The Company was incorporated on December 18, 2981 as a Private Limited Company in the State of Maharashtra. The Company became a Deemed Limited Company by virtue of Section 43A of the Companies Act, 1956 on 29.12.1993 and the necessary alternation to the Certificate of Incorporation was duly obtained from the Registrar of Companies, Maharashtra. The Company has deleted the restrictive clauses in the articles of association by passing a special resolution on May 20,1994 and has become a Public Limited Company. The Company has got its registered office and factory at New Bombay.
The Company was promoted by Mr. A.G.Lawande, Mr.R. J. Nachane joined Mr.A.G.Lawande for actively participating in the management of the company in 1989.
The Company had at its commencement set up manufacturing facilities for the manufacture of Chloroquire Phosphate (antimalarial) which has a very good market at that time. But in absence of rain-fall in severe drought conditions during 1985-86 there was a very low incidence of malaria and the demand for the drug came down drastically. This forced a price war in the industry which led to the company being hit badly, ultimately leading to losses.
During 1996-97, Company has faced illegal labour strike from October 1996. The Company is continuing operations by importing material and having it converted/processed from other units. The workers have been able to obtain an injunction from the labour court against the company which prevents the company from clearing any stocks from the factory.
The company has resolved the industrial dispute with its workers.