Remembering Staff Quarters

My Creating this Blog is mainly to record my recollections about my Stay in Quarters Opposite to
Factory Main Entrance on the Sathyamangalam Main Road. In fact My stay @ Viscose Quarters is
only for few months at my Elder Brother Residence ( B 28) Mr PR  Balakrishnan. Now Both of Us
Settled at Trichy.
To Me when I visited Sirumugai when doing College Education - The Quarters seem to be a wonder
since till that time I had never seen buildings having more than one floor.(that is Early 1970s).So many
Houses within same compound OR so many families within so close proximity.
A Doctor inside for OP.
BUT  ALL THESE ARE NOW LOST  PARADISE for the people who resided there for the full term
from 60 till 2003. more than 40 years.
I myself feel  very much to see the present status of the Compound when I went through that Place few
years back
As far as I know Business, Places & People are developing in all aspects in course of time. Small Hamlets
Salelite Towns become full pledged Towns & there are only Improvements which are mandatory.
BUT  HOW THESE  FALL / RUINS . JUST LIKE  A  INVADER RUINED THE KINGDOM.
All of us, born in other places , can visit our birth places. The same old places will exist there but with
some change- development.But no such place will disappear in due course of time.
Even now the Viscose Bus Stop is there. Post Office is there. Ramaswami Malikai Kadai is there.
Settiyar Kadai is there. Rayon Nagar is there. Thursday Santhai is there.
But what about the Nucleus Center for all these things.
Think of the Children who born there in 60s till 90s .They will be now settled in Life @ various parts of
the country/abroad.
Can they visit their place of birth.
This reminds of the Story " Verum vizhuthum" which narrates the story of  submerging villages in the course
of construction of a Dam. After construction of the Dam no marks for the village existence.
Same Event- Pollution Control Board / Family Disputes between the Promoters/ Ego of Industrialists/ 100%
selfish profit motive North Indian Businessman combined with Politicians all have ruined a Beautiful Serene Community Place for lifelong.

