GTL Ltd Company History

The Company was incorporated on 23rd December as a private limited

company and was converted into a public limited company on 12th

September, 1991. It was promoted by Manoj Tirodkar, G.R. Tirodkar and

Fritz D'silva.

The Company manufactured telecommunication products. It extended its

range of products to include fax machines, modern key telephone

systems, wireless mobile telephone systems, V-Band Viax instant access

communication systems etc.

The Company undertook distribution and servicing of telecommunication

products. Subsequently, the company entered into tie-ups with Tata

Keltron Ltd., India Telecomp Ltd. and internationally with V-Band

Corporation USA, Lane Telecommunication Ltd. UK etc. Whole range of

sophisticated instruments were introduced.

The Company set up seven service centres all over the countries,

three in Mumbai, one each in Delhi, Bangalore, Chennai and Nagpur.

The company proposes to have modern testing equipments to test the

printed circuit boards. Equipments such as PCB diagnostic equipments,

LCR sortester, distortion meter and level meter etc. were procured.

12,00,000 No. of equity shares of Rs 10 each issued to promoters,

directors, their relatives etc. 18,00,000 No. of equity shares of Rs

10 each were then issued at par in April 1992 of which 90,000 shares

reserved for allotment on preferential basis to employees. Balance

17,10,000 shares issued.

During April-May, the company issued 17,06,250-15% secured fully

convertible debentures of Rs 35 each for cash at par on Rights basis in

proportion 1 deb: 2 equity shares held. Another 28,95,000 - 15%

debentures of Rs 40 each were issued through the prospectus as follows:

(i) 18,71,250 debentures to promoters, directors etc. on preferential

basis; (ii) 2,50,000 debentures to ICICI on firm basis. Of the

remaining 50,000 bedentures were issued on preferential basis to

employees. Balance 7,23,750 debentures were issued to the public.

Part A of Rs 10 of each debenture was converted into 1 equity share

of Rs 10 each after 6 months from date of allotment. Accordingly

46,01,250 shares allotted.

Balance Rs 30 (Rs 25 in case of Rights issue) was converted into 1

equity share of Rs 20 (Rs 15 in case of Rights issue) after 17 1/2

months from date of allotment of debentures.

On 10th October, the company issued 70,00,000 warrants to promoters,

their friends and associates companies. Warrantholders exercised their

right to convert these into 70,00,000 No. of equity shares at a price

of Rs 50 per share.

2,00,000-17.5% cumulative convertible preference shares of Rs 100

each were allotted during the year on private placement with Bajaj Auto

Ltd. These have a maturity period of 18 months.

International Global Tele-Systems Ltd., (IGTL) is a subsidiary of the

Company. Mauritius and Elber Trading Pvt. Ltd. is a subsidiary of

IGTL.

The Company made foray into software development and Export. The

company started executing I-Trade CommNet and Logistics Tracking System

(LTS) projects. The I-Trade CommNet aims to establish electronic

exchange of information and documents which is currently being

exchanged manually amongst the entities of cargo community in India by

using Electronic Data Interchange (EDI) technology.

The Company issued FCCBs worth Swiss Francs (SFr) 60,000,000 and out

of these the company had received FECBs worth SFr 2,30,000 for

conversion into equity shares.

Accordingly SFr 2,00,000 were converted into 64026 shares on

30.6.1997 and another SFr 2,00,000 were converted into 64026 No. of

equity shares on 11.7.1997. In addition 73,630 No. of equity shares

were issued at a premium of Rs 79 per share on conversion SFr 10,000.

On 29th August, 1,28,052 No. of equity shares were allotted at a

premium of Rs 79 per share on conversion of SFr 10,000. Another 3201

No. of equity shares at a premium of Rs 79 per share were issued on

conversion of SFr 10,000.

Global Tele-Systems Ltd. (GTL), has signed an agreement with National

Securities Depository Ltd. (NSDL), to get its securities admitted for

dematerialisation.

GTL has signed Bipartite Agreement with NSDL to the effect that the

shares of GTL would be available for dematerialisation process and

first private sector telecom company to do so. With this, the

shareholders of GTL would be in a position to hold equity shares in

electronic firm.

The company has strategic alliances with Samsung Corporation and

Muratec for their range of fax machines, Northern Telecom for its range

of PBX, Ericsson for cellular phones and turnkey solutions, Nokia for

turnkey cellular projects, Maxon for cordless phones and Alcatel for

turnkey projects and fibre-optic solutions.

Global Telesystems Ltd has tied up with Iscor of the US to provide

advanced integration products like fax systems, E-mail equipment and

electronic data interchange (EDI) in India.

The company has also been awarded a contract from Tata Communications

for running a quality audit of its telecom towers for the cellular

network in the Andhra Pradesh circle.

