S P Gupta resigns as Director from the Board of Punjab Alkalies & Chem
Punjab Alkalies & Chemicals Ltd has informed BSE that Shri S P Gupta has resigned from the Board of Directors of the Company with effect from October 25, 2002.
Sonata Software Board approves opening of Branch Office at Manchester
Sonata Software Ltd has informed BSE that the Board of Directors, vide circular resolution passed today (December 12, 2002), has approved opening of a branch office of the Company at Manchester, UK.
L & T clarifies on CDC's Investment proposal
With reference to several media reports regarding demerger of the Cement Business of Larsen & Toubro Ltd (L&T) and the proposal under consideration of L&T's Board of Directors for induction of an Investor (Investment Proposal) into the demerged Cement company, Larsen & Toubro Ltd has clarified that the demerger proposal, as part of the exercise to restructure the cement business, was awaiting identification of a suitable investor. L&T has been in dialogue with several financial investors since September 2001 to secure capital for the growth requirements of the cement business. Following the acquisition of a stake in L&T by Grasim, the potential investors paused to assess the impact of this development and resumed discussions in July 2002. The current Investment Proposal is a result of several rounds of discussions with CDC Capital Partners, the private equity arm of CDC Plc, since July 2002. L&T is fully aware of the legal issues and has been dealing with reputable private equity investors (including CDC) who are also fully aware of these issues.
Both L&T and CDC believe that the demerger of the cement business and subsequent capital infusion into the demerged cement entity will result in significant value creation for L&T's shareholders by
Facilitating the growth of the business and;
Setting a sound benchmark for the valuation of cement business
Gulf Oil Corp to seek members' approval to utilise balance in Share Premium Account
Gulf Oil Corporation Ltd has informed BSE that the Board of Directors at its meeting held today (December 12, 2002) decided to call an Extraordinary General Meeting in January 2003, to obtain the consent of the Shareholders subject to the confirmation and approval of the High Court of Andhra Pradesh, to utilise an amount not exceeding Rs 323.80 million in Share Premium Account for adjustment of the balance miscellaneous expenditure (to the extent not written off or adjusted) pertaining to VRS Schemes, various claims settlements made / in progress as on March 31, 2003.
Pentamedia Graphics to seek members' approval for Preferential Allotment
Pentamedia Graphics Ltd has informed BSE that the Board of Directors at its meeting held today (December 12, 2002) has decided to convene an Extra-ordinary General Meeting on January 09, 2003, to seek the approval of the shareholders in respect of the following:
1. To issue 2,50,00,000 Equity Shares on Preferential Allotment basis to promoters and strategic investors for cash as per SEBI guidelines.
2. To issue share by way of public/right/ADR/GDR/FCCB/Preference Share.
3. To increase the Authorised Capital of the company from Rs 1500 million to Rs 2500 million and to amend the Capital Clause of the Memorandum of Association and the Articles of Association.
Vakrangee Softwares Board approves allotment of Warrants on Preferential Basis
Vakrangee Softwares Ltd has informed BSE that the Board of Directors at its meeting held today (December 12, 2002) allotted 4,25,000 Warrants to M/s Dream River (Neral) Developers Pvt Ltd and 9,75,000 Warrants to M/s Tenacity Technology Pvt Ltd on Preferential Basis as per the terms of the special resolutions passed at Annual General Meeting of the Company held on September 14, 2002. Rs 12,75,000 and Rs 29,25,000 were received as Application money @ Rs 3 per warrant on the above allotments respectively.
The warrant holders, on exercise of warrants, will be entitled for one fully paid up equity share of Rs 10 each for cash at a premium of Rs 20 per share for every warrant held. The option to acquire equity shares will have to be exercised by the warrant holders, at any time before the expiry of 18 months from December 12, 2002.
Bhartiya International to form a subsidiary in Italy
Bhartiya International Ltd has informed BSE that it is in process of forming a subsidiary in Italy. This subsidiary will handle the function of manufacturing & distribution (including manufacturing) of the company's recently acquired brand "OMPEL" in the Italian market.
Bayer Group, Germany acquires the CropScience business of Aventis Group
Aventis CropScience India Ltd has informed BSE that the Bayer Group of Germany has acquired the CropScience business of Aventis Group and consequently the control of company has changed. Aventis CropScience SA (now called Bayer CropScience SA) and Aventis CropScience GmbH (now called Bayer CropScience GmbH), which together hold 67.08% of the paid-up Share Capital of the Company are now wholly owned subsidiaries of Bayer CropScience Holding SA of France and consequently, they have changed their names by deleting the word 'Aventis' from their name and substituting with by the word 'Bayer'.
