Padmalaya Telefilms Board to consider issue of shares on preferential basis
A meeting of the board of directors of Padmalaya Telefilms Ltd is scheduled to be held on December 21, 2001 to consider the further issue of capital by way of issue of equity shares on preferential basis to such persons/entities as the Board may think fit.
The aforesaid meeting will also consider the hiving off and merger of the Animation Division with the US subsidiary of the company.
LIC Nominee Director withdrawn from the Board of Information Tech
Information Technologies (India) Ltd has informed BSE that the board of directors of the company at its meeting held on Friday has taken note of the withdrawal of nomination of V R Galkar, the nominee of Life Insurance Corporation of India on Board of the Company.
Arvind Mills announces changes in Management structure
Arvind Mills Ltd has informed BSE that as a part of internal reorganization, Niranjan Lalbhai currently Managing Director of the Company has been appointed as Managing Director of Arvind Brands Ltd, a 100 per cent subsidiary of Arvind Mills Ltd. Arvind Brands is a leading readymade garment Company manufacturing and marketing garments with several brands such as Flying Machine, Ruggers, Lee, Arrow,Wrangler, Newport and Excalibur. Niranjan Lalbhai has resigned as the Managing Director of the Company.
Niranjan Lalbhai, a stalwart in the textile industry, has been on the Board of Arvind Mills since 1970. With his sound technical knowledge, he has contributed immensely in the field of manufacturing and product development and in making Arvind a world class textile-manufacturing company.
Samveg Lalbhai has been appointed as Managing Director of Atul Ltd, one of the leading dyes and chemical company of India with a turnover of approx. Rs 5000 million. Mr. Lalbhai who resigned as Managing Director of Arvind Mills was on its Board since 1987.
Arvind Lalbhai, Chairman of both Arvind Mills and Atul Ltd will continue as such. Mr. Sanjay Lalbhai, MD of Arvind Mills and Mr. Sunil Lalbhai MD and CEO of Atul Ltd will continue to hold their current positions.
Best Eastern Hotels Board to consider issue of shares on preferential basis
In a communication issued to BSE, Best Eastern Hotels Ltd has informed that the meeting of the board of directors will be held on December 21, 2001 to consider issue of Equity Shares on preferential basis.
Major Fire at Asian Paints Pune godown
Asian Paints Ltd has informed BSE that a major fire occurred at one of the company's two godowns at Pune on December 13, 2001 after office hours. The estimated value of the stock in the godown is approximately Rs 7 million. The exact value of the stock affected in the fire is being ascertained.
The material is believed to be fully insured. The Company has also stated that there will be no impact on sales as the requirements will be serviced from the other godown in Pune.
Atul Ltd revises designation of MD
Atul Ltd has informed BSE that the board of directors of the company at its meeting held on Friday has approved the following:
1. The designation of Mr. Sunil S Lalibhai, Managing Director has been revised to 'Managing Director & CEO"
2. Mr. Samveg A Lalbhai, Director has been appointed as "Managing Director" of the company for a period of five years from December 15, 2001 subject to approval of the members at General Meeting and subject to the provision.
Kopran Board to consider Rights Issue
A meeting of the board of directors of Kopran Ltd is scheduled to be held on December 22, 2001 to consider and approve the Rights Issue of Equity Shares.
GTL allots shares under stock options
GTL Ltd has informed BSE that the Nomination & Remuneration Committee of the Board of Directors of the Company at its meeting held on Friday has made allotment of 62,572 equity shares of Rs 10 each for cash at a premium of Rs 90 per share in terms of the Employees Stock Option Scheme (ESOS) of the Company upon exercise of right of conversion of warrants into equity shares by the employees.
CDC Financial Serv and SARF to acquire 26.01% stake in UTI Bank
In separate communications issued to the BSE, it has been informed that CDC Financial Services (Mauritius) Ltd (CDCFS) and South Asia Regional Fund (SARF) propose to acquire altogether 26.01 per cent stake in UTI Bank Ltd.
CDCFS proposes to acquire 28,550,000 fully paid up equity shares representing 16.02% of the equity share capital and SARF is to acquire 17,800,000 fully paid up equity shares representing 9.99 per cent stake in UTI Bank.
Type of acquisition: Preferential Allotment
Acquisition price per share: Rs 34
Date of proposed acquisition: The shares are proposed to be allotted upon the compliance of certain conditions precedent agreed between UTI Bank Ltd, CDCFS and SARF. It is expected that UTI Bank will allot the shares to CDCFS and SARF between December 19, 2001 and January 02, 2002. (both days inclusive).
