Shree manufacturing Company was incorporated in Nov.'76 to take over the assets and liabilities of Indian Copper Corporation (ICCL). ICCL was nationalised in 1972 by the Government of India and ICCL was paid a compensation of Rs 7.50 cr. _x000D_ _x000D_ Initially, the company was engaged in investment business. Subsequently, it set up a spinning mill with 15,840 spindle-capacity for the manufacture of synthetic blended yarn, in the Medak district of Andhra Pradesh. Commercial production commenced in Apr.'84._x000D_ _x000D_ The Company issued 287000 12% Cumulative Redeemable Preference Shares of Rs. 100/- each to ICICI Ltd., in lieu of outstanding term loan of 2.87 crores on private placement basis. _x000D_ _x000D_ The Company has become a Sick Company as its accumulated losses have exceeded its net worth. The company enter into an agreement with SBI,the operating agency for OTC of their dues._x000D_