Indian Organic Chem members approve chemicals division spin off

Indian Organic Chemicals Ltd has informed BSE that the results of the Postal Ballot has been announced by the Chairman to the shareholders at the Extra-Ordinary General Meeting held today (December 18, 2001) for the purpose of spinning off of the Chemicals Division of the Company. The results of the postal ballot is as follows: No of valid votes polled: 1,78,06,413 No of votes in favour of Resolution: 1,77,55,314 No of votes against the Resolution: 51,099 The Resolution has thus been passed by the requisite majority with 99.70% votes cast in favour of the resolution. The spin off is further subject to the clearance of the lending institutions/banks who have a charge on the assets of the Division. The Board of Directors has already approved the spin off of the Chemical Division into a separate Company.

Templeton Asset Mgt agrees to subscribe to proposed private placement of equity shares/warrants of Aurobindo Pharma

Aurobindo Pharma Ltd has informed BSE that further to the Board approval for preferential issue of equity shares/warrants on private placement basis M/s Templeton Asset Management has agreed to subscribe to the proposed private placement of equity share/warrants. Templeton has confirmed to subscribe to the extent of one million equity shares and one million share warrants. The promoters will also participate in the said issue on the similar lines to maintain their management stake in the company.

GKN Driveshafts board grants 'No Objection' to GKN Automotive GmbH open offer

The Board of Directors of GKN Driveshafts (India) Ltd at its meeting held on December 18, 2001 has discussed and approved the open offer made by GKN Automotive GmbH. The Board has further agreed for "No Objection" to Open Offer made by GKN Automotive GmbH. GKN Automotive GmbH is a promoter of the Company.

Gillette India board to consider business review report of consultant

A meeting of the Board of Directors of Gillette India Ltd is scheduled to be held on December 21, 2001 to consider the following: Confirmation of Minutes of the last Board Meeting. Remuneration of Managing Director. Business review report of Consultant. Minutes of the meeting of the Audit Committee. Report on Share Transfers/Shareholders correspondence. Closure of Bank Account. Any other item with the permission of the Chair.

High court approves scheme of arrangement of Gesco Corporation

Gesco Corporation Ltd has informed BSE that the Scheme of Arrangement between the Company and Mahindra Realty & Infrastructure Developers Ltd which was approved by the shareholders at their meeting held on August 23, 2001 has been sanctioned by the Bombay High Court. The said order of the Bombay High Court has been filed with the Registrar of Companies, Maharashtra and the scheme has been effective on the 14th day of December 2001.

Alembic invests Rs 310 million to strengthen API, formulations and R&D activities

Alembic Ltd has informed BSE that the Company has invested Rs 310 million in the year 2001 as part of the Company's strategy to get into the regulatory market in a big way. Alembic, presently a major in antibiotic bulk as well as formulations, has put in additional investments in the areas of bulk drug production, formulation and research development, which would help the Company to strengthen its base to meet the requirements of both domestic and the regulated international markets. Commenting on the ongoing expansion programme and the investments, H T Patel, senior vice-president, Antibiotics & Mirobial Products Division, told Pharmabiz.com that the new investments are mainly for the infrastructure development in the bulk drug plants, formulation unit and for strengthening the research and development division. Patel said that the Company has already spent Rs 140 million in the API, Rs 150 million for the capacity expansion and market development in the formulation segment and another Rs 30 for R & D. In the R&D front, the Company has already increased number of research scientists and also have procured sophisticated equipments apart from developing a separate pilot plant for developmental activities, Patel said. The Company has recently appointed Accenture, the consultancy firm, for operational improvement exercise. The Company expects Rs 7000 million worth business out of exports of formulations and API during the next five years.

Alpic Finance board to consider business restructuring

A meeting of the Board of Directors of the Alpic Finance Ltd is scheduled to be held on January 05, 2002 to consider the following. To discuss about restructuring of the company. Hold dialogues with banks and institutions to settle the dues by mutually acceptable ways. Allow FII investment up to 49% in the company. Search for strategic partners in India or overseas for future planning in insurance and other related business. The Company has further informed that it is now concentrating in its core business and discontinuing broking activities.

ACC to acquire co-promoters stake in Eternit Everest Ltd

In a communication issued to the BSE, Associated Cement Companies Ltd has informed that the Company proposes to acquire the entire equity shares of Eternit Everest Ltd held by the co-promoters. The proposed acquisition is by way of Share Purchase Agreement to be entered into on December 26, 2001. This acquisition is subject to the approval of the Reserve Bank of India and other approvals, if any. The proposed acquisition is an inter se transfer of shares amongst promoters. The aforesaid acquisition is with a view to further strengthen ACC's presence in products related to the cement business and for construction industry and is expected to enhance shareholder value for both companies. After the proposed acquisition, the stake of ACC in Eternit Everest Ltd will rise from 38,50,020 shares (26.01%) to 112,50,030 shares (76.01%). The shares are proposed to be acquired at a price of Rs 22 per share (Face Value of Rs 10 each). Eternit Everest Ltd is a public limited Company, listed on BSE. The promoters of EEL are the Etex Group, Belgium and Associated Cement Companies Ltd (ACC).