VSNL Board recommends Special Interim Dividend of 750%
The board of directors of Videsh Sanchar Nigam Ltd at its meeting held on Friday has decided to recommend special interim dividend of 750 per cent. This Dividend is subject to the condition that it is cleared by the competent authority since the amount involved is more than the uptodate current year's profit and would need to be paid out of past profits also.
The board at its meeting considered the government's proposal and the special dividend has been recommended taking into account the investment plans of the company and expected profits after consideration of which it was felt by the board that no serious financial problems are anticipated if the Government of India's proposal of special interim dividend of 750 per cent is accepted.
Infotech Enterprises to issue and allot shares under ESOP
In a communication issued to BSE, Infotech Enterprises Ltd has informed that the board of directors at its meeting held on Friday has decided to issue and allot 5,75,000 new equity shares of Rs 10 each in one or more tranches to employees of the Company and its subsidiaries whether in India or abroad pursuant to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.
The terms and conditions will be decided by the Compensation/Remuneration Committee of Directors and approval of the Reserve Bank of India or any other authority as may be required.
Coromandel Fert becomes subsidiary of EID Parry
In a communication issued to BSE, EID Parry (India) Ltd has informed that Coromandel Fertilisers Ltd. a constituent of Murugappa Group has become a subsidiary of EID Parry India Ltd w.e.f. from Friday.
This is pursuant to the acquisition of 0.50 million shares of Rs 10 each by Parry & Company Ltd, a wholly owned subsidiary of EID Parry India Ltd on Friday in Coromandel Fertilisers Ltd. This acquisition has taken place consequent upon the restructuring of investment portfolio among Murugappa Group.
With this, EID Parry India Ltd and its wholly owned subsidiary Parry & Company Ltd together hold 10015611 shares of Rs 10 each of Coromandel Fertilisers Ltd. constituting 51.48 per cent of the paid up capital of Coromandel Fertilisers Ltd on account of which Coromondel Fertilisers has become a subsidiary of the Company.
BSES to review MERC order on standby charges dispute
Maharashtra Electricity Regulatory Commission after hearing BSES, TPC, Government of Maharashtra, Maharashtra State Electricity Board and other interveners regarding the dispute referred to it on the payment of stand-by charges has passed an order on 7th December, 2001.
MERC has accepted the contention of BSES, that MERC alone can determine the amount of standby charges payable. MERC, based on the report submitted by Consultants appointed by it, has ordered the Company to pay Rs 700.4 million together with interest thereon to TPC for 1999-2000 after taking due credit for the amounts already paid by BSES.
Based on the principles outlined in the order, similar calculations will be made for determining the amount payable for 2000-01 and 2001-02, such calculations will be made after the accounts for the year are finalized. BSES has so far paid aggregated amount of Rs 1102.50 million as advance, pending determination of standby charges payable by it. Further, BSES has been ordered to pay Rs 100 million per month to TPC for 2001-02 till the calculations are made available. Till now, BSES had been paying Rs 82.50 million per month pursuant to the Interim order of MERC.
The aforesaid order is being examined in detail by the Company and its attorneys and appropriate action will be taken in the interest of the Company including of preferring appeal against the order, as may be deemed fit.
The Shareholders of Hindustan Lever Ltd (HLL) have approved the proposed the scheme to issue bonus debentures, by drawing upon the General Reserves of the Company, which have been created through retained earnings/undistributed profits.
HLL Shareholders present and voting at the Bombay High Court convened meeting on December 12, 2001 supported the merger proposal as follows: the merger was approved by shareholders, representing 87.27% of the shareholders present and voting at the meeting and holding 112328232 shares, representing 99.99% of the value of shares on which the poll was held. The scheme will be submitted to the Bombay High Court for its approval. The Company will also seek other statutory approvals.
The Scheme, formulated under Section 391 of the Companies Act, 1956 entails issue and allotment of bonus debentures of the face value of Rs 6 each, in the ratio of one fully paid debenture of Rs 6 each for every Re 1 equity share in the Company on a record date to be fixed by the Board after the scheme is sanctioned by the Bombay High Court.
The debentures would be secured, and redeemable at par in two equal installments on the second and third anniversary of the issue. Shareholders can trade on the debentures post allotment, since they would be listed on the NSE and the BSE.
The debentures would carry an interest of 9% per annum payable annually. The Debentures would also be considered for deemed dividend under the provisions of Income Tax Act. HLL would bear and pay, in addition, dividend distribution tax at 10.20% on the issue from General Reserve.
