Kale Consultants Ltd has informed BSE that Kiran Chitale - Company Secretary has resigned and he ceases to be the Company Secretary of the Company w e f August 28, 2002.
DSQ Software FY-02 net loss at Rs 720.60 million
DSQ Software Ltd has posted a net loss of Rs 720.60 million for the year ended June 30, 2002 comprising 18 months as against a net profit of Rs 1268.70 million in the year ended December 31, 2000 comprising 18 months. Total Income for FY-02 is at Rs 3251.80 million as against Rs 5285.10 million in the year ended December 31, 2000.
SBI closes its subsidiary SBI Securities
State Bank of India has informed BSE that the Bank has decided to close SBI Securities Ltd (SBISL), a subsidiary of the Bank, following a Directive in this regard from the RBI.
Mid-Day Multimedia Subsidiaries not to undertake broadcasting activity in Delhi & Chennai
Mid Day Multimedia Ltd has informed BSE that M/s Mid-Day Radio North India Ltd and Mid-Day Broadcasting South India Pvt. Ltd, 100% subsidiaries of Mid-Day Multimedia Ltd were formed for the purpose of operating FM Broadcasting Stations at Delhi & Chennai respectively
The Company has further informed that on Wednesday the Companies have informed the Government (I& B ministry) that due to uneconomic license fee structure and delay in the setting up of joint infrastructure by all the broadcasters in the respective cities beyond the agreed date of August 29, 2002 they would not undertake broadcasting activity in Delhi and Chennai respectively under the present tender terms. However it there is any change in the tender terms by the Government (I & B Ministry) both the Companies may reconsider their position.
Bombay Dyeing Board approves buyback
The Board of Directors of Bombay Dyeing & Manufacturing Company Ltd at its meeting held today August 28, 2002, has decided to buy-back from the shareholders of the company from the open market through stock exchanges, the fully paid-up equity shares of the company of the face value of Rs 10 each, to the extent of or less than 10% of the equity capital and free reserves of the company, however not exceeding 25% of the paid up equity share capital of the company ie 97,93,818 equity shares (less 400 shares extinguished after March 31, 2002 under earlier buyback scheme) at a price not exceeding Rs 65 per equity share and the total amount not exceeding Rs 319.80 million.
Supreme Court declines to grant interim relief to Godrej Industries
Godrej Industries Ltd has informed BSE that the Supreme Court today (August 28, 2002) while admitting the SEBI appeal against the Bombay High Court order declined to grant any interim relief as prayed for.
The denial of the Apex Court to grant stay of the Bombay High Court order virtually means that both Godrej Industries Ltd and Sterlite Industries Ltd schemes of buyback under Section 391 will proceed as scheduled and the question of SEBI's locus in the matter of Section 391 of the Companies Act will be decided as and when the matter comes up for hearing.
Tata Telecom rolls over Commercial Paper
Tata Telecom Ltd has informed BSE that the Commercial Paper of Rs 170 million has been repaid on Wednesday and fresh Commercial Paper (CP) for Rs 200 million has been issued effective August 28, 2002. This has been subscribed by UTI Bank Ltd with maturity date as November 22, 2002.
The company has further informed that aforesaid issuance of CP is not an additional borrowing/increase in debts of the company and working capital demand loan component of fund based limit sanctioned by its consortium bankers has been reduced to the extent of Rs 200 million effective August 28, 2002.
Philips announces divestment of printed circuit board assembly business
Philips India Ltd has informed BSE that the Company's Printed Circuit Board Assembly business (PCBA) has its assembly facility within the Company's premises at Pimpri where it employs about 150 people. The turnover of this business for the year ended December 31, 2001 was Rs 632 million representing less than 1% of the Company's gross revenues.
In line with the decision announced by Koninklijke Philips Electronics N V the Board of Directors of Phillips India Ltd has decided to divest the printed circuit board assembly business to Jabil Circuit Inc a USA based corporation and a global leader in Electronic Manufacturing Services having 2001 revenues of USD 4330 mn. Jabil Circuit employs over 17000 persons and has manufacturing locations in America, Europe and Asia. The purchase consideration is around Rs 230 mn.
The divestment will be subject to the necessary approvals and is expected to be completed during the fourth quarter of this year.
Etc Networks announces change in management structure
Etc Networks Ltd has informed BSE that pursuant to the acquisition of controlling interest in the Company by Zee Telefilms Ltd the Board of Directors has been reconstituted at their meeting held on Wednesday as under:
Rajiv Garg, Vikas Gupta and Hema Malini have been appointed as Additional Directors on the Board
Jagjit Singh Kohli, Yogesh Shah and Yogesh Radhakrishnan have resigned from the Board. However they will continue to remain in the management of the Company.
S Ravindran and Hetal Thakore have resigned from the Board.
Sandeep Goyal has been appointed as Managing Director of the Company.
Subhash Chandra has been appointed as Chairman of the Company.
BOB announces withdrawal of one day strike on August 29, 2002 by Trade Unions
Bank of Baroda has informed BSE that a call for strike has been withdrawn by the respective Trade Unions. This is with reference to the matter of one day strike on August 29, 2002 given by various Trade Unions Organisations operating in the Banking Industry.
