F & B (Canteen) Token: The New Jehangir Vakil Mills Co., Ltd. -No value on token

[asm]

F & B (Canteen) Token: The New Jehangir Vakil Mills Co., Ltd.
Inscription in Gujarati: The New J(ahangir) V(akil) Mills Co-(Operative) Canteen Ltd. REVERSE: CANTEEN TOKEN / Bhavnagar.
Value: No value inscribed on the token.
Hexagonal Token with with Hole in the center.
Metal: Copper    Weight: 2.49 g.      Size: ~ 19.6 mm



About the Mill: The New Jehangir Vakil Mills Co., Ltd. located at Palace Road, Bhavnagar was incorporated on 18 Jan, 1918 in the former Bhavnagar State and carried on the business of manufacturing and selling textile piece goods. The activity included Spinning, Weaving & Finishing of Textiles. The Mill was established under the Indian Companies Act 1913 as adopted by the Bhavnagar State. Land admeasuring approximately 67000 Sq. Mts. was given on lease by the former Ruler of Bhavnagar State by virtue of lease-deed dated 10th October, 1916. A further approximately 7762.6 Sq. Ft. was given on lease by the former Borough Municipality by Resolution dated 12th January, 1931.
The mill, as the name suggests, was an undertaking of Khan Bahadur Sardar Sir Rustom Jehangir Vakil of Ahmedabad, who already owned a mill in Ahmedabad – The Rustom Jahangir Vakil Mills and hence this mill was named New Jehangir Vakil Mills.
The ownership of the mills seems to have changed sometime before 1st May 1943, when the mill was owned by Sheth Mangaldas Jeshingbhai, Manibhai Jeshinghbhai and family and was run by Rustomji Mangaldas & Co. as agents. This information is gathered from the Preference Share Certificates issued by the company on 1st May 1943. No other details of the mills, its operations or its owners' is available till the time the mill closed in 1980.
New Jahangir Vakil Mills downed shutters sometime in the year 1980 and subsequently an official liquidator was appointed. GSTC took over the affairs of the mill on lease from the Official Liquidator in September, 1982 on a lease rental of Rs. 1 Lac per month. Day to day affairs of the Mill were conducted and managed by GSTC till 31.12.1985. On 01.01.1986, the mill was merged into GSTC as its unit by virtue of the retrospective effect of the Provisions of Gujarat State Textile Undertakings (Nationalization) Act, 1986 and after nationalization of the unit, all business affairs were managed by the GSTC as its constituent unit. This arrangement continued till 06.02.1997 i.e. the date on which the winding up order of GSTC was passed by this Court.
The State Government moved the courts for the purpose of taking over the immovable assets being land and building of the New Jahangir Vakil Mills to set up a Gems and Jewellery Park at Bhavnagar. The object of the same was to give focused thrust to setting up of Diamond polishing units of international standards.

Amit

[asm]

The picture of the new owner (the second owner) seen on the lables stuck on the cloth bales.



...a share certificate



...and some later labels stuck on the cloth bales sold by the mills.

 
Amit

[krishna]

Indeed a very detailed perspective
Thanks a lot
I wonder where the descendants of Mr. Mangaldas would be today?

[Figleaf]

What I find interesting in the history of this token is the devolution of industrial property from old nobility to new entrepreneurs. In my mind, India's independence was connected to the end of the feudal structure, but I hadn't focussed on the economic and financial consequences.

Working through preferential shares and share certificates is typical for a family enterprise with significant outside capital. These structures are still being used. They keep control in the family, but may make outside capital more expensive.

Peter