Asian Bearings Ltd. వార్షిక వృద్ధి వివరాలు ఆధారంగా కంపెనీ చరిత్ర

1974
- The Company was incorporated on 19th March, at Madras. It was promoted by Tamil Nadu Industrial Development Corporation Ltd. (TIDCO), in the joint sector, with S. M.Palaniappa Chettiar as co-promoter. The main objective of the company is to manufacture ball and roller bearings of all kinds.

- The co-entered into a technical collaboration agreement with VEM Kombinat Waelzlager Und Normterle (an amalgamated co. of bearings under the brand name of DKF).

1981
- 8 shares subscribed for by the signatories to the Memorandum of Association. 49,99,992 shares issued through a prospectus dated 9th April, of which 12,99,996 shares to TIDCO (Tamil Nadu Industrial Development Corporation Ltd.,) and 12,49,996 shares to S.M. Palaniappa Chettiar and associates were reserved and allotted. The balance 24,50,000 shares were offered at par for public subscription during May.

1983
- In order to step up the production of taper roller bearings, action was initiated for the self-manufacture of rollers and cages. The company also installed machinery required for the
manufacture of ball thrust bearings and commenced trial production.

1985
- During October, there was a strike in the factory for 20 days. Even after settlement of the strike, the workers adopted go-slow tactics. The Company suspended operation at the factory from
23rd December.

- The suspension was lifted on 28th December, and willing workers were allowed to resume work.

1986
- The Company's operations came under the purview of the Sick Industrial Companies (Sp. Provisions) Act, 1985 and accordingly a reference was made to BIFR.

- 24,30,000 No. of equity shares issued at par (13,20,000 shares for cash to promoters, directors their friends & relatives and 11,10,000 shares in conversion of loans to financial
institutions).

1988
- The Company's rehabilitation scheme was accepted by BIFR. A relief package was envisaged.

1990 - 23,70,000 No. of equity shares issued to promoters, directors and financial institutions. 68,300 shares forfeited.

1991
- The Company undertook to instal additional facilities to enhance the plant capacity from 4.20 million bearings per annum to 5.95 million bearings per annum at Bagalur, Dharmapuri District, Tamil Nadu.

1992
- Production of ball bearings and taper roller bearings declined respectively due to lock-out from February to July.

- Inspite of transporters strike, recession, and power cut, production of Ball bearings and taper roller bearing increased.

1994
- 53,10,000 shares allotted at par to FIs, banks and promoters against conversion of loan as per BIFR order.

2008
-Company as appointed Mr. Shabbir Memon is as Managing Director of the Company .

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