Paramount Communications Board Meeting adjourned

Paramount Communications Ltd has informed BSE that the meeting of the Board of Directors of the Company scheduled to be held on March 12, 2001 has been adjourned for want of quorum. The agenda for the meeting was to consider allotment of 1.20 million equity shares of the Company on preferential basis. With this adjournment, the aforesaid matter could not be finalised.

Stay granted against GPCB's order for Alembic's Vadodara plant

Alembic Ltd has informed BSE that the appellate authority has granted a stay against the direction of Gujarat Pollution Control Board (GPCB) asking for stoppage of the operations at the Company's Vadodara Industrial Plant. The Company had received notice issued by Gujarat Pollution Control Board (GPCB) on March 12, 2001 asking the Company to stop the operations of the industrial plant located at Vadodara till adequate air pollution control equipment were installed. The aforesaid notice had been issued by GPCB under section 31-A of the Air (Prevention and Control of pollution) Act, 1981, on account of excess emission of SO2 from one of the boilers of the Company. In this regard, the Company had approached appellate authority and after hearing the arguments of the Company, the appellate authority has granted a stay today (March 14, 2001) till March 27, 2001 against the aforesaid direction of GPCB. As a result of this development, the Company has stated that the operations are continuing at the Vadorara Industrial plant and the Company is taking appropriate steps to address the issue.

Thermax starts subsidiary company in the US

Thermax Ltd has set up a wholly owned subsidiary Company "Thermax Inc" in the U.S.A. This is the second overseas subsidiary the Company has operationalised in this financial year, the earlier one being ME Engineering based in the U.K. Thermax Inc. located in Detroit, USA is expected to start operations from April 2001, and will be engaged in establishing of distinct identity for Themax Ltd as a multinational energy equipment, chemical and services Company. The Subsidiary will act as the front end value chain for all the major business and subsidiaries of Thermax Ltd. It will develop and sustain markets in North and South America Thermax Ltd intends to market and support its established range of products and services in the USA. Notably resins for water treatment and speciality applications, absorption chillers for air-conditioning and process cooling, co-generation solutions, bio-mass fired boilers for niche markets, heat recovery units and engineering/consultancy services. The Subsidiary will also nurture long term partnerships with OEMs in USA and strengthen technology sourcing and alliances for Thermax. S.S. Shastri, a veteran Thermax manager, is heading the Subsidiary. Thermax's new export strategy is expected to target major global players by offering quality solutions in energy and environment projects worldwide. In its first year of operations, Thermax's UK subsidiary ME Engineering has notched up orders worth $ 7.50 million. Says Prakash M Kulkarni, Managing Director, Thermax Ltd : " Thermax is already doing pretty well with absorption chillers in Europe and chemicals in the US. Our products are well accepted for their price, performance and service that Thermax offers. The new subsidiary will enable us to establish Thermax as a strong brand in the tough US market."

Deepak Spinners Board approves preferential allotment

Deepak Spinners Ltd has informed BSE that the Board of Directors of the Company at its Meeting held today (March 14 2001) has approved the allotment of 6 million equity shares of Rs 10 each for cash at par on preferential basis to the promotors and their associates. The aforesaid shares will have lock-in period of 3 years as per SEBI guidelines.

Diamines & Chemicals announces change in Directors

Diamines and Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held today (March 14, 2001) has appointed the following nominees of the new promoters as Additional Directors: 1. Shri Yogesh M Kothari 2. Shri Amit Mehta 3. Shri Kirat Patel 4. Shri G G Chendwankar 5. Shri Rajendra Chhabra 6. Shri Munir Ahmed This is pursuant to the resignations of Mr Kaashyap R Mehta, Mr Mukesh N Banker, Mr Narayan P Chhabria and Prof. Rooshikumar Pandya from the Board. The Company has intimated that the Board will now consist of Shri P S Chhabra (Managing Director ) and Shri U B Narkar (IDBI Nominee) in addition to the aforesaid appointments. At the aforesaid meeting, the Board of Directors has also approved the allotment of 25,00,000 equity shares of Rs 10 each, fully paid, to the new promoters.

Lupharma UK Holding acquires 51% stake in Knoll Pharma

Knoll Pharmaceuticals Ltd has informed BSE that the Company has received notice from Lupharma UK Holding One Ltd intimating the acquisition of 82,62,000 equity shares of the Company. The acquired shares represent 51 per cent of the shareholding/voting rights of Knoll Pharma. The shares have been acquired from Lupharma GmbH.

