East India Drums & Barrels Manufacturing Ltd Share Price

History of East India Drums & Barrels Manufacturing Ltd

East India Drums & Barrels Manufacturing Limited, was erstwhile incorporated as 'Vasparr Fischer Limited' on February 27, 1981. Promoted by M N Bhaya and others, it was taken over by the present promoters V V Valiya and others in 1987-88. The Company name was changed to 'Precision Containeurs Limited' from Vasparr Fischer Limited on February 22, 2005 and further was changed to 'East India Drums & Barrels Manufacturing Limited' on April 26, 2024. As per the main object clause, the business of the Company is of manufacturing of Barrels. Initially, the Company engaged in manufacturing of Barrels & Trading of CRCA coils. Steel barrels and drums are mainly used for storage and transport of oils, solvents, and chemicals mostly in liquid and semi-solid form. Steel barrels are one of the safes ...t and cheapest method of packing petroleum, lubricants and chemicals. The company has United Nations approval for packing hazardous material. It entered the primary capital market with its rights issue of cumulative convertible preference shares in Oct.'95. As a measure of achieving backward integration and optimum level of cost of production, the company is examining the viability of setting up a new steel-rolling plant. During 2001-02 the company made a reference to BIFR and the application is in the process of revival stage. During 2002-03 the BIFR Authority after scrutiny of the application made by the company announced it as a Sick Industrial Unit. The company is fully geared up to go through the required procedural matters which are yet to commence in the near future. The company's Registration with BIFR Authority is in force. Company has been declared sick by the Honourable Board for Industrial And Financial Reconstruction, New Delhi (BIFR) on September 21, 2005. It filed Rehabilitation Scheme as required with the concerned Authorities in the prescribed time. The Resolution Plan for the Company submitted by the Company (Formerly known as Precision Containeurs Ltd.(Group Company) has been approved by the Hon'ble NCLT, Mumbai Bench, vide Order dated 02-05-2023. As per the NCLT Order dated May 2, 2023, the Company has been amalgamated/merged with and into Precision Containeurs Limited with effect from April 01, 2024 and pursuant to the said Amalgamation, the Company has issued and allotted 75,34,900 shares of Rs 10 per share to Madhav Jayesh Valia; 44,32,300 shares of Rs 10 each to Sangita Jayesh Valia and 20,32,800 shares of Rs 10 each to Yuvraj Madhav Valia.