News & Announcements

The Board has recommended a Dividend of ` 7/- per Preference Share of ` 100/- each and ` 2.50/- per Equity Share of `. 10/- each i.e. @ 7% and 25% on Face Value of Preference Shares and Equity Shares respectively. The dividend will be paid on 7th August, 2017.

The 34th Annual General Meeting of the Company is scheduled to be held on August 3, 2017 at 2:00 P.M at Bharatiya Bhasha Parishad, 36A Shakespeare Sarani, Kolkata-700017.

Pursuant to Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is providing remote e-voting facility to its members. The cut-off date for the purpose of determining members for remote e-voting facility is July 27, 2017.The remote e-voting period shall commence from July 31, 2017 (9:00 A.M) and ends on August 2, 2017 2016 (5:00 P.M).

The Register of Members and Share transfer Books shall remain closed from July 8, 2017 to July 10, 2017 (both days inclusive) for the purpose of payment of Final Dividend & 34th Annual General Meeting.

News

  1. In compliance with Clause 35B of the Listing Agreement, for members who do not have access to evoting may give their assent/dissent on the resolutions to be passed in the ensuing Annual General Meeting on the Ballot Form. You are required to exercise your opinion on the ballot form and then enclose it in a sealed envelope and send it to the Scrutinizer on or before 30th July, 2015 5.00 pm.The form is available on the website.
    Ballot Form

  2. In terms of Circular No.CIR/MRD/DP/10/2013 dated 21st March, 2013 issued by SEBI, all cash payments including dividend should be made through ECS/NECS/NEFT etc. only.

  3. Accordingly all the shareholders are requested to send their correct bank details (including MICR No., IFSC Code, Account Type etc.) to your Depository Participant if you are holding shares in demat form.

  4. Further Shareholders holding shares in physical form, such details along with a cancelled cheque should be sent to our Registrars to enable us to credit the cash payments including dividend directly to your Bank account.

  5. In cases where either the bank details such as MICR (Magnetic Ink Character Recognition), IFSC (Indian Financial System Code), etc. that are required for making electronic payment are not available or the electronic payment instructions have failed or have been rejected by the bank, physical payment instruments for making cash payments to the shareholders may be used. However, Bank account details of the shareholders is to be printed on such payment instruments.

  6. Bombay Stock Exchange Limited vide its Notice No. 20121105-22 dated 5th November 2012, has permitted trading in the securities of the Kanco Tea & Industries Ltd. with effect from Wednesday, November 07, 2012 under Scrip Code/ID:590130/KANCOTEA, Group T.

  7. The Board of Directors in their meeting held today i.e 11th November, 2016 has decided to increase the bought leaf manufacturing capacity from 5.50 Lakh Kgs to 10 Lakh Kgs to carter to increased availability of bought leaves due to mushrooming of small growers. The total project cost will be Rs.2.75 Crores and the proposed capacity will be added within June, 2017.

  8. The Equity Shares of the Company permitted to be traded on Bombay Stock Exchange Limited platform is suspended due to procedural reasons with effect from 8th March, 2017. The Company on further enquiry found that a notice to this effect has been published on BSE’s website on 28.02.2017.Please note that no such copy of notice was served on the Company either over email or by post. The Company is contemplating to take suitable course of action in this matter in due course of time.

  9. The Company has entered into a business transfer agreement with   M/s Ryam Commerce & Plantations Limited for acquisition of their Bamon Pookrie Tea Estate on Asset sale basis. The value of the transaction envisaged is approximately Rs. 2850 lakhs. The acquisition is in the existing line of business of the Company and this tea estate being in immediate vicinity of existing tea estates of a Company will be easier to manage. This will augment the existing manufacturing capability and capacity.

  10. The trading window for dealing in securities of the Company will be closed from 22nd March, 2017 till 31st March, 2017 on account of Unpublished Price sensitive  information-acquisition by the Board of Directors in their Meeting to be held on 29th March, 2017

  11. The trading of Equity Shares of the Company permitted to be traded on Bombay Stock Exchange Limited platform suspended due to procedural reasons with effect from 8th March, 2017 has resumed under Group XD. The details are as follows: -
    Security ID                              KANCOTEA
    Group                                     XD
    Security Code                         590130
    ISIN                                       INE398L01017

  12. Meeting of the Board of Directors of the Company will be held on Tuesday 30th May, 2017, to consider inter alia and approve the Standalone and Consolidated Audited Financial Results of the Company for the quarter/ year ended 31st March, 2017 and recommend Annual Dividend, if any. As per the Company’s Internal Code for Prevention of Insider Trading framed pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the securities of the Company is closed from 23rd May 2017 till 1st June, 2017(both days inclusive).