Infosys opens office in Sharjah

Infosys Technologies Ltd has announced today (March 14, 2001) the inauguration of its latest branch office in Sharjah. Located in the Sharjah Airport International Free (SAIF) zone, the office has been digitally inaugurated by the Crown Prince of Sharjah, His Highness Sheik Sultan Bin Mohammed Bin Sultan A1 Qassimi from the Holiday Inn Resort, Sharjah. Mr. Mohandas Pai T.V., Director-Member of the Board and Chief Financial Officer, Infosys Technologies Ltd presided over the inauguration. Speaking about Infosys' offering to the Banking sector in the Middle East, Mr. Merwin Fernandes, Head-Global Sales and Marketing said, " With Infosys Enterprise Banking E-Platform, the new generation web and e-commerce ready solution, Banks can leverage powerful and unique capabilities such as 24x7x365 banking, Straight Through Processing, workflow and high level of flexibility, extensibility and interoperability. The E-Platform provides clients strategic value by enabling them to gain and retain business agility and time-to-market advantage required to quickly seize new business opportunities and move a head of competition. By opening a branch office in Sharjah, we aim to partake in the e-enabling initiatives of the Banks in the Middle East." " We have built a successful partnership with the prestigious National Bank of Abu Dhabi and we are talking to various banks in the Middle East to provide them with Infosys world class banking technology.", said Mr.Mohammed Naseem, Manager-Sales, Middle East.

Niryat Sam Apparels Board proposes Increase in authorised capital

Niryat Sam Apparels Ltd has informed BSE that the Board of Directors of the company at its meeting held on March 09, 2001 has proposed to increase the authorised share capital of the company from Rs.200 million consisting of 10 million equity shares of Rs.10 each and 1 million Cum.Red.Pref. shares of Rs.100 each to Rs.275 million consisting of 10 million equity shares of Rs.10 each and 1.75 million Cumulative Redeemable Pref Shares of Rs.100 each.

Medi-Caps workers strike affects production

Medi-Caps Ltd has informed BSE that some workers of the Company have gone on strike. This stike is reported to be effecting the Company's production.

Trading in Datapro Information Tech. resumes

BSE has informed members of the exchange that trading in the securities of Datapro Information Technology Ltd has been be resumed with effect from today (March 14, 2001). The Scrip was earlier suspended from trading from March 05, 2001 for Non-Resolution of Investor Complaints.

Sandesh Board to consider scheme of amalgamation of its 3 Subsidiaries

A meeting of the Board of Directors of Sandesh Ltd has been fixed on March 21, 2001 to consider and approve the draft Scheme of Amalgamation of Swarpan Investments Ltd, Shubhkamna Investments Ltd and Sarvashanti Investments Ltd with the Company. The 3 Companies proposed to be amalgamated with Sandesh Ltd are the wholly owned Subsidiaries of the Company.

Cabot to make open offer to shareholders of Cabot India at Rs 100 per share

A Public Announcement is being issued by Kotak Mahindra Finance Company on behalf of Cabot UK Holdings Ltd, a Company registered in England and Wales and Cabot Corporation, USA, a Company incorporated under the laws of the State of Delaware ("the Acquirers") to the shareholders of Cabot India Ltd in compliance with the Securities and Exchange Board of India (Substantial Acquirers of Shares and Takeovers) Regulations, 1997. In the Public Announcement thereof, Cabot UK Holdings Ltd and Cabot Corporation USA, are making an open offer the all the shareholders of Cabot India Ltd to acquire upto 34,95,360 fully paid up equity shares of Rs 10 each of the Company. The proposed acquisition represents 40% of the Outstanding Share Equity Capital of Cabot India Ltd. The price for this acquisition has been fixed at Rs 100 per share and is payable in cash. The offer is not subject to any minimum level of acceptances. As of date thereof, Cabot International Capital Corporation (a wholly owned subsidiary of Cabot Corporation) holds 52,43,040 shares in the Cabot India Ltd, representing 60% of the Outstanding Equity Share Capital of the Company. The Offer by the Acquirers is being made with the objective of consolidating their holdings in Cabot India Ltd, which may also result in delisting of the Target Company. The Offer is subject to the Acquirers obtaining the approval of the Foreign Investment Promotion Board/Secretariat for Industrial Assistance and the Reserve Bank of India. The Company has fixed March 16, 2001 as the Specified Date in respect of this Offer. The Letter of Offer will be mailed to those shareholders whose names appear on the Register of Members of the Cabot India Ltd (including Shareholders holding shares in Demat form). The Offer will open on May 08, 2001 and will close on June 06, 2001. Kotak Mahindra Finance Company who has been appointed as the Managers to the Issue has informed this in a communication to the BSE. FONT>

