The key events in respect of the Jaykay Enterprises Ltd. (Formerly J.K. Synthetics Ltd.), Ltd. are set forth below:
The Company was incorporated under the name ‘J.K. Investment Trust Limited’, and functioned primarily as an investment Company. It ceased to be recognized as investment trust Company in 1959.
The Company changed its name to J. K. Synthetics Ltd.
The Company established a Research Center at its factory at Kota for the manufacture of nylon yarn and also for developing various types of other synthetic yarns and fibers. Subsequently, a Research Center was put up under the name and style of "Sir Padampat Research Center".
The plant for manufacturing synthetic fibre making machinery in collaboration with Harsh Fisher of West Berlin was inaugurated in November.
A Cement factory manufacturing 750 tons of Portland / pozzolana Cement per day was set up at Nimbahera in Chittorgarh district of Rajasthan and was commissioned on 4th May, 1975.
The Company received an industrial license for the manufacture of D.M.T. from polyester waste and moon-ethylene glycol (by-product) with an annual capacity of 4,000 tons and 1,000 tons respectively. A commercial plant for the manufacture of D.M.T. from polyester waste was installed
With effect from 1st July, J.K. Steel & Industries Ltd. was amalgamated with the Company.
25,000 Pref. shares redeemed on 31.3.1977 and 60,00,000 Bonus equity shares issued in prop. 2:3 on 10.5.1977.
An Acrylic Fibre project set up in collaboration with Technimont, Italy. The Company also set up a White Cement plant at Gotan in Rajasthan with a capacity of 50,000 tons per annum. This plant was commissioned in August, 1984.
6,000 No. of Equity Shares allotted to ICICI at par on conversion of loan. 3,39,286 No. of Equity Shares allotted to UTI, IFCI and GIC and its subsidiaries (prem. Rs.18/- per share) on conversion of loans/debentures.
During January-February, the Company issued 15,62,500-13 1/2% (3rd series) secured convertible debentures of Rs.160/- each for a total amount of Rs.25 crores
25% of the face value of each debenture is convertible into two equity shares of Rs.10/- each of the Company at a premium of Rs.10/- per share on 1st January, 1983.
In the event of any bonus issue of equity shares before conversion, the entitlement for equity shares on conversion stands augmented in the same proportion as bonus issue and the premium on new equity shares also stand reduced pro tanto. The balance of Rs.120/- per debenture shall be redeemed between 2nd April, 1989 and 2nd April, 1992.
31,25,000 No. of equity shares allotted in conversion of 13.5% debs. (I series) 63,13,666 bonus equity shares then issued in prop. 1:3. In July 1983, 1,00,000-13.5% Pref. shares issued as rights to equity shareholders in prop. 1:161 (fractions ignored and subject to a minimum of 1 share).
To augment the long-term working capital resources the Company issued 12,00,000-15% secured (6th series) non-convertible debentures of Rs100 each on a rights basis to the equity and preference shareholders.
The Company also issued 15% secured (7th Series) non-convertible debentures of Rs 100 each aggregating Rs 48.07 lakhs to those 9.1% and 9.5% preference shareholders who opted for debentures in lieu of the redemption amount of their shares.
The balance debentures aggregating Rs 36.93 lakhs were subscribed by UTI in 1985-86. These are redeemable in one installment at a premium of 5% on 1st April, 1992. The date was extended by another 7 years.
J.K Satoh Agricultural Machine Limited became a subsidiary of the company .
Four investment companies (J.K. Investment Limited, Kanpur Investments Limited, Jaykaylon Investment Limited and Juggilal Kamlapat Holding Limited) became subsidiaries of the company.

The Company received a licence to manufacture 2,000 Fascimile systems and allied equipment. The licence was also received for Rs 30 crore computer software project.

The Company signed an agreement with the Bihar State Industrial Development Corporation on 15th May, to set up a plant in the joint sector for the manufacture of nylon `6' yarn with an annual installed capacity of 6,000 tons. It was deferred due to rigid approach with regard to selection of appropriate site and un- favorable response from Government.
J.K. Leasing Company Limited and Risha Steel Limited also became subsidiary of the company.

