Asian Paints is transforming itself to become a major world player in the decorative paints business with particular focus on emerging markets following its acquisition of controlling stakes in Berger International Ltd of Singapore & SCIB Chemical SAE of Egypt. The total investment made by the Company in both these acquisitions amount to around US$ 16.80 million.
Asian Paints announced that it would focus on emerging markets of the world of growth and also that Berger International will be the main growth driver for Asian Paints International Operations.
"Further, the company will implement cost structures in Berger's operations worldwide for increase plant efficiencies and increased asset productivity. It will focus to improve working capital management through various initiatives and introduce information technology in areas of operations where essential.
HSS and Jasomi Demonstrate Interoperability between the HSS SIP Server and Jasomi's Centrex Edition
Hughes Software Systems Ltd and Jasomi Networks Inc the leading supplier of NAT traversal and secure call demarcation solutions for Voice over IP networks, have demonstrated full interoperability between HSS call control platform & Jasomi's award winning far end NAT traversal solution, PeerPoint Centrex Edition.
The HSS SIP server & Jasomi's Centrex Edition are complementary products that are essential for the commercial deployment of a SIP enabled network. While the SIP server from HSS provides a rich set of features fully compliant to the latest standards of SIP, Peer Point Centrex Edition provides a robust signaling and media proxy implementation that addresses edge of network issues including near end and far end NAT firewall traversal.
United Breweries to consider issue of Redeemable Optionally Convertible Preference Shares
A meeting of the Board of Directors of United Breweries Ltd is scheduled to be held on December 21, 2002 to consider the following:
1. To consider issue of Redeemable Optionally Convertible Preference Shares on rights basis to the equity shareholders of the company
2. To fix the date, time & venue of Extraordinary General Meeting of the members of the company
ICRA assigns A1+ rating to West Coast Paper Mills debt program
West Coast Paper Mills Ltd has informed BSE that ICRA has assigned an A1+ rating to the captioned Commercial Paper/Short Term Debt Program for an amount of Rs 500 million.
The aforesaid rating is valid till October 10, 2003.
ITI to expand internet services equipment of MTNL
For the first time the subscribers of MTNL in Delhi and Mumbai will get to know what it is like to get connected on the networks of the future with the country's telecom equipment major ITI all set to execute the order for expanding their internet services equipment, apart from providing high bandwidth capacity on demand, ensuring secure transactions, intrusion free service and gateway connectivity.
The order valued at Rs 420 million is a significant step in the continuing growth of the company in the IT sector.
i-flex voted as "Best Newly Listed Company in India" in Asiamoney's Annual best Managed Companies Poll
i-flex solutions Ltd, a leading provider of integrated IT solutions for the global financial services industry, today (December 13, 2002) was declared the "Best Newly Listed Indian Company" in the prestigious annual Asiamoney poll 2002. Asiamoney's best managed companies poll is a unique effort that considers the opinions of fund managers, chief investment officers and heads of research at fund management firms, insurance companies and brokerage houses in the ASPAC region (including Australia & Japan). Respondents are asked to vote upon performance parameters like best corporate strategy, best management of financial management, best operational efficiency, best treatment of minority shareholders, best access to senior management and best communications with shareholders and investors.
UTI to consider proposal for making Mastershare86 open ended
Unit Trust of India has informed BSE that the Board of Trustees in its meeting to be held on December 23, 2002 will consider proposal to make Mastershare issued under Mutual Fund Subsidiary Unit Scheme 1986 Open Ended. The exact date of making it open-ended will be subject to SEBI approval and will be intimated after the approval of Board of Trustees.
Phoenix Lamps to consider scheme of arrangement
A meeting of the board of directors of Phoenix Lamps India Ltd will be held on December 16, 2002 to consider a scheme of arrangement.
Mather & Platt India to take on record High Court Order approving scheme of arrangement
A meting of the Board of Directors of Mather & Platt India Ltd will be held on December 17, 2002 inter alia to take on record the High Court Order approving the scheme of arrangement for cancellation of shares and to fix record date for the same.