  13.  The Board has recommended a Dividend of ` 7/- per Preference Share of ` 100/- each and ` 2.50/- per Equity Share of `. 10/- each i.e. @ 7% and 25% on Face Value of Preference Shares and Equity Shares respectively.The dividend will be paid on 7th August, 2017.

  14. The 34th  Annual General Meeting of the Company is scheduled to be held on August 3, 2017 at   2:00 P.M at Bharatiya Bhasha Parishad, 36A Shakespeare Sarani, Kolkata-700017.

  15. Pursuant to Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is providing remote e-voting facility to its members. The cut-off date for the purpose of determining members for remote e-voting facility is  July 27, 2017.The remote e-voting period shall commence from July 31, 2017 (9:00 A.M) and ends on August 2, 2017  (5:00 P.M).

  16. The Register of Members and Share transfer Books shall remain closed from July 8, 2017 to July 10, 2017; (both days inclusive) for the purpose of payment of Final Dividend & 34th  Annual General Meeting.

  17. The Meeting of the Board of Directors of the Company will be held on Monday, July 3, 2017, to consider inter alia and recommend issue of Bonus Shares to existing equity shareholders of the Company.

  18. The venue for the 34th Annual General Meeting of the Company scheduled to be held at "Bharatiya Bhasha Parishad", 36A, Shakespeare Sarani, Kolkata - 700017 has been shifted to “Shripati Singhania Hall”, ROTARY SADAN, 94/2, Chowringhee Road, Kolkata-700020 on 3rd August, 2017 at 2:00 p.m.

  19. The Board of Directors of the Company has allotted 34,15,218 equity shares of Rs. 10/- each as fully-paid up bonus equity shares, in the ratio of 2 (two) new equity shares of Rs. 10/- each for every existing 1 (one) equity share of Rs. 10/- each held, to eligible members whose names appear on the register of members/list of beneficial owners as on August 23, 2017, being the record date fixed for this purpose.

  20. The rating committee of ICRA has downgraded the long-term rating from [ICRA] BBB (Pronounced ICRA triple B) to [ICRA] BBB-(pronounced ICRA triple B minus). The outlook on the long-term rating is ‘Stable’. The rating committee of ICRA has also downgraded the short-term rating from [ICRA]A3+ (pronounced ICRA A three plus) to [ICRA]A3 (pronounce ICRA A three).

    The reasons provided by ICRA for downward revision are as follows: -

    a) The downward revision in the ratings takes into account the reduced financial flexibility of the company on the back of significant increase in debt-service obligations caused by predominantly debt-funded capital expenditure incurred in the recent past to acquire a tea estate (Bamonpookrie Tea Estate).

    b) ICRA notes that despite an increase in the top-line of the company during the first quarter of FY2018 corresponding to the period of the previous fiscal, the net profit as well as cash accruals from the business declined due to significant rise in interest expenses.

    c) ICRA also takes note of the deterioration in the financial profile during FY2017, led by fall in operating profitability, steep increase in debt level and weakening of debt-coverage indicators.

  21. The Calcutta Stock Exchange Limited (CSE) has granted the final listing permission for 34,15,218 equity shares of Rs.10/- each bearing distinctive no. 17,07,610 to 51,22,827 issued as Bonus Shares in the proportion of 2(two) new equity shares for every 1(One) existing equity share held on 17th October,2017.The Bonus Shares shall be credited / dispatched to the respective shareholders within 15 days taking into account the upcoming Diwali holidays. The Equity Shares of the Company are listed only at the CSE and permitted to be traded at the Bombay Stock Exchange (BSE) under INDONEXT category as per memorandum of understanding between CSE and BSE. The company will submit necessary documents to the CSE after the shares are credited/dispatched for obtaining trading permission for 34,15,218 Bonus Shares at BSE.

  22. The Calcutta Stock Exchange Limited (CSE) has granted dealing permission in the exchange with effect from 10.11.2017, for 34,15,218 equity shares of Rs.10/- each issued as Bonus Shares in the proportion of 2(two) new equity shares for every 1(One) existing equity share held, bearing distinctive no. 17,07,610 to 51,22,827.

  23. The securities of the company which is listed on Calcutta Stock Exchange will continue to trade on BSE trading platform under “Permitted to Trade” category till further notice, vide BSE Notice No. 20171114-27 dated 14.11.2017.

  24. Memorandum of Settlement has been achieved in the course of conciliation proceedings held on 24th January, 2018 at the office of the Assistant Labour Commissioner, Sivasagar over the Lock Out of Lakmijan Tea Estate and the Lock Out will be lifted in the morning of 25th January, 2018

  25. 51,22,827 equity shares of face value of Rs. 10/- each fully paid-up of the Company are listed and admitted to dealings on the Bombay Stock Exchange Limited in the list of X Group under Scrip Code: 541005, with effect from 8th March, 2018.