BSES clarifies on news article

With reference to a news article appearing in a leading financial daily titled "DPC rejects BSES, Tata Power bids to acquire stake" BSES Ltd, has informed BSE that as reported in the press in the recent months the lenders to the Dabhol Power Company (DPC) led by the Industrial Development of India (IDBI) have been holding discussions with Indian Power Companies including BSES on acquiring the equity stake of Enron in DPC. BSES is also believed to be participating in this exploratory exercise to ascertain the terms and the feasibility of such acquisition. No concrete proposal has so far emerged, as several fundamental issues have to be addressed before such acquisition could be considered and the project also needs complete financial reengineering, so as to ensure the viability of the project.

BSE revises special margins on 61 scrips

BSE has informed members of the Exchange that the following scrips will attract Special Margins as indicated hereunder with effect from today (December 18, 2001). The rates of Special Margins have been revised keeping in view the closing price of the scrip on the last day of the settlement. The Special Margins will be imposed on the basis of clientwise gross purchase or sales position as indicated below: Code ----- Name ----- Group ----- Sp.Mgr per share(Purchase)(%) 31429 Advent Computer B2 25 530707 Aftek Infosys B1 25 531924 Alps Infosys B2 25 20077 Amtek Auto B1 25 527007 Atco Industries B1 25 31541 Avon Organics B2 25 5506 Axon Infotech B2 25 32161 Baffin Engineer B2 25 532161 Baffin Engineer B2 25 3960 Bharat Bijlee B2 25 506390 Colour Chem B1 25 532271 Cybermate Infot B2 25 532173 Cybertech Syst B1 25 20125 Design Auto B2 25 24170 DSQ Biotech B2 25 509028 E-Serve In B1 25 32326 Fortune Info B2 25 504067 Fujitsu ICIM B1 25 32312 Geometric Soft B1 25 32296 Glenmark Pharma B1 25 31439 Goldstone Eng B1 25 32439 Goldstone Tele B2 25 32175 Infotech Enter B1 25 532175 Infotech Enterp B1 50 32010 Inotech Capital B2 25 531816 IT Microsystem B2 50 24826 Jupiter Bioscie B1 25 532148 Kolar Infotech B1 25 32400 KPIT Infosystem B1 25 532019 LCC Infotech B1 25 17415 Lee & Nee Soft B2 25 32341 Logix Micro B2 25 531528 Maars Software B1 25 531131 Mascon Global B2 25 32337 Mascot System B1 25 530435 Media Video B2 25 32089 MOH B2 25 500288 Morepan Labs B1 25 6954 Motorala Spec B2 25 20059 Munjal Auto B2 25 20043 Munjal Showa B1 25 20021 Omax Autos B1 25 31167 Orient Infor B1 25 32350 Padmalaya Tele B1 25 500321 Padmini Tele B1 25 17447 R S Software B1 25 370 Salora Inter B1 25 11076 SAT Investment' B2 25 24552 Shasun Chemical B1 25 12028 Shonkh Technolo B2 25 31121 Sierra Optima B1 25 32274 Soffia Software B2 25 531536 Sriven Multi B2 25 31764 Supreme Telecom B2 25 511503 Synergy Log In B2 25 32358 Tele Data In B2 25 32375 Tips Industries B1 25 31830 Today's Writing B2 25 464 Ucal Fuel B1 25 532214 Visualsoftware B1 25 14162 Welspun B1 25

UTI nominates B S Pandit as Additional Director on board of UTI Bank

UTI Bank Ltd has informed BSE that Shri B.S.Pandit, ED of Unit Trust of India has been appointed as an Additional Director (Nominee of UTI) of the Bank w.e.f. December 10, 2001.

Atcom Technologies board to consider preferential allotment

A meeting of the Board of Directors of Atcom Technologies Ltd is scheduled to be held on December 19, 2001 to consider inter-alia preferential allotment as per the resolution passed by the General Body on September 29, 2001.

Rama Newsprint allots shares to ICICI on preferential basis

Rama Newsprint & Papers Ltd has informed BSE that the Company has allotted 37 million equity shares to ICICI Ltd. on preferential basis.

Bajaj Auto Q3 results on January 16, 2002

A meeting of the Board of Directors of Bajaj Auto Ltd is scheduled to be held on January 16, 2002 to consider the Financial Results of the Company for the quarter ending December 31, 2001.