The Company issued 12,00,000-15% secured (8th series) redeemable debentures aggregating Rs 12 crores by private placement to UTI to meet part of the capital cost of installing waste recovery, energy conservation and balancing equipment at its synthetic fibre and yarn plants at Kota.
15% debentures of Rs 100 each aggregating Rs 10 crores were also privately placed with UTI to part finance the cost of the thermal power project being put up at Bamania village in Chittorgarh district. These debentures are redeemable on 9th April, 1993 and 18th June 1993 at a premium of Rs 5 per debentures.

75,000-9.5% and 10,000-9.1% preference shares were to be redeemed on 31st March, 1985 and 30th June, 1985 respectively. The Company gave these shareholders the option to subscribe to 15% secured (7th series) non-convertible debentures of Rs 100 each in lieu of these shares in the ratio 1:1 and debentures aggregating Rs 48.07 lakhs were allotted. The balance preference shares were redeemed on due dates.

J.K. Industrial and Mineral Products Limited became a subsidiary of the company. With a view to earn valuable foreign exchange, the Company set up international trading division in November.

The centre developed technology for production of mass colored nylon yarn and polyester fibre on commercial scale. It also developed technology for production of carries free dyeable polyester on pilot scale.

The Company issued 15% secured redeemable debentures aggregating Rs 65 crores for financing part of the capital cost of the new acrylic staple fibre and nylon tyre cord project at Jhalawar in Rajasthan. These are redeemable at a premium of Rs 5 per debentures in one instalment on 10th November, 1993 or in five equal instalments of Rs 20 per debenture at the expiry of 5th, 6th, 7th, 8th and 9th year respectively.

The Company privately placed with UTI and LIC, secured non-convertible debentures worth Rs 22 crores.
The fibretech division and syntex tube works suffered a set back on account of go-slow resorted to by workmen and recession in demand respectively.
The Company proposed to incorporate specialized and precision lines of production in the fibretech division and resort to diversification in the syntex tube division.

The Company installed the indonet terminal for personnel training.
A team of professionals responsible for implementation of the Company's projects were grouped under Jaykay Tech Division.

A Memorandum of Understanding was signed with M/s. SNC/FW Ltd. of Canada.

The Company proposed to participate in the new company Jaykay Tech. Ltd. During June-July, 132,58,700 No. of equity shares (prem. of Rs 20 per share) were offered as rights in prop. 1:2. The remaining 6,31,367 shares offered to employees/workers of the Company (only 5,51,750 shares taken up). The remaining 79,617 shares were allowed to lapse. 3,00,000-14% Pref. CR shares issued.
The J.K. Technosoft division undertook a project each in US and UK and carried out in-house development of software packages. Endorsement letter dated 29th August, was received for substantial expansion of nylon industrial yarn/tyre cord capacity to 2000 TPA with a change of location from Kota to Jhalawar in Rajasthan. Licensed capacity of acrylic fibre plant at Kota was re-endorsed from 4000 TPA to 12,000 TPA vide letter dated 27th September. In addition, licensed capacity of polyester filament yarn plant at Kota was re-endorsed to 10,700 TPA from 6,960 TPA.

A letter of intent was received for the setting up of a petro chemical complex at Salempur in U.P. for the manufacture of automatic and purified terephthalic acid (PTA).

The Company signed a co-promoter agreement with PICUP for setting up a joint sector unit for the manufacture of photo sensitized goods with a capacity of 13 million sq. mtrs in U.P.

Government approvals were awaited for the following:
(i) Propylene and Acryionitrile project; (ii) Monoethylene glycol, ethylene oxide, diethylene glycol and tiethylene glycol projects.
M/s. Risha Steel Limited ceased to be the subsidiary of the company
A letter dated 16th February, was received endorsing change of description of nylon filament yarn to synthetic filament yarn including industrial yarn/tyre cord in respect of industrial license and a letter of intent for a capacity of 15,000 TPA.

The Company made an application to Govt. for Letter of Intent for expansion of installed capacity of nylon tyre yarn from 1,700 tonnes to 10,200 tonnes per annum.

Applications were also made for expansion of PSF capacity from 12,000 tonnes to 30,000 tonnes per annum and of PFY capacity to 11,730 tonnes per annum through a newly incorporated Company under the name of India Synthetics, Ltd.