RPG Cables offers VRS to workmen at Mysore factory
RPG Cables Ltd has informed BSE that as part of its restructuring exercise of the company has offered its permanent workmen at Mysore Factory a Voluntary Retirement Scheme.
Mastek in First 250 of the Asia Pacific Technology Fast 500
Mastek Ltd on Friday said that it is on the First 250 of the Deloitte Touche Tohmatsu Asia Pacific Technology Fast 500, a ranking of the fast growing technology companies in Asia Pacific. Rankings are based on three-year percentage revenue growth.
Mastek's CMD Ashank Desai said, " This recognition by Deloitte Touche Tohmatsu coming in quick succession after the Forbes Global list is a proud moment for all of us at Mastek. Every recognition reinforces our commitment to stretch harder and aim higher in our journey. We would like to thank all our stakeholders and Mastekeers for their continued faith and support. Without their unrelenting support, this would not have been possible".
Sun Pharma Board meeting for fixing of record date for stock split
A meeting of the Board of Directors of Sun Pharmaceuticals Industries Ltd will be held on December 20, 2002 to fix the record date for sub-division/split of the company's equity shares of Rs 10 each into 2 equity shares of Rs 5 each.
LML increases holding in Perfect Polycons
LML Ltd has informed BSE that the company has purchased 50,000 equity shares of Rs 10 each at par of its subsidiary company Perfect Polycons Ltd on December 10, 2002.
Consequent upon acquisition of these shares company's holding in Perfect Polycons Ltd has increased from 92.85% to 99.85%.
Kanthal India board to meet for fixation of record date
A meeting of the board of directors of Kanthal India Ltd will be held on December 19, 2002 to:
1. Take on record the order of the Honble High Court of Karnataka at Bangalore sanctioning the scheme of arrangement of the company with Sandvik Asia Ltd
2. To fix a record a record date for allotment of shares of Sandvik Asia Ltd to Kanthal India Ltd shareholders as embodied in the scheme of arrangement approved by the Karnataka High Court.
Supreme Holdings discontinues computer training & software development operations
Supreme Holdings Ltd has informed BSE that in view of the poor response, the company has discontinued its computer training and software development operations.
Dai-Ichi Gosei Chemicals & Performance Polymers & Chemicals become subsidiaries of Dai-Ichi Karkaria
Dai-Ichi Karkaria Ltd has informed BSE that M/s. Dai-Ichi Gosei Chemicals (India) Ltd., has become its subsidiary company wef December 02, 2002 by virtue of allotment of 48,490 equity shares (97 per cent of total holding) made by Dai-Ichi Gosei Chemicals (India) Ltd. to the company.
The company has further informed that M/s. Performance Polymers & Chemicals Pvt. Ltd., has become its subsidiary company wef December 02, 2002 by virtue of allotment of 9800 equity shares (98 per cent of total holding) made by Performance Polymers & Chemicals Pvt. Ltd. to the company.
Gammon India reduces its stake in Cochin Bridge Infrastructure from 97.66 per cent to 51 per cent
Gammon India Ltd has informed BSE it has sold a part of its Equity stake aggregating to 29,86,010 Equity shares of Rs 10 each in Cochin Bridge Infrastructure Company Ltd (CBICL), its subsidiary company, thereby reducing its current stake in CBICL from 97.66 per cent to 51 per cent.
Gandhimathi Appliances members approve allotment of equity shares to Promoters/Directors
Gandhimathi Appliances Ltd has informed BSE at its AGM held on September 30, 2002 the shareholders have approved the allotment of 14,50,000 equity shares of Rs 10 each at par aggregating Rs 1,45,00,000 to the Promoters / Directors of the company, their relatives and associated companies.
The unsecured loan aggregating Rs 1,45,00,000 lying to the credit of Butterfly Constructions Ltd (BCL) , a closely held limited company managed by the company's Promoter - Directors has been agreed by BCL to be converted into 14,50,000 equity shares of Rs 10 each at par.