  26. The rating committee of ICRA has reaffirmed the long-term rating of [ICRA] BBB-(pronounced ICRA triple B minus) and the short-term rating of ICRA] A3 (pronounced ICRA A three) assigned earlier to the Rs.19.78 crore Line of Credit of the Company and also assigned long-term rating of [ICRA] BBB-(pronounced ICRA triple B minus) and the short-term rating of ICRA] A3 (pronounced ICRA A three) to the additional limit of Rs. 18.07 crore. The outlook on the long-term rating is “Stable”.

  27. The Board has recommended a Dividend of Rs. 7/- per Preference Share of Rs. 100/- each and Rs.1.00/- per Equity Share of Rs. 10/- each i.e. @ 7% and 10% on Face Value of Preference Shares and Equity Shares respectively. The dividend will be paid on 24th September, 2018.

  28. The 35th Annual General Meeting of the Company is scheduled to be held on Wednesday, 19th September, 2018 at 2:00 P.M at Bharatiya Bhasha Parishad, Fourth Floor, 36A Shakespeare Sarani, Kolkata-700017.Pursuant to Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is providing remote e-voting facility to its members. The cut-off date for the purpose of determining members for remote e-voting facility is Wednesday, 12th September, 2018.The remote e-voting period shall commence from Sunday, 16th September, 2018 (9:00 A.M) and ends on Tuesday, 18th September, 2018 (5:00 P.M).The Register of Members and Share transfer Books shall remain closed from Thursday, 13th September, 2018 to Wednesday, 19th September, 2018 (both days inclusive) for the purpose of payment of Final Dividend & 35th Annual General Meeting.

  29. The Board of Directors of the Company in their meeting held on i.e 26th May, 2018 has appointed Mr. Subhra Kanta Parhi, the Chief Financial Officer of the Company as the Compliance Officer in terms of Regulation 6(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with effect from 1st June, 2018, till such time Ms. Charulata Kabra, Company Secretary and Compliance Officer is on leave on account of maternity benefit.

  30. Transfer of Shares in Physical mode to be discontinued

    SEBI vide Notification No. SEBI/LAD-NRO/GN/2018/24 dated 8th June, 2018 and BSE vide Circular no. LIST/COMP/15/2018-19 dated 5th July, 2018 has mandated that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in dematerialized form with a depository after 5th December, 2018. Shareholders are requested to convert their shares from physical to demat mode at the earliest, to comply with the legal provisions for transfer of shares prescribed by the Securities and Exchange Board of India. Please contact your nearest Depository Participant (DP), who will guide you in opening the same. The process on how to dematerialise shares is also available here

  31. The Board of Directors of the Company at the meeting held on 10th February, 2020 have appointed

    1. Mr. Asit Kumar Labh (holding Membership No. 32891 and C.P No. 14664) Practicing Company Secretary, 40, Weston Street, 3rd Floor, Kolkata - 700013 as Auditor, to conduct Secretarial Audit pursuant to Regulation 24A of SEBI (LODR) (Amendment) Regulations, 2018 and issue Annual Secretarial Compliance Report, on the remuneration as may be decided by the Board of Directors and the Auditor.

    2. Ms. Amber Ahmad (holding Membership No. FCS 9312 and C.P No.8581) Practicing Company Secretary, Amber Ahmad & Associates, Bagati House, Room No. 12, 34, Ganesh Chandra Avenue, Kolkata-700013 as Auditor to conduct Reconciliation of Share Capital Audit pursuant to Regulation 76 of SEBI (DP) Regulations, 2018 and issue report thereon, on the remuneration as may be decided by the Board of Directors and the Auditor.

  32. The resumption of operations has commenced from today i.e. 14/04/2020 at our tea estates located in state of Assam. In view of the risk of spreading Coronavirus (COVID -19) disease and to comply with the Governments Advisories, the Company had temporarily closed operations at its Tea Estates located in state of Assam and the registered office at Kolkata with effect from 23rd March, 2020.The Registered Office at Kolkata continue to remain closed and duration of shutdown will depend of directions of the Government.The quantum of loss can't be ascertained right now and the said loss is not covered under insurance

  33. The Company has been registered as a medium enterprise bearing UAM No.WB10C0036034 under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006.