In May, Letter of Intent was received for the manufacture of 30,000 tonnes per annum of O-xylene 1,03,000 tonnes per annum of P-xylene and 1,50,000 tonnes per annum of purified terephthatic acid. The installed capacity for purified terephthatic acid was subsequently enhanced to 20,000 tonnes per annum.

Letter of Intent were also obtained approving enhancement in capacity of acrylic fibre from 12,000 to 20,000 tonnes per annum and of nylon tyre yarn fabric from 1,700 tonnes to 10,200 tonnes per annum.
The activities of Jaykay Tech Division were transferred to Jaykay Tech, Ltd., a subsidiary of the Company.

It was proposed to form a new company under the name of Bharat Photo Products Ltd. to implement this project.

A new company under the name of J.K. Petrochemical Limited was incorporated to implement the aromatic and PTA project. Memorandum of understanding for technical know-how and licence were signed with UOP for the aromatics and PTA projects respectively.

During January-February, the Company offered 20,00,000-14% secured redeemable non-convertible debentures of Rs 100 each for cash at par on rights basis in the proportion one debenture: 20 equity shares. Additional 3,00,000 debentures were allotted to retain over subscription.

These debentures offered under both cumulative interest scheme and non-cumulative interest scheme, were to be redeemed in three instalments at the end of 6th, 7th and 8th year from the date of allotment at a premium of Rs 5 per debenture.

During October-November, the Company offered 19,21,688-12.5% secured redeemable partly convertible debentures of Rs 300 each for cash at par on rights basis in the proportion 1 debenture: 12 equity shares.

Simultaneously another 96,082 debentures were offered to employees (including Indian working directors)/workers of the Company on an equitable basis. Un-subscribed portion, if any, of the employees quota was to be allowed to lapse.

The convertible portion of Rs 120 of each debenture was automatically and compulsorily converted on 31st March, 1990 into 3 equity shares of Rs 10 each at a premium of Rs 30 per share. Accordingly 66,30,219 shares were allotted.

The non-convertible portion of Rs 180 of each debenture was to be redeemed at par in 3 equal instalments of Rs 60 each after the expiry of 6th, 7th and 8th years from the date of allotment of debentures.
The fibretech division was under lockout since 9th April.
The Overall performance of the Company in terms of production of nylon and polyester filament yarns, polyester staple fibre, acrylic staple fibre and nylon tyrecord yarn was poor due to substantial hike in prices of basic raw materials, customs and excise duty etc. Further, political instability in the Northern and Western India, the Gulf war the foreign exchange crunch etc. added to the problems.

Necessary Government approvals had not been received, the Company decided to abandon the Fascimile system and allied equipment project.
In view of the prevalent sluggish market conditions, the Company proposed to defer implementation of the polyester filament yarn project. In addition, in view of the escalation in the project cost of the cement project at Sidhi, the Company proposed to review the project.

A memorandum of understanding was signed with the Indian Oil Corporation, for supply of naphtha for the aromatics and PTA project. However, requisite Govt. permission was awaited.

The Company allotted 7,00,000-14% secured (C-series) redeemable debentures of Rs 100 each on private placement basis with, UTI, LIC, GIC and its four subsidiaries.

CCI approval was received to issue 20,00,000-14% secured redeemable non-convertible debentures of Rs 100 each on private placement basis.
The Lock-out at the Dadri work was lifted consequent to signing of an agreement with the workers' union on 29th May. The Company undertook to produce value added and special varieties of yarn.

Approvals, for technical collaboration agreement with UOP Inter American of USA for aromatic process units and with Amoco Corporation of USA for PTA plant were received. Also, MOUs, were signed with Krupp Koppers of Germany and Uhde India, Ltd., for engineering services.
223,78,950 No. of equity shares prem. Rs 10 allotted on right basis in the ratio of 1:2. 1,66,774 shares kept in abeyance.
The Company decided to close down J.K. Technosoft division due to continued poor performance. 69,64,000 No. of equity shares allotted at par to the Financial Institution on conversion of loan. 17,582 Right equity shares kept in abeyance were allotted.
The Company was exploring the possibility to set up Sidhi Project in a joint venture. The implementation of Shambhupura Project shall be reviewed only after the proposal of the company was approved by the financial institution/banks.