Global Tele-Systems Ltd has introduced for the first time in India

the GC 455, a two-line cordless phone.

Global Tele-Systems has also launched its GC 477 cordless phone with

digital answering machine. It has two voice mail-boxes for separating

personal messages and business messages, 25-channel auto selection,

intercom, and voice day/time announcement at the beginning of each

message.

GTSL had recently tied up with the US-based GE Information Systems,

under which the companies will together develop a source code, on which

applications would be developed and exported.

The company has entered into alliances with AFNET, which will

distribute all of AFNET's traffic into India, and with UNIFI

Communications to distribute fax traffic.

In June, the Company placed privately 5,000,000 Equity Shares of Rs.

10/- each for cash, at a premium of Rs. 95/- per share.

Mr. Sadanand D. Patil and Prof. Sudhakar C. Sahasrabudhe were

appointed effective from 5th September, and Mr, Dipak K. Poddar was

appointed on 27th October, as Additional Directors.

During the year under review, 2,00,000 Cumulative Redeemable

Preference Shares of Rs. 100/-each aggregating Rs. 2 Crores which were

placed privately with Bajaj Auto Ltd. had been redeemed at par.

Global Tele-Systems, which is a part of the Rs 500-crore Global

group, has tied up with UK-based Silverslate International Ltd, for its

software and Internet business group for providing specialised telecom

solutions.

The Mumbai-based Global Tele-Systems Ltd has entered into a strategic

partnership with the US-based General Electric's General Electric

Information Services (GEIS).

Microsoft Corporation of USA has recently certified Global

Telesystems Ltd (GTL) as competence centre on Internet and e-commerce

businesses. GTL has thus become the only company in India to have been

accorded this status.

The Company has issued 2,00,000 Cumulative Redeemable Preference

Shares of Rs. 100/- each aggregating Rs. 2.00 crores. These Preference

Shares have been placed privately.

The Company has allotted 4981295 No. of equity shares at a premium to

FCCB holders consequent upon exercise of right of option for conversion

of FCCBs worth Swiss Francs 1070000.

The Company has signed a MoU with Vysya Bank Ltd. in connection with

utilisation by Vysya Bank Ltd. of e-commerce payments processing

infrastructure of the company.

The company is launching a state-of-the-art call centre at Mahape in

Navi Mumbai in October for servicing large off-shore firms.

The International Global Tele-Systems Ltd. of Mauritius, the

wholly-owned subsidiary of Global Tele-Systems, is acquiring an

undisclosed equity stake in The Voice Company based in the UK.

IGTL has entered into a joint venture with Al-Nasser LLC in the

Middle East for engineering services. It has also acquired a strategic

stake in an international telecom value added service provider i.e. The

Voice Company Pte. Ltd.

Oracle Software India Ltd., the wholly owned subsidiary of the Oracle

Corporation of the US entered into a strategic tie-up with the Global

Tele-Systems Ltd. for addressing the high growth application service

provider market in the country.

The Company has allotted 35,000 No. of equity shares under ESOP upon

exercise of right of option for conversion of warrants.

The Company has proposed to acquire an unlisted company Global

Electronic Commerce Services Ltd. in its bid to create the largest

e-commerce entity in the country.

The Company allotted 30,496 No. of equity shares of Rs 10 each for

cash at a premium in terms of the employees stock option scheme upon

exercise of right of conversion of warrants into equity shares by the

employees.

The Company had acquired two software companies - Thermax Systems and

Software, an associate of Thermax group and Fine Infotech, a company

focused on banking products - in a Rs.15 crore all stock deal.

Global Tele Systems has allotted 85,000 equity share of Rs.10 each

for cash at a premium in terms of the employees stock option scheme

upon exercise of right of option or conversion of warrants into equity

shares issued under the scheme into equity shares.

The Company allotted 83474 No. of equity shares of face value of Rs.

10.

The Company has entered into an MOU for a joint venture with Enron to

build a state-of-the-art fibre optic broadband network.

The Company received a Silver Plaque from the Institute of Chartered

Accountants of India for the Best Presented Accounts for entries

received from non financial private sector companies for the year

1998-99.

Mr. Manoj G. Tirodkar, Executive Vice Chairman, became the first

Indian to win the World Young Business Achiever Award for the year 2000

in Orlando, USA, from Worldcom, USA.

The Company has received letter from T. Rowe Price Associates, Inc.,

for acquisition of shares of the company. Shareholding of T. Rowe

Price Associates Inc. in the company on behalf of itself and its

subsidiaries, has gone up to 38,26,675 shares, 8.79% of te paid up

equity share capital of the company.

