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The Company incorporated on 8th March, at Mumbai. The main objective of the company is to manufacture Trading, manufacturing dyes and dye intermediates and acting as distributors and subagents. The company was early in Orchem Pvt. Ltd., became a wholly owned subsidiary of the Company. Orchem Limited a wholly owned subsidiary of your Company is amalgamated with the Company w.e.f. 01/04/1992 pursuant to Order of Hon'ble Hight Court, Mumbai dt. 8th July, 1993. The Performance of the Industries have been adversely affected on account of liberalisation process without provision of a level playing field for the Indian manufacturers. The company was During the year, first instalment of Rs. 9.9 million towards redemption of 300,000 18.5% Secured Non-convertible Debentures of Rs. 100/- each (Series I) was paid. The face value of these Debentures is now reduced to Rs. 67/- per Debenture. The Company has increased its authorised share capital from Rs 10 crores to Rs 16 crores and issued 7,00,000 non-convertible redeemable cumulative preference shares of Rs 100 each. Jaysynth Dyestuff members approved delisting from Ahmedabad Stock Exchange. The Board for Industrial and Financial Reconstruction (BIFR) have registered Jaysynth Dyestuff India Ltd as sick according to the terms of Sec 3(i)(o) of SICA, 1985. ICICI Bank Ltd has been appointed as the operating agency (OA) under section 17(3) of SICA, 1985. The board has also ordered that the company is required to submit comprehensive proposal to OA, within four weeks. The OA should submit its report to the board within four weeks thereafter and intimate the board if the company fails to submit its proposal. On receipt of intimation from the OA, the board will consider other alternatives with a view to rehabilitate the company including change of its management. March 31, 2003 has been fixed as the cut-off date.
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