Formerly known as Gupta Brothers Steel Tubes, Majestic Industries was incorporated on 20 Jan.'81 and went public in 1994, changing its name to the present one. The company was promoted by Vidya Sagar Gupta, Subhash Gupta and others. The company is engaged in the manufacture of M S steel tubes from 1/2" to 10" diameter and rolling of hot rolled strips into cold rolled strips with a maximum width of 1000 mm.Steel pipes are used for conveying liquids and as structural members in the industry. Cold-rolled strips are used by the automobile industry (including two-wheelers), precision engineering appliances and container manufacturing industries. In Feb.'95, it came out with a public issue at a premium of Rs 20 to augment working capital for manufacturing CR coils/sheets. The company expanded its operations by enhancing the capacity utilisation and to install a CR plant for producing high-quality cold-formed sections of 350 mm width to be used in high-tech industries. It also diversified into the textile sector by promoting a cotton/synthetic yarn project of 25,200 spindles. As networth was fully eroded the company made a reference to BIFR under the SICA to declare the company as Sick.