K., & its nominees.
- 1,50,000 shares issued in December, [prem. Rs.5 per shares]; 10,000 shares reserved for directors etc. & 1,40,000 shares offered to the public.
1969
- The Comp. entered into a technical collaboration agreement with Electrical and Musical Industries Ltd., England [EMIs], which expired on 30th June.
- Under the terms of three-year agreement concluded with Technicolor Ltd., London, the Comp. was appointed as sole agents for Technicolor in India, Pakistan, Burma & Ceylon. A separate Technicolor Agency Division was set up at the Company Mumbai branch to handle this work.
1971
- 1,50,000 shares issued [prem. Rs.8 per shares]; 37,500 shares as rights in prop. 1:8 to Indian shareholders; 15,000 shares to employees and artists & 97,500 shares to the public.
1976
- 4,50,000 Bonus shares issued in prop. 3:5.
1977
- The Comp. ceased to be a subsidiary of The Gramophone Comp. Ltd., U.K., after the issue of shares to the Indian nationals through a prospectus during February. The Gramophone Comp. Ltd., England and its nominees hold 7,20,000 shares of issued by Company.
- During February, 6,07,100 shares issued [prem. Rs.8 per shares] through a prospectus : 2,38,580 shares reserved as rights to resident Indian shareholders in prop. 1:2. 60,000 shares reserved for directors, employees of company, artists/film producers & dealers and 3,08,520 shares offered to the public.
1983
- A letter of intent was received to set up a plant for manufacture of 1000 million running metres per annum of 1/4% magnetic tape.
- The Comp. entered into a collaboration agreement with Capital Magnetic Products Inc., U.S.A., for providing technical know-how for the project. Licence for importing major capital equipment had been obtained. However, setting up of plant for manufacture of audio tapes alone was not found viable.
1984
- The losses increased due to the sharp drop in record sales, discounts paid to dealers & the reduction in the selling price of records to arrest further decline in sales.
- On 20th September, the Comp. issued 2,71,065 secured convertible debentures of Rs.100 each on rights basis to raise funds for the cassette expansion project & for working capital purposes. One-third of the face value of each debenture would be converted into equity shares at par [fractions being ignoreds] at the option of the debentureholder after one year from the date of allotment.
1985
- The Comp. applied for an increase in its licensed capacity for the manufacture of cassettes from 1.8 million per annum to 10 million per annum. The letter of intent for this expansion was already received and the expanded plant was commissioned in February.
1986
- In June, the Comp. issued to its existing shareholders on rights basis 22,40,000 No. of equity shares of Rs.10 each at par linked with 5,76,000 15% secured redeemable non-convertible debentures of Rs.100 each. The issue was not fully subscribed & the Comp. could allot only equity shares/debentures worth Rs.6.08 crores to the resident Indians/bodies corporate on 8th December.
- 8,13,195 shares issued at par on part conversion of 13.50% debentures. Another 17,54,141 shares issued at par.
1987
- The Comp. came under the provisions of Sick Industrial Companies [SPs] Act. 1985 & as per its requirements a reference to the Board for Industrial & Financial Reconstruction was made.
1988
- 18,996 No. of equity shares issued at par.
1992 - 4,46,712 No. of equity shares allotted as fully paid up pursuant to a contract without payments being received in cash.
1993
- 1,17,76,354 shares issued through conversion of certain debentures, loans etc. pursuant to the order dated 11.11.1995 of BIFR, 4,50,000 bonus shares issued.
- The Comp. has set up two upmarket retail shops as a part of its plan to set up a chain of upmarket music marts, this will act as a catalyst to overall improvement in the retail environment.
1994
- A new brand `Sheer magic' was launched which contains digitally remastered music recorded on high quality imported magnetic tape.
- 20,00,000 No. of equity shares issued through conversion of certain debentures, loans etc. pursuant to the order of BIFR.
1995
- The Comp. entered into FM broadcasting business having obtained time slots in Calcutta & Goa radio stations.
- The Comp. has entered into an agreement with Gramco Music Publishing Private Limited [GMPPLs] to acquire 30% of its equity and takeover full management control.
1996
- The Comp. acquired the entire equity of Gramco Music Publishing Ltd [GMPLs], which is now a wholly-owned subsidiary.
- The Comp. also acquired the entire equity of Rs.130/- of its wholly owned subsidiary for export operations, namely, RPG Music International limited [RMILs].
1997
- The Comp. has entered into a licensing agreement with RMIL allowing them to use copyrights of Comp. in the international market for marketing musicassettes, compact discs, etc., on payment of licence fees to the Company.
- The Comp. launched its first in-house production Bada Din directed by Anjan Dutt.
- RPG group-controlled Gramophone Comp. of India [GCIs] has written to the industry ministry, objecting to UK-based EMI Group Plc proposal to set up a 100 per cent subsidiary in India.