Add Life Pharma Board to consider stock split
Add Life Pharma Ltd has informed BSE that the Board of Directors of the Company will meet on September 03, 2002 to consider the stock split from Rs 10 fully paid up each to Re 1 fully paid up each.
UTI Bank appoints Salomon Smith as Investment Bank
UTI Bank Ltd has informed BSE that it has appointed Salomon Smith Barney as the Investment Bank for raising additional equity capital through the preferential allotment.
Sterlite Industries Board to consider recommendation of dividend
A meeting of the Board of Directors of Sterlite Industries India Ltd is scheduled to be held on August 30, 2002 to consider the matter of recommending a dividend for the nine month period ended March 31, 2002.
Sun Pharma Board fixes record date for issue of bonus shares
Sun Pharmaceuticals Industries Ltd has informed BSE that the Board at its meeting held on August 28, 2002 transacted the following business:
The board allotted 19,771, equity shares of Rs 10 of the Company on merger of erstwhile M J Pharmaceuticals Ltd (MJPL) in the ratio of 1 equity share of Rs 10 each of the Company for every 210 equity shares of Rs 10 each of MJPL as on MJPL Record Date fixed on July 24, 2002.
The board fixed the Record Date as October 10, 2002 for deciding the entitlement of the equity shareholders of the Company for issue and allotment of 6% Cumulative Redeemable Preference Shares of Re 1 each as Bonus Shares, to the equity shareholders of the Company in the ratio of 4:1 ie 4 no of 6% Cumulative Redeemable Bonus Preference Shares of Re 1 each for every 1 no of equity shares of Rs 10 each.
Nesco Board approves reduction in face value of shares
Nesco Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 20, 2002 have passed a resolution for reduction in face value of shares from Rs 100 to Rs 10.
STG forays into call centre training with Callsmart
In keeping with the burgeoning needs of the ITES Industry in India, Software Technology Group, the country's leading IT services provider, on August 23, 2002 launched its specialized module for the ITES industry. Titled 'CallSmart this 15-day interactive & comprehensive voice based contact center training program will offer specially designed courses for the call centre and contact center industry.
Callsmart is targeted at graduates as well as undergraduates of any age group and will offer comprehensive training in soft skills, English Language and accent neutralization. Excited at the launch of Callsmart, Mr Yogesh Vaidya, Chairman & CEO, Software Technology Group said " India's increasing position as the outsourcing destination of the future has opened the doors for India's highly skilled and educated resource pool. STG believes that with value added modules like Callsmart, it will be able to play a significant role in preparing employees for the ITES sector'.
Nearly 1.1 million jobs will be created in the IT-enabled services sector in India by 2008 he added and STG expansion plans are in keeping with the potential of this growing market. The 'Callsmart' module will initially be offered in all the major metros in the country, beginning with Chennai, New Delhi, Bangalore and Hyderabad.
GAIL clarifies on news item
With reference to a news item appearing in a leading financial daily titled " Haldia scipts business plan with GAIL as strategic ally" Gas Authority of India Ltd has informed BSE that the Company has communicated its " Expression of Interest" to Haldia Petrochemicals Ltd (HPL) for
1. Developing mutually acceptable commercial package covering among other things products exchange, grades rationalization, product sale, tall manufacturing by using excess capacities and other allied areas.
2. Equity participation by GAIL up to 10% in HPL subject to completion of a comprehensive due diligence study and completion of financial restructuring by HPL.
G G Automotive Gears signs agency agreement with Alstom Australia
G G Automotive Gears Ltd has informed BSE that it has successfully signed an Agency Agreement with Alstom Australia Ltd. The Company's Managing Director, Mr Kennedy Gajra and Mr Anthony Csillag General Manager Parts, Railway Division signed the agreement recently.
The agreement appoints Alstom, Australia as exclusive distributors for Australia and New Zealand for a period of 5 years. With this the Company has tied up its market in that part of the world. This shall ensure a very reliable business partner in Alstom and shall take the Company to new heights with a substantial increase in sales year on year basis. The total Australian market is for US$ 5 million approx. annually. We hope that with the strength of Alstom and our quality, we shall be able to tap at least 25% of this market.
Statement by Geometric on attempted misuse of client source code
Geometric Software Systems Ltd has informed BSE that on August 25, 2002, acting on a complaint made by the Company, the Central Bureau of Investigation (CBI) arrested Shekhar Verma, on charges relating to this theft and attempt to sell the source code of the SolidWorks® software product. The CBI believes they have recovered all copies of the SolidWorks source code in Mr Verma's possession and that he had no previously provided it to any other parties Mr Verma was a former employee of Geometric and illegally removed the source code from the Geometric premises.
Manu Parpia, Managing Director of Geometric Software Solutions said "We commend the CBI for its prompt action. As was noted in the CBI statement, the excellent cooperation between the US Authorities, viz. the FBI made the rapid arrest possible. We believe this action demonstrates that we in India understand the importance of Intellectual Property protection and that software theft is treated seriously. We understand our customer intellectual Property is extremely valuable and their trust in us is essential for our continued success."
SolidWorks has appreciated the prompt response from Geometric and has assured Geometric that this will not affect its close relationship.
Geometric and SolidWorks are now working closely together to determine what further actions can be taken to improve security at Geometric's facility and elsewhere.
