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.
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 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 . |
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