1998
- Gramco Films, a division of Gramco Music Publishing limited [GMPLs], is involved in production & distribution of Hindi & Bengali films, as also Bengali tele-serials.
- Gramco Films launched two new film projects during the year `Godmother' in Hindi & `Hathat Brishti' in Bengali.
- The Comp. received the coveted ISO 9002 certification during the year. This is the first time that a music Comp. in India has achieved this certification.
- The Comp. was awarded a very high credit rating 'Ind D1' by Duff & Phelps Credit Rating India Pvt. limited for its Rs. 3-crore Commercial Paper programme.
1999
- The Comp. is setting up a UK subsidiary which will float equity shares abroad & get listed on the London OFEX, the British bourse for mid-cap companies.
- The Gramophone Comp. of India Ltd [GCILs] is floating a new brand parallel to HMV.
2000
- The Comp. has entered into a fresh 25-year agreement with EMI Records, UK, for using the HMV brand name.
- The Company, belonging to the Rama Prasad Goenka group, has entered into a seven-year sole licencing agreement with Pyramid International Pte, Singapore, to use the audio rights of Pyramid catalogue of Tamil music in the international market.
- The Rama Prasad Goenka [RPGs] group has proposed share exchange ratios of 4:7 & 1:700 for proposed merger of RPG Music International Ltd [RMILs] & Gramco Music Publishing Ltd [GMPLs]with Gramophone Comp. of India Ltd [GCILs].
- The agreement between Pyramid & GCIL newly floated Mauritius-based wholly-owned subsidiary RPG Global Music was signed in Singapore recently.
- The Comp. has approved preferential allotment of equity shares of Rs 10/- each upto a total amount of Rs 125 crores approx. on an private placement basis.
- The Comp. part of RP Goenka group, has further entrenched itself in the Rs 1,200 crore music industry by entering into a strategic alliance with Pyramid for exploiting its tamil & Malayalam catalogues for net seven yerars.
- Pursuant to a Scheme of Amalgamation sanctioned by Hon'ble Court of Calcutta on 12th June, 2000 all the assets & liabilities as on 1st March, of two of its subsidiaries viz. RPG Music International limited and Gramco Music Publishing Limited has been merged with the Comp. with retrospective effect from 1st March.
- The Gramaphone Comp. of India Ltd., controlled by RPG Group, is proposed to be rechristended as Saregama India Ltd.
- The Comp. has set to prune its manpower strength from the existing 800 to 600 during the year.
- The Comp. part of RPG Group & the owner of HMV brand, has acquired the all-world rights for 350 music titles from Chennai-based Sea Records through an 'out-and-out' cash deal for an undisclosed amount.
- Hamaracd.Com, a Web site for customised CDs owned by Comp. will set up kiosks in Chennai during the December music season in the City to enable music lovers to make their own Kutcheris.
- The name of Comp. has been changed to Saregama India limited with effect from 3rd November.
2001
- The Comp. an RPG group company, had decided to transfer & merge its UK-based subsidiary Saregama Plc & the Mauritius-based RPG Global Music Ltd.
2003
- Saregama India Ltd has informed about certain organisational changes in the company. As per the changes Mr Harish Dayani shall be taking charge as Chief Executive of newly formed division of Film Production. Mr Raj Grover will continue to function as CEO International Operations & look into the operations of Hamara CD.
-The BOD has appointed Mr. Dilip R Mehta as an Additional Director in the capacity of Managing Director of Comp. in place of Mr. Abhik Mitra,
2004
-Saregama India Limited has informed that Mr. T. K. Maji has been nominated by UTI as Director in the Board of Comp. in place of Mr. B.S.Pandit with effect from December 3, 2003. Further, the following organisational changes took place in the company: [1s] Adit Atal, General Manager - Commercial, of Comp. will be moving to another assignment on a promotion within the RPG Group w.e.f. January 1, 2004. [2s] Mr. G.B.Aayeer, Vice President - Finance will take over responsibilities for Finance & Commercial functions of Comp. w.e.f January 1, 2004. Mr. G.B. Aayeer will be reporting to Mr. D.R.Mehta, Managing Director of Company.
-Ties up with Color Chips limited for production, distribution, marketing & sale of album Hanuman Chalisa
- BBC Worldwide, the commercial arm of BBC, is entering the Indian home entertainment market through a partnership with Saregama India limited Major studios like Disney & Warner have already made their appearance in this small but fast-growing segment. Saregama plans to release five to seven titles per month. The VCDs will be priced at Rs 150 [single discs] & Rs 199 [double discs]
2004
-Blue Niles Holdings Limited has informed that they have acquired 1,09,560 equity shares aggregating to 1.17% of issued capital of Saregama India Limited.
2005
-Saregama India forges alliance with MGM Studios