DEBACLE OF SIRUMUGAI VISCOSE

            History of  SIV Industries in Business Medias - As narrated by Moneycontrol

1957 - The Company was promoted on 22nd August, at Coimbatore. The Company manufactures rayon yarn, staple fibre, sulphuric acid and carbon-di-sulphide. - 1,00,000 shares taken up by Textile Industry of South India. Issued 25,000 shares to directors etc. and 85,500 shares to foreign collaborators. 1,39,500 shares offered to the public. 1960 - 250 shares fully called up. 47,410 shares remained to be allotted to foreign collaborators. Arrears: Rs 11,48,400. 1961 - 1,40,000 Rights Equity shares issued at a prem. of Rs 5 per sharein the prop. 2:5. 1976 - 2,45,000 Bonus Equity shares issued in the prop. 1:2 during January 1976. 1981 - The company entered into agreements with Italian collaborators for setting up of the polynosic fibre plant. The first phase of this project was commissioned on 28th March. 1982 - A 5 MW turbo generator set was installed during the year. 1987 - The Company undertook to set up a joint venture project for the manufacture of lignosulfonates, in collaboration with Dresser Industries Inc. of USA. A new subsidiary company in the name of Siv-Magcobar Lignins, Ltd. was formed for this purpose. - The Company privately placed with financial institutions 15% non-convertible debentures aggregating Rs 200 lakhs redeemable at a premium of 5% after seven years to finance a programme of modernisation/renovation of some plant and machinery. - 3,67,500 bonus equity shares issued in the prop. 1:2 during November. 1988 - The Capacity of pulp plant was expanded from 42,000 tonnes to 50,000 tonnes per annum and that of VSF plant from 30 tonnes to 50 tonnes per day during 1989. Rayon plant capacity was also being enhanced. - The Company signed a memorandum of understanding with Gujarat Industrial Investment Corporation, Ltd., for setting up a project to manufacture Acrylamides. - A MOU was signed with M/s. IAEC Boilers is an engineering company with a plant located at Ranipet near Chennai. - `Rose Garden Finance Co. Pvt. Ltd.' and `Baug-E-Sarah Investment Pvt. Ltd.' became subsidiaries of the company. 1989 - The Company undertook to set up an edible oil plant at Palani with a crushing capacity of 200 tonnes per day and refining capacity of 100 tonnes per day. - The company proposed to take over Mico Farm Chemicals Ltd., situated near Mettur. - The Company issued 7,00,000-14% secured non-convertible debentures of Rs 100 each on private placement basis to financial institution. These debentures are redeemable at a premium of Rs 5 per debenture on 22nd August, 1996. - The Company also issued 2,00,000-14% secured non-convertible debentures of Rs 100 each to Army Group Insurance Directorate by private placement. The debentures are redeemable in 5 equal annual instalments at a premium of Rs 5 per debenture on 9th February 1997. - `Good Luck Finance Co., Pvt. Ltd.' and `Charming Finance Co., Pvt. Ltd.' became subsidiaries of the company. 1990 - The Rehabilitation Scheme approved by the BIFR. It became a subsidiary of the company. - SIV Magcobar Lignins Ltd., and Mico Farm Chemicals Ltd. became subsidiaries of the Company. 1991 - An additional bleaching stream was being added to improve production capacity as well as quality of filament yarn. - The Company undertook to set up an EOU for viscose staple fibre at Sirumugai with a capacity of 50 TPD, instead of the proposed staple fibre plant at Sirumugai. The indigenous viscose staple fibre plant was commissioned during September, 1992. - During October-November, the Company offered 20,80,000-17% secured redeemable non-convertible debenture of Rs 100 each on Rights basis in the ratio of 1 debenture: 4 equity shares held (all were taken up). Additional 66,540 debentures were allotted to retain oversubscription. - These debentures were to be redeemed in three annual instalments of Rs 35, Rs 35 and Rs 30 at the expiry of 6th, 7th and 8th year respectively from the date of allotment of debentures. A premium of Rs 5 per debenture was to be paid along with the 2nd instalments. - During October-November, the Company offered 23,14,667-12.5% secured fully convertible debentures of Rs 75 each on Rights basis in the proportion 1 debenture: 5 equity shares held. Additional 3,47,200 debentures were allotted to retain oversubscription. - Another 1,15,733-12.5% debentures were also issued to the employees' on an equitable basis (only 59,035 debentures at a premium of Rs 65 per share on the expiry of six months from the date of allotment of debentures. - Each debenture was to be converted into 1 equity share of Rs 10 each at a premium of Rs 65 per share on the expiry of six months from the date of allotment of debentures. 1992 - The Company undertook the implementation of modernisation project of pulp plant. Revamping programme of old rayon spinning machines was also being carried out in phases. - Equity shares subdivided in Feb. 1992. 27,20,502 equity shares of Rs 10 each allotted on 8.7.1992 (Prem. Rs 65 per share) in conversion of debs. 1993 - The name of the Company was changed from South India Viscose, Ltd. to SIV Industries, Ltd. 1994 - The Company issued 23,56,000 GDRs with 1 warrant at an issue price of US $ 19.10 per GDR. These GDRs represent 70,68,000 No.of equity shares at a value of Rs 10 per share. - Each warrant entitles the holder to subscribe for 1 GDR at a price of US $ 6.37 during the period of September, to 31st January 1995. 23,56,000 warrants were issued along with GDR which could be converted into one equity share per GDR between 26.9.1994 and 31.3.1996. 1995 - For implementing the Mega Modernisation project, contracts were signed with Lenzing, Australia for the import of equipment for the VSF plants. 1996 - The operations of the oxygen activated sludge plant installed with know-how and equipments from Linde Germany were stabilised. 1997 - The Pulp plant, Rayon and VSF plants were closed till July. Later these plants were restarted but were interrupted by labour unrest leading to lock-out of the factory for 45 days. 2003 - the Board for Industrial and Financial Reconstruction (BIFR) has ordered the winding up of the company.

THE ABOVE IS THE BUSINESS HISTORY OF  SIV ( Previously known as South India Viscose Industries) INDUSTRIES THE LARGEST SYNTHETIC YARN PRODUCER IN INDIA ( ONCE) Can you Imagine Such a Record making Industry with Record Bonus to Employees, Very good Administrations, most opted blue chip investment for almost all Professional Investors in 60s till 90s- could make its own end so early within 45 years of starting .