In view of above, an Extraordinary General Meeting of the Shareholders of the Company is scheduled on January 11, 2003 to approve the change of name of the Company from Aventis CropScience India Ltd to Bayer CropScience India Ltd.
P K Rai resigns from the Board of Vindhya Telelinks
Vindhya Telelinks Ltd has informed BSE that Shri P K Rai has resigned from the Board with effect from November 30, 2002.
Tata Coffee Board to consider Offer of Rights by Barista Coffee Co
Tata Coffee Ltd has informed BSE that a meeting of the Board of Directors is scheduled on December 16, 2002 to consider, inter alia, offer of 4,56,140 Equity Shares of Rs 10 each made by way of Rights by Barista Coffee Company Ltd (an unlisted Company) in which the Company presently holds 34.29 % Equity Stake.
Rane Brake Linings bags Australian order for railway brake blocks
Rane Brake Linings Ltd has informed BSE that the company in its foray into the overseas market has bagged an Australian order for the supply of railway brake blocks.
Operations suspended at VST Tillers Tractors' main Whitefield Road Plant
VST Tillers Tractors Ltd has informed BSE that due to slowdown in the production and labour unrest, it has suspended its operations at its main Whitefield Road plant with effect from December 03, 2002.
Mahan Industries to seek members' approval for Stock Split
Mahan Industries Ltd has informed BSE that assent of the Shareholders of the Company is accorded at the Eighth Annual General Meeting of the company scheduled on December 31, 2002 to split the present 60,00,000 Equity Shares of Rs 10 each into 6,00,00,000 Equity Shares of Re 1 each subject to approval by Ahemdabad Stock Exchange.
Abee Info Consumables launches Dial-an-Easy-Fill
Abee Info Consumables Ltd has informed BSE that it has launched Dial-An-Easyfill-6132884, a US $ 343 million concept that is set to revolutionise trends in the IT Industry.
Lock out declared at Mananthavady Group of Assambrook
Assambrook Ltd has informed BSE that a lock-out has been declared at its Mananthavady Group comprising of Talapoya, Cherakara, Tatamala and Jessie Tea Estates in Wynaad District of Kerala.
90 per share in terms of Employees Stock Options Scheme of the Company upon exercise of option for conversion of warrants into equity shares.
The warrants were issued to the eligible employees, from time to time, over a period of last three years. The conversion of warrants into equity shares is arising after the initial lock in period as stipulated in the ESOP scheme.
Gujarat Ambuja Exports members approve scheme of arrangement
Gujarat Ambuja Exports Ltd has informed BSE that at the Shareholders of the Company at the Extraordinary General Meeting held, as per direction of the Hon'ble High Court of Gujarat, on November 21, 2002, have approved the Scheme of Arrangement between the Company and its Equity shareholders for repayment of capital to small shareholders holding upto 99 Equity shares in physical form.
Goldstate Far East ceases to be a subsidiary of Lahoti Overseas
Lahoti Overseas Ltd has informed BSE that one of its wholly owned foreign subsidiary, Goldstate Far East Ltd, Hong Kong, ceases to be a subsidiary of the company as the total investment made in the share capital of the subsidiary company has been divested by the company as per the instructions of Reserve Bank of India.
Digital Globalsoft clarifies on News Item
With reference to a News Item published in a leading financial daily titled "Digital GlobalSoft may merge with HP arm", Digital Globalsoft Ltd has informed BSE that with the intent of exploring suitable operating options post the implementation of HP/Compaq merger internationally, the Company has formed a committee of independent Directors from its Board.
STADS, a Wholly owned subsidiary of Eonour Tech wins contract from Verizon and Idea Cellular
Eonour Technologies Ltd has announced today (December 12, 2002) that Verizon Data Services India Pvt Ltd has roped in System Telecom and Data Services (STADS), a fully owned subsidiary of the Company, for the supply of voice and data infrastructure while Idea Cellular, a Hyderabad based mobile phone company signed in STADS for the supply of active components.
The contract with Verizon is for supply of voice and data infrastructure, which will enhance communication interfaces, provide affordable, reliable and fast connectivity, thus ensuring high processing performance for security encryption.