Infrastructure Development & Inds amends object clause to enter biotech sector

Infrastructure Development & Industries Ltd has informed BSE that the Company has amended its Main Object by way of deleting the Old Clause and inserting the new clause, as the Company has entered into the business of Bio-Tech.

TISCO clarifies on news article

With reference to a news article appearing in a leading financial daily titled "BOC finds other profitable avenues" Tata Iron & Steel Company Ltd (TISCO) has informed BSE that the BOC India Ltd has an Oxygen Plant adjacent to the Company's Steel Works which supplies gaseous oxygen for its operations. This is over and above the capacity installed at TISCO's own plant and as of now, the Company has no intention to sell its capacity to BOC. The Company has also informed that the news article under question has quotes from executives from BOC India and not from Tata Steel.

KLG Systel clarifies on news item

With reference to a news article appearing in a leading financial daily titled "KLG Systel plans to acquire Software Services firms", KLG Systel Ltd company has informed BSE that the Company has initiated preliminary dialogue for acquisition with some companies. The Board of the Company has also decided to appoint merchant bankers to evaluate the proposals. The Company in this regard, has also clarified that neither the Company not any officer of the Company has released the news to the press as no decision to acquire any Company has been taken as on date.

Savita Chemicals appoints new Additional Directors

The board of directors of Savita Chemicals Ltd at its meeting held on December 14, 2001 has appointed Ninad B Karpe and Sanjeev R Pandit as Additional Directors on the Board of the Company. A three member Audit Committee has been formed with Sanjeev R Pandit as its Chairman and Vasant D Narkar and Ninad B Karpe as its members. All three Committee members are Independent Directors. A Four member shareholders grievance committee has been formed with V D Narkar as its Chairman and Gautam N.Mehra, Atul G Satsangi and Sanjeev R Pandit as its members. The Committee Chairman, V D Narkar is a non-executive Independent Director of the Company, C V Alexander is a Compliance Officer and Secretary of the Committee.

Zydus Cadila launches a comprehensive online guide for 'Sugar Free' healthy life

Cadila Healthcare Ltd has informed BSE that the Cosmetics division of Zydus Cadila has launched a new comprehensive and interactive online guide www.sugarfree-india.com for leading a stress-free healthy lifestyle. Besides providing information on Sugar Free, the market leader in low caloric sweeteners. This interactive website deals with a gamut of macro health and lifestyle issues. The salient features of this site include different aspects like managing calories and weight loss management. Sedentary lifestyles, high caloric diet, lack of physical activities and their fallout in the form of life style diseases-like obesity, diabetes cholesterol and heart disease are posing a great health risk. All of these health hazards can be linked to one root cause excess calorie intake. The website with interesting sections like Calorie Needs Calculator, Calorie Burnt Calculator. Body Mass Index Calculator, provides a personal health chart on what one's ideal calorie count and ideal weight should be. A diet planner also allows one to maintain a record of one's daily dietary habits. The Sugar Free Low Calorie Recipe corner provides tips for new, tasty dishes. At the dietician's corner visitors can post their queries and get online guidance. They can also download interactive and visually stimulating screen savers through this interactive section. The newly launched web-site aims to be an online health management guide for health conscious individuals in the age-group of 25-45 and held them adopt healthy dietary habits and ward off health risks.

Aurobindo Pharma Board to call EGM to seek members approval on preferential issue

The board of directors of Aurobindo Pharma Ltd at its meeting held on Saturday has resolved to place a Special Resolution under Section 81(1A) of the Companies Act, 1956 for the issue of further equity shares, share warrants, etc upto a maximum of 5.50 million on private placement basis to FIIs, FIs, Banks, Mutual Funds, Private Equity Funds, Promoters, Directors, etc in the Extra-Ordinary General Meeting to be held on January 15, 2002 for obtaining the consent of the shareholders for raising upto Rs 1250 million. The price for the issue is to be not less than the price arrives in terms of SEBI Guidelines on Preferential Allotment basis. The amount raised by this issue will be utilised for the purpose of investment in Joint Ventures/Overseas Subsidiaries, upgradation and modernisation of existing construction of new facilities and ongoing capital expenditure plans of the Company for R & D, etc.

Electrolux Kelvinator to restructure washing machine manufacturing facilities

Electolux Kelvinator Ltd has informed BSE that in order to derive the synergistic benefits of the merger of Introl Ltd and Electrolux India Ltd and overall improvement in the performance of the Washing Machine business of Electolux Kelvinator Ltd, the Board of Directors of the Company have decided to relocate the Front Load Washing Machine Manufacturing facilities currently located at Gurgaon, Haryana to their existing Top Loading Fully-Automatic Washing Machine manufacturing facility at Butibori, Maharashtra.