Amalgamation of Global Electronic Commerce Services Ltd. with the

company. will be at the ratio of one equity share of GTL (Rs 10 each)

for every six of GECS.

The Board of Global Electronic Services and Gloal Tele-Systems have

approved a share-swap ratio of 6:1 after the merger of the two

companies.

Enron India has tied up with Global Tele-Systems and Maharashtra

State Electricity Board for connecting major towns in the state through

optical fibre network using power transmission lines.

Global Tele-systems is all set to acquire 100 per cent equity of

Thermax Systems & Software, an infotech company belonging to the

Pune-based Thermax group.

Issue of Allotment of 1,00,000 No. of equity shares of the

shareholders of Thermax Systems & Software Ltd. in terms of Scheme of

Acquisition of the bsiness of the company.

The Company has 856,375 outstanding warrants issued its employees as

of September 30, under ESOP scheme.

The Company has signed a `professional services agreement' with Cisco

System Inc., world leader in the networking technology for the

Internet.

The Company has entered into MoUs with several leading banks for

providing ASP and Technology and software Support, and activities

related to that continue un-affected.

Allotment of up to 2,65,28,600 equity shares to the shareholders of

Global Electronic Commerce Services Ltd. on amalgamation with the

company.

GTL has won the Goldeb Peacock Award for Excellence in Corporate

Governance in the private sector category.

GTL Board has approved for the allotment of 5000 warrants to the eligible

employees under the Employee Stock Option Scheme.

GTL Board has approved for the scheme of merger of Redington Mauritius Ltd

with the company.

The board of directors of GTL have approved for the proposal for issue of

fresh equity of 14.3cr shares at the price of Rs.150 per share to the Chanrais.

Mr.Vijay N Paranjpe has relinquished officer as whole time director and

director of the company.

GTL Ltd and Tata Teleservices has been shortlisted by Andhra Pradesh government

to manage the information assets created by state as part of its e-governance initiatives.

GTL Ltd has entered into partnering agreement with GBS. LLC premier Enterprise Wide

Outsource provider based in the US.

GTL Ltd appoints Dr Michael Clark as the Chief Executive Officer wef July 3, 2004.

Alcatel partners with GTL for enterprises business in South Asia

"Nortel N power Partner of the Year 2005" Award from Nortel Networks

"Most Significant Competition Breakthrough 2005" Award from Nortel Networks

"Best Process Compliance Year 2005" Award from Nortel Networks

GTL Ltd has appointed Mr Manoj G Tirodkar as Chairman & Managing Director (CMD) of the Company,

Acquisition of UK Based Genesis Consultancy

Listing of GTL Infrastructure Limited, a spin off from GTL as part of the restructuring process

Opens office in Thailand

Bags first project in Africa

Bags BSR Award for Corporate Governance - Business for Social Responsibility

President’s award to Mr. Charudutta Jadhav, a visually impaired GTL employee

"APAC Partner of the Year 2006" Award for Oracle E-Business Suite Special Edition

"The Best On time Renewal Partner in the Year 2006" Award from Oracle Support Services

GTL hives off Enterprise Networks and Managed Services business to Orange Business Services, an arm of France Telecom.

GTL wins the prestigious Golden Peacock Global Award for Corporate Governance

GTL enters into a strategic alliance with Ericsson UK, to offer Managed Network Infrastrucutre Services to customers in UK and Ireland

GTL International, a 100% international subsidiary of GTL, acquires SCS, a Network Deployment Company in USA

GTL successfully completes the buy back of shares

GTL International, a 100% international subsidiary of GTL, acquires ADA Cellworks, the leading Network Planning and Optimization player in Asia Pac

GTL Wins Golden Peacock National Training Award 2008.

GTL receives the prestigious Greentech Environment Excellence Silver Award 2008.

GTL forms Strategic Alliance with Vanu Inc to Conduct Shared Active Infrastructure Field Trials in India.

GTL wins Outstanding Contributor to Corporate Responsibility Award from Nokia-Siemens.

GTL becomes No. 1 Telecom Turnkey Company of the year in V&D 100 Survey.

GTL features amongst top 10 companies in the S&P ESG Index 2009.

GTL wins the ‘Performance Excellence” Trophy from IMC Ramkrishna Bajaj National Quality Award.

GTL entered into a Global Supplier Co-operation Agreement” with Huawei for worldwide co-operation in Network Services.

GTL extends its capabilities to serve power utilities, bags Rs 324 Cr order from Maharashtra State Electricity Distribution Co Ltd (MSEDCL).

GTL - Information regarding Income-tax Search in the Company's premises

Global Corp, Tulip buy 26% Stake in qualcomm JV.

Shares of GTL group companies such as GTL Ltd. and GTL Infrastructure have rallied more than 10 per cent each in the opening trade.