Incorporated as a private limited company in Apr.'87, Renco Fabricators was converted into a public limited company with its present name in Aug.'92. It was promoted by G Atmaram and A Laxmandas. G Atmaram is the chairman and managing director of RGL. Other group companies include Renco Engineering Works and Renco Finance. RGL manufactures reduction gears -- worm gears, helical gears and shaft mounted helical gears, as also M S drop box clutch sets. In Aug.'95, it came out with a public issue aggregating Rs 23.94 cr and a rights issue aggregating Rs 8 cr. The main object of the issue was to part-finance the project to set up additional facilities to manufacture annually 23,000 reduction gears upto 500 hp capacity. The estimated cost of the project was Rs 48.5 cr. A number of inconsistencies were found by Capital Market in their prospectus as regards the operations of the company. The issue was not underwritten. The board of directors decided to refund the entire issue proceeds on rights and public issue to the applicants, and the issue was cancelled.