Trading to resume in Shyam Software from Dec 18, 2001

BSE has informed the members of the exchange that following compliance with the provisions of Listing Agreement by the company and an undertaking to comply with all provisions of the Listing Agreement in future, the Exchange has decided to revoke suspension of trading in the equity shares of Shyam Software Industries Ltd, with effect from December 18, 2001. The trading will be resumed under Compulsory Rolling Settlement.

Super Tannery members approve payment of 10 per cent dividend

Super Tannery (India) Ltd has informed BSE that at the Annual General Meeting held on Saturday, the members have approved payment of 10 per cent dividend as recommended by the board.

B L Arora takes over as Managing Director of Tamilnadu Telecommunications

Tamilnadu Telecommunications Ltd has informed BSE that B L Arora has taken over as managing director of the company with effect from December 13, 2001. This is consequent to the repatriation of V Partha Sarathy to his parent organisation, BSNL.

Colgate members authorise Board to invest surplus funds

Colgate Palmolive India Ltd informed BSE that its members have authorised its Board of Directors to invest upto Rs 4000 million of surplus funds in various instruments. These include investments in money market mutual funds, debentures, bonds, commercial papers, call/intercorporate loans/deposits, etc or providing guarantees or security in connection with loans made by any other person to, or any other person by, any body corporate and acquiring by way of subscription, purchase or otherwise the securities of any other body corporate. This approval will enable the board to invest the funds surplus to the immediate business needs of the company. The board is expected to make prudent judgements that suit best in the interest of the company. The members provided the above consent by means of a postal ballot scrutinized and certified in favour (more than 75%) of the resolution by Ford, Rhodes, Parks & Co.

Exide Inds Board to consider buy-back as per fresh SEBI guidelines

Exide Industries Ltd has informed BSE that in view of the fresh guidelines issued by SEBI, the company has been advised to hold a fresh meeting to confirm to the new requirements. Accordingly, the company has informed that a meeting of the Board of Directors will be held on December 24, 2001 to consider the buy back of shares.

BSE imposes AVM on 36 scrips

BSE has informed the members of the exchange that Additional Volatility Margin(AVM) as per Exchange Notice NO.54006/2000 dated 23rd June, 2000 has been imposed on the following scrips for the settlement No. 039/2001-2002 commencing on Tuesday, December 18,2001. The AVM would be computed on the net outstanding Purchase or Sales position as may be applicable at the end of day at the rate given below. The rate of AVM would be remain unchanged for the entire settlement. CODE NAME OF THE COMPANY AVM Pur/Sales % GROUP 32385 Aztec Software and Technolgy Services Ltd. 10.00 B1 32 Bajaj Hindustan Ltd. 10.00 B1 3960 Bharat Bijlee Ltd. 15.00 B2 32346 Blue Star Infotech Limited 10.00 B1 5366 Bosch Rexroth (India) Ltd. 10.00 B2 32324 Cinevista Communications Ltd. 10.00 B1 26785 Crest Communications Ltd. 10.00 B1 32312 Geometric Software Solutions Co.Ltd. 25.00 B1 6076 Grindwell Norton Ltd. 10.00 B1 24735 Hikal Ltd. 10.00 B1 32175 Infotech Enterprises Ltd. 10.00 B1 32268 Kale Consultants Ltd 10.00 B1 32400 KPIT Infosystems Ltd. 25.00 B1 257 Lupin Ltd 10.00 B1 8918 M.J.P. Leasing Ltd. 10.00 B2 32337 Mascot Systems Ltd. 15.00 B1 20059 Munjal Auto Industries Ltd. 10.00 B2 31209 Nucleus Software Exports Ltd 10.00 B1 17536 Onward Technologies Ltd. 15.00 B1 31167 Orient Information Technology Ltd. 25.00 B1 32350 Padmalaya Telefilms Ltd. 10.00 B1 32387 Pritish Nandy Communications Ltd 15.00 B1 17447 R S Software India Ltd. 25.00 B1 32370 Ramco Systems Ltd 15.00 B1 32328 Rane Brake Linings Ltd. 10.00 B2 370 Salora International Limited 25.00 B1 11076 Sat Investeck Ltd. 15.00 B2 24552 Shasun Chemicals And Drugs Ltd. 10.00 B1 12028 Shonkh Technologies International Ltd 15.00 B2 31121 Sierra Optima Ltd 25.00 B1 32274 Soffia Software Ltd 25.00 B2 12299 Sterling Biotech Ltd. 10.00 B1 32348 Subex Systems Ltd 15.00 B1 32375 Tips Industries Ltd. 15.00 B1 464 Ucal Fuel Systems Ltd., 10.00 B1 32383 Vision Organics Ltd 25.00 B1