PROGREX VENTURES Share price

The company was incorporated on 21-04-1981 as a privateLimited Company for setting up a 60 TPD Solvent Extractionplant at Mandideep District Raisen Madhya Pradesh by ShriV.K.Sacklecha Shri. O.P. Sacklecha and their familymembers. Soon after the incorporation of the companypromoters arranged land for project implementation andfinancial assistance was sanctioned by MPAVAN (Rs. 54.00lakhs) and MPFC (Rs. 30.00 lakhs).Due to various reasons the project could not be implementedas per original Schedule and the MPAVN and MPFC has notdisbursed the sanctioned term loans and we confirm you thatthere are no dues against the same to MPAVN and MPFC. InSeptember 1991 the original promoters Shri. O.P.Sackelecha and their family members transferred the entireshareholding of 10220 equity shares Rs. 100 eachaggregating to Rs. 1022000/- for a consideration of Rs.10.22 lakhs and the management to the New Promoters. i.e. Shri. D.K. Audikesavalu Shri Edwin D''Souza and Shri. Henry D''souza.The Company acquired the land for the project started civilworks and placed orders for the machinery till January1983 it had spent an amount of Rs. 20.00 lakhs on theproject. However for certain reasons the promoterssubsequently stopped further work on the project and tillSeptember 1991 could not implement the project. Duringthis period the minimum economic size of the unit hadchanged considerably. Therefore the management decided toincrease the capacity of SEP from 60 TPD to 200 TPD andRefinery of 35 TPD which called for increased capitalinvestment. This prompted the old management to sell theirentire share holding in the company to Mr. D.K.Audikesavulu Mr. Edwing D''Souza Mr. Henry D''Souza andAssociates. Soon after change in shareholders the newBoard of Directors started taking effective steps to recastand implement the project. It was decided to set up SEP ofcapacity 200 TPD and Refinery 35 TPD.