VCCL was incorporated on 23rd August, 1984. The registered office of the company is at Panki Industrial Estate, Kanpur.
VCCL offers two wheelers and related spare parts.
History of the Company:-
1984 - The company incorporated on 23rd August, at Kanpur. The main object of the company is to manufacture all classes of automobiles including two-wheelers.
- The Company entered into the following technical collaboration agreements:
- (i) LML gave sub-license to the company with the consent of Piaggio, Italy under which the company have the same rights in regards to manufacture, technical information, assembly, sale and marketing of the two-wheelers (Vespa Scooters) which LML has vis-a-vis Piaggio.
1985 - Seven shares subscribed for by the signatories to the Memorandum of Association. 48,00,000 shares then issued at par out of which the following shares were reserved and allotted: - (i) 13,44,000 shares to Piaggio and C.S.P.A, Italy; (ii) 15, 36,000 shares to Lohia Machines; (iii) 2, 88,000 shares to directors, etc. - Out of the remaining 16,32,000 shares, the following shares were reserved for preferential allotment:- (i) 5,76,000 shares to NRIs on repatriation basis (all were taken up); (ii) 2,40,000 shares to employees, etc., of the company and those of promoter company; (iii) 32,640 shares to business associates. Out of (ii) and (iv) only 1,49,200 shares taken up. The balance 7,83,360 shares along with the unsubscribed portion of 1, 23,440 shares out of preferential quota was offered to the public in May.
1986 - Two new models of scooters named LML Vespa Alfa and T5 were introduced. The company could not achieve full production targets but to non-availability of power, delay in receiving the consignment of imported material.
1989 - Production was adversely affected due to strike by workers between April to September.
1990 - The company continued to incur losses due to political instability, foreign exchange crisis, severe credit squeeze, etc.
1991 - The company came under the Sick Industrial Companies (Sp. Provisions) Act, 1985, and a reference was made to the BIFR - The two promoters viz., LML, and Piaggio VE submitted a detailed proposal to the financial institution for financial and industrial restructuring of the company. Apart from increasing the capital base, it was also proposed to take up production of light 2-wheelers and engine with a substantial buy back of engines by Piaggio.
2003 - Members approved delisting of shares from Delhi and Ahmedabad stock exchanges.
2007 - VCCL appointed Mahesh Kumar Kanodia and D R Dogra as directors of the company with effect from March 05, 2007.