BSES clarifies on news article

With reference to news item appearing in a leading financial daily on the issue of the Company's participation in Co-Generation Plants, BSES Ltd, in a clarification to the BSE has stated that the Government of India, Ministry of Power, the State Government of Maharashtra, Maharashtra State Electricity Board have been encouraging the setting up of co-generation plants. In this regard, the Company has always been proactive in undertaking exploratory work in participating in ventures which would bring into stream the green power projects based on renewable fields. It is in this context that the Company had evinced interest in participation in Co-Generation Plants. The Company has added that the Bagasse based co-generation project in Maharashtra entails setting up of conventional power project. The Company has expressed interest in such projects for which memoranda of interest have been signed. The Company is also planning to pursue the project further on resolutions of various issues like (i) viability of supplying power to MSEB (ii) necessary linkage of water (iii) use of alternative fuel during off season period (iv) provision for various security mechanisms like Letter of Credit, Escrow Agreement and State Government Guarantee and (v) entering into PPA with Sugar Mills. The Company has clarified that it has so far not invested any funds on these projects. A decision on participation in Co-generation Plants will be taken after the aforesaid issues are addressed satisfactorily.

European Software EGM postponed

European Software Alliances Ltd has informed BSE that the Extra Ordinary General Meeting of the Company scheduled to be held on March 27, 2001 has been postponed due to unavoidable circumstances. The fresh date will be informed by the company as soon as the Board decides about the same.

Khaitan Electricals Shareholders approve Scheme of Amalgamation

Khaitan Electricals Ltd has informed BSE that the shareholders of the Company have approved the Scheme of Amalgamation of Jhunjhunu Electrical & Finance Ltd., with the company. The approval has been given at the meeting of the Shareholders held on March 10, 2001 under the Chairmanship of Chairperson appointed by the High Court of Adjudicature of Andhra Pradesh. One share of Khaitan Electricals Ltd will be will be issued for every three shares of Jhunjhunu Electrical & Finance Ltd., held. The Scheme is effective from January 01, 2001.

GKN Driveshafts FY 2000 net up by 7.31%

GKN Driveshafts (India) Ltd has reported a net profit of Rs 47.68 million for the year ended December 31, 2000 as compared to Rs 44.43 million in the last fiscal. Net sales for the FY 2000 have increased by 12.50%, at Rs 1427.99 million from Rs 1269.33 million in the previous year ended December 31, 1999. Other income for the FY 2000 stood at Rs 8.60 million as against Rs 7.19 million in the last fiscal. During the period from October 1, 2000 to December 31, 2000 following changes have taken place in the Management structure of the Company: Mr John Lan Dickenson ceased to be Managing Director with effect from November 1, 2000. However he continues to be a member of the Board. Mr. S Ravindran has been appointed as Managing Director with effect from November 1, 2000. The Board of Directors of the Company has proposed a dividend of 10% i.e. Rs 1.00 per share, subject to approval by the shareholders.

BSE cautions investors to beware of Rumours

A number of rumours have been floating in the market last few days with regard to BSE and capital market. In this regard, the Exchange has clarified the following: A Public Interest Litigation (PIL) filed against BSE by Mr. R. Mazumdar has been dismissed by a division of Mumbai High Court. The Exchange invests in Mutual Funds as part of the Investment policy and laid down procedures. Out of the total investment of Rs. 1037 crores as on March 13, 2001, BSE has invested only Rs.58 crores in Mutual Funds which is 5.6% of the total investments. The investments are made in the Mutual Funds directly by the BSE and not through any brokers. No brokerage is paid. Elections for the three vacanies in the Governing Board would be held as per the programme. Investors are requested not to be misled by rumours and be rest assured as regard to the safety of the market. The investors are requested to verify the authenticity of any such rumours with the Exchange authorities by sending their queries in writing on Fax No.: 2675824 or email to rvaidyanath@bseindia.com

BSE envisages no payment problem for Settlement No 50

The Stock Exchange, Mumbai has successfully completed all the pay-in and pay-out till now and the last pay-in was done for Settlement no. 49/2001 on March 9, 2001. The Exchange has clarified that it does not envisage any kind of payment problem in the ensuing settlement .ie. Settlement no. 50/2001, the pay-in of which is due on March 15, 2001. Against the pay-in for Settlement No. 50/2001, the Exchange has capital and margins of Rs. 2378.58 crores, which is several times the pay-in amount. The Marginable gross exposure as on March 12, 2001 stands at Rs.3455.61 crores for A, B1, B2, & Z group securities. The Exchange has a Capital and Margins to the tune of Rs.2378.58 crores. which provides a cover of nearly 68%. The Cash component of the total capital and margins is about 49%. A number of rumours have been floating in the market more particularly related to the payment problems at the Exchange. Investors are requested not to be misled by rumours and be rest assured as regard to the safety of the market. In case of queries investors may send their queries to Fax No.:2675824.

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