The contract with Idea Cellular is for supplying active components such as data switches, which will ensure that data is transmitted securely over wireless networks.
Vysya Bank denies News Item
With reference to a News Item published in a leading financial daily titled "Vysya may sell Bharat Overseas stake to BOR", Vysya Bank Ltd has informed BSE that there are no formal discussions with Bank of Rajasthan.
US District Court to give opinion on Dr Reddys Lab - Amlodipine Maleate Case on December 17, 2002
Dr Reddys Laboratories Ltd announced today (December 12, 2002) that the oral argument of its motion to dismiss Pfizers's complaint in the Amlodipine Maleate case was heard on December 11, 2002 in the United States District Court for the District of New Jersey. The Court announced no decision but indicated that it intended to issue an opinion on December 17, 2002 at 4:00 PM EST.
On June 17, 2002 Pfizer had notified Dr Reddy's that it had filed a suit in the Federal Court in New Jersey on one of the two Orange Book patents, the '909' patent. Pfizer did not file a suit on the second patent. Subsequently, Dr Reddy's filed a motion to dismiss Pfizer's complaint, the argument for which was heard on December 11, 2002.
Grasim clarifies on News Item
With reference to a News Item published in a leading financial daily titled "Birlas send legal notice to L & T, challenge demerger", Grasim Industries Ltd has informed BSE that it has not given the said information to the concerned news paper.
Aarti Drugs makes Tender Offer for Buy-back of its Equity Shares
Aarti Drugs Ltd has informed BSE that it has made an offer to Buy-back upto 13,00,950 fully paid up Equity Shares of Rs 10 each representing 10 % of the Issued, Subscribed and Paid up Equity Share Capital of the Company at Rs 39 per Share through Tender Offer.
The Specified Date is January 09, 2003.
The Date of Opening of the Buy-back Offer is January 22, 2003.
The Date of Closing of the Buy-back Offer is February 05, 2003.
he promoters, their associates and their families for an aggregate nominal value not exceeding Rs.6,00,00,000/-.
2. Invest upto Rs. 2000 million (consisting of all investment made since inception and all future investment to be made) in any body(ies) corporate in India or abroad.
The Board of Directors also authorised Chairman and MD of the company to take further steps for issue of securities by way of ADR / GDR.
Telephoto Entertainments revises swap ratio for proposed merger
Telephoto Entertainments Ltd (Telephoto) has informed BSE that the company is convening a Board meeting shortly to take on record the Scheme of Arrangement and it has revised the swap ratio for the said merger as follows:
For every 5 (Rs 10 paid up) Equity Shares in In House, 4 (Rs 10 paid up) Redeemable Preference Shares in Telephoto.
For every 20 (Rs 10 paid up) Equity Shares in In House, 11 (Rs 10 paid up) Redeemable Debentures in Telephoto.
For every 25 (Rs 10 paid up) Equity Shares in In House, 17 (Rs 10 paid up) new Equity Shares in Telephoto.
Belenje Investments & Trading Board to consider Preferential Allotment
Belenje Investments & Trading Co Ltd has informed BSE that a meeting of the Board of Directors is scheduled on December 16, 2002 to consider, amongst other things, allotment of 15,00,000 Equity Shares of the face value of Rs 10 each for cash to be determined in accordance with SEBI Guidelines on Preferential Issue but not less that Rs 20 per share to Turbotech Precision Engineering Pvt Ltd in terms of authority given to the Board of Directors by the members at the Annual General Meeting held on September 23, 2002.
Amtek Auto Board to allot Bonus Shares
Amtek Auto Ltd has informed BSE that a meeting of the Board of Directors is scheduled on December 18, 2002 to allot Bonus Shares to the existing Shareholders of the Company in the ratio of 1:1.
VST Tillers Tractors Board to consider draft Scheme of Amalgamation
VST Tillers Tractors Ltd has informed BSE that it proposes to amalgamate its wholly owned subsidiary namely, V S T Precision Components Ltd, Mysore (an unlisted Public Ltd company) with itself. In this regard a meeting of the Board of Directors is scheduled on December 16, 2002 to consider and approve the draft Scheme of Amalgamation.
Govt agrees to provide guarantee in respect of IFCI's borrowing programme
IFCI Ltd has informed BSE that Government of India has agreed to provide guarantee to enable IFCI to raise US$ 100 million as foreign currency loan.