The issue and allotment of the debentures will account for approximately Rs 13.200 billion from the General Reserves and the Dividend Distribution is expected to account for about Rs 1.350 billion from the same Account. Thus a total amount of approximately Rs 14.550 billion would be utilised from HLL's General Reserves of Rs 16.090 billion (as at December 31, 2000).
At an Extraordinary General Meeting after the Court convened meeting HLL's shareholders approved nem con (without a single vote cast against it) a proposal, raising the limit of Foreign Institutional Investor (FII) holding in the Company upto 49% from the current 24%.The current FII holding in HLL is approximately 12%.
The increase in the FIIs' limit will increase the weightage of the Company's share in the Morgan Stanley Capitalisation Index (MSCI), apart from helping improve India's weightage in the MSCL.
The EGM also approved resolutions connected with the proposed bonus debenture scheme, and raising the company's borrowing limit to Rs 30 billion.
Dr Reddy's receives DCGI approval to market Zafirlukast
Dr Reddy's Laboratories Ltd has announced today (December 14, 2001) that it has received approved from the Drug Controller General of India (DCGI) to market Zafirlukast (generic name) in India. Dr. Reddy's is the first Company to get approval for marketing Zafirlukast in India.
Zafirlukast is a non-steroidal drug that represents a new approach in the management of asthma. Zafirlukast belongs to new class of drug called leukotriene modifiers. Leukotrienes are pro inflammatory substances, which are released during pathogenesis of asthma resulting in bronchoconstriction, edema and inflammation. Zafirlukast selectively and competitively blocks leukotriene receptors. It helps in effectively controlling range of asthma symptoms and improves lung functions.
Leukotriene modifier drugs have been recently included in the international treatment guidelines from the Global Initiative of Asthma, formulated by a group of experts from around the world, under the auspices of the US National Heart, Lung and Blood Institute and the WHO.
Zafirlukast with its twice-daily dosing, provides 24-hr protection from asthma attacks. Zafirlukast is expected to have a high degree of patient compliance and preference as it comes in the oral dosage form.
The anti-asthmatics market in India is estimated at Rs 3420 million (ORG Oct'01 MAT) with a growth rate of 11%. The launch of Zafirlukast in India would significantly strengthen the Indian physician's armoury in managing asthma.
Eonour Software allots shares to Infosoft Technet on preferential basis
Eonour Software Ltd has informed BSE that the Board of Directors of the Company has allotted 1647 shares of Rs.10/- each fully paid up to Infosoft Technet Pvt. Ltd. on preferential basis at a price as per SEBI Guidelines with one year lock in period.
High court directs Hindustan Dorr-Oliver to seek members approval for scheme of arrangement
Hindustan Dorr-Oliver Ltd has informed BSE that the Hon'ble High Court of Bombay has directed company to hold a General Meeting of shareholders on January 05, 2002 for getting their approval for scheme of arrangement between the Company and its Members.
Better Value Holdings' increases stake in Kirloskar Bros to 41.62%
In a communication issued to the BSE, Kirloskar Brothers Ltd has informed that Better Value Holdings Private Ltd has acquired 1,10,511 shares of Rs 10 each constituting 1.57% of the paid up share capital of the Company.
With this, the aggregate shareholding of Better Value Holdings Private Ltd in Kirloskar Bros has gone up to 29,34,278 shares of Rs 10 each i.e. 41.62% of the paid up share capital of the Company.
Mohindra Papers to call EGM to seek members approval for voluntary delisting from DSE
Mohindra Papers Ltd has informed BSE that the Board of Directors of the Company has decided to seek voluntary delisting of its shares from The Delhi Stock Exchange Assn. Ltd. EGM of the company will be held on January 09, 2002.
Bhushan Steel denies news article on setting up unit in Orissa
With reference to the news article appearing in a leading financial daily titled "Bhushan Steel to set up Rs 2000 cr unit in Orissa" Bhushan Steel & Strips Ltd has informed BSE that the Company is not planning to set up any Unit in Orissa as appeared in the above news item.
The Company has further clarified that M/s Bhushan Ltd, an associate of the Company which is a closely held unlisted Company has been exploring the possibilities of setting up a Unit in Orissa.
UTI nominates G A Nayak as Director on Board of Bharat Forge
In a communication issued to BSE, Bharat Forge Ltd has informed that Mr G A Nayak has been nominated by Unit Trust of India as its Nominee on the Board of Directors of this Company, w.e.f. November 13, 2001.
This is pursuant to the resignation of Mr K G Vassa, Nominee Director of Unit Trust of India and has consequently ceased to be Director w.e.f November 12, 2001; his nomination having been withdrawn by UTI.
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