  34. The lockdown imposed in India from 24th March, 2020 had a negative impact on the business of the Company. The Company is part of the Tea industry, which sustained a loss of 54% crop in April, 2020 i.e. 45.47 million kgs. The Government had eased the restrictions from mid-April, 2020 in a gradual manner and at present our estates at Assam are operating with 100% work force. The sales and distribution channels had regained normalcy to a large extent but the lock-down in Guwahati has resulted in closure of Auction Sale at Guwahati. The Company suffered an estimated crop loss of 1.05 Lakh Kgs (Own Crop) and 1.71 Lakh Kgs (Tea made from bought leaves) as on 3rd July, 2020. The loss in crop has affected the demand-supply gap and therefore the average realisation prices of teas exhibit an encouraging trend with an upside of 25%-30% from the previous year, which is expected to offset the crop loss impact to some extent. The overall impact of COVID-19 is difficult to predict with certainty at present due to nature of business as well as uncertainty about how prices will shape up during the balance period, where we make about 75% of Annual Crop. The stress on the cash flow is expected to be of a short term nature and the Company continues to conserve cash during this period of uncertainty by reducing operating and capital expenditure across all levels. The management is monitoring the situation on an ongoing basis and various precautionary measures / protocols are implemented across the producing locations of the Company.

  35. The shareholders in the 36th Annual General Meeting of the Company have approved
    - the re-appointment of Mr. Golam Momen (DIN: 00402662) and Mr. Navin Nayar (DIN: 00136057) as Independent Director of the Company for second term for a period of 5 (five) consecutive years,
    - Mrs. Anuradha Kanoria (DIN: 00081172) as Whole Time Director of the Company for a period of 5 (five) years.
    - M/S NKSJ & Associates, Chartered Accountants (Firm Registration No. 329563E) 98/7A Harish Mukherjee Road, 5th Floor, Kolkata-700025 as Statutory Auditors of the Company for a period of 5 years commencing from the conclusion of the 36th Annual General Meeting till the conclusion of the 41st Annual General Meeting of the Company.

  36. T Mr. Asit Kumar Labh (holding Membership No. ACS 32891 and C.P No. 14664) Practicing Company Secretary, 40, Weston Street, 3rd Floor, Kolkata - 700013 as Secretarial Auditor of the Company for the Financial Year 2020-2021, to conduct Secretarial Audit pursuant to Section 204 of the Companies Act, 2013, read with rules thereunder and Regulation 24A of SEBI (LODR) (Amendment) Regulations, 2018 and issue report thereon, on the remuneration as may be decided by the Board of Directors and the Auditor.

  37. Ms. Amber Ahmad (holding Membership No. FCS 9312 and C.P No.8581) Practicing Company Secretary, Amber Ahmad & Associates, Bagati House, Room No. 12, 34, Ganesh Chandra Avenue, Kolkata-700013 as Auditor for the Financial Year 2020-2021, to conduct Reconciliation of Share Capital Audit pursuant to Regulation 76 of SEBI (DP) Regulations, 2018 and issue report thereon, on the remuneration as may be decided by the Board of Directors and the Auditor.

  38. The Register of Members and Share transfer Books shall remain closed from Wednesday, 9th September, 2020 to Tuesday, 15thSeptember, 2020 (both days inclusive) for the purpose of 37th Annual General Meeting.

  39. The Thirty-Seventh (37th) Annual General Meeting (AGM) of the Company will be held on Tuesday, 15th September, 2020 at 2:00 p.m. IST through Video Conferencing (“VC”)/Other Audio Visual Means (“OAVM”) in accordance with the relevant circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India.

  40. Pursuant to Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is providing remote e-voting facility to its members. The remote e-voting period shall commence from Saturday, 12th September, 2020 (9:00 A.M) and ends on Monday, 14th September, 2020 (5:00 P.M).

  41. The Company has fixed Tuesday, 8th September, 2020 as the “Cut-off Date” for the purpose of determining the members eligible to vote on the resolutions set out in the Notice of the AGM or to attend the AGM.

  42. The shareholders in the 37th Annual General Meeting of the Company have approved the re-appointment of Mr. Govind Ram Banka (DIN: 00207385), aged 85 years, as Non-Executive Director of the Company, whose term of office shall be determined by retirement of directors by rotation.

CIRCULAR

Appointment of Independent Directors Mr.Navin Nayar

Appointment of Independent Directors Mr.Golam Momen
E-Voting results
AGM Result-Scrutinizer's Report

Evoting paper publication

Scrutinizer's Report of the 33rd AGM

Scrutinizer's Report of the 34th AGM

Scrutinizer's Report of the 35th AGM

Process to dematerialise shares

Appointment of Independent Director Om Kaul

Reappointment of Mr. Golam Momen

Reappointment of Mr. Navin Nayar

Proceedings of 37th AGM

Scrutinizer's Report_37th Agm

Transcript of e AGM of Kanco Tea

Surveillance of ICRA-assigned Credit Rating

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