NAIPL makes open offer to acquire the balance 23.09 per cent stake in Parry Agro at Rs 65 per share
Keynote Corporate Services Ltd has informed BSE that New Ambadi Investments Pvt Ltd (NAIPL/Acquirer) is making a voluntary offer to consolidate its holding by acquiring all the outstanding equity shares of Parry Agro Industries Ltd from the remaining shareholders being the balance outstanding shares in the Company at a price of Rs 65 per share in cash.
The outstanding equity shares of PAIL with persons other than promoter group are 8,67,472 equity shares of Rs 10 each representing 23.09 per cent of the issued and paid up equity share capital of PAIL.
NAIPL holds 3,13,882 equity shares of Rs 10 each being 8.36 per cent of the issued and paid up equity share capital of PAIL.
The acquirer is a part of the promoter group of PAIL.
The acquirer alongwith the other persons in the promoter group is holding 28,89,344 equity shares of Rs 10 each of PAIL forming 76.91 per cent of the paid up equity share capital of the Company.
The offer is subject to minimum level of acceptance.
The Specified date is January 09, 2003.
The Date of opening of the offer is February 07, 2003
The Date of closing of the offer is March 08, 2003.
Bharat Sugar becomes subsidiary of West Coast Paper Mills
West Coast Paper Mills Ltd has informed BSE that with the allotment of 50000 equity shares of Rs 10 each, for cash at par, by Bharat Sugar Mills Ltd., which is implementing 1250 TCD sugar will project outlay of Rs 484.70 million to the company, M/s Bharat Sugar Mills Ltd., has become subsidiary of the company.
The company has further informed that with the allotment of 50000 shares of Rs 10 each, by Bharat Sugar Mills Ltd., to the company, the West Coast Paper Mills Ltd., is holding 98.62 per cent shares of that company.
Mining activity stops at Binani Cement - a subsidiary of Binani Industries
Binani Industries Ltd has informed BSE that consequent to certain interim orders passed by the supreme court prohibiting all mining activity in the entire Aravali Hills from Haryana to Rajasthan, the Department of Mines, Government of Rajasthan, has generally issued notices to all mining and other companies carrying out mining activity in the Aravali Hills to stop mining activity with immediate effect.
Such notice dated December 09, 2002 has also been issued to Binani Cement Ltd, a subsidiary of the company.
The Company is therefore moving the Supreme Court for immediate modification of the interim orders so as to resume normal operations.
The company has been made to understand that the Rajasthan Government has already taken up the matter with the Supreme Court seeking similar modifications of the interim ordeRs The matter is fixed in the Supreme Court on December 16, 2002.
Tata Infotech Palkhivala director expires
Tata Infotech Ltd has informed BSE about the sad demise of company's Director N A Palkhivala.
Shipping Corporation receives notice of strike
Shipping Corporation of India Ltd has informed BSE that it has received a "Notice of Strike" from the Unions who are constituents of "Save SCI FORUM" that the members of these unions propose to go on strike on December 16, 2002.
DCM Shriram Consolidated buyback of debentures
DCM Shriram Consolidated Ltd has informed BSE that in terms of financial covenants and conditions of the debentures, the Company has repurchased 1,24,115 13 per cent Secured Redeemable Non-convertible debentures of Rs 66 each from Advantage Advisors India Fund on September 05, 02 in demat form and got the same cancelled.
i-flex Solutions clarifies on news item
With reference to news item in a leading financial daily regarding i-flex-Silverline deal i-flex Solutions Ltd has informed BSE that the company is in the process of formalizing two customer relationships serviced by Silverline Group for the IT Services Business. One of these two relationships is an existing customer of i-flex.
Harvic Management Services fixes record date for stock split
Harvic Management Services India Ltd has fixed January 09, 2003 as the record date for the purpose of stock split of existing equity share from every one existing equity share of Rs 10/- each into ten equity shares of Re 1/- each.
The reduced paid up valued will be with effect from December 31, 2002.
Jindal Polyester defers issue of Optionally Convertible Preference Shares on Preferential basis
Jindal Polyester Ltd has informed BSE that the Board in its meeting held on December 12, 2002 took up the matters for change in the terms of the existing preference shares of the company, issue of Zero Coupon Optionally Convertible Preference Shares on preferential basis and increase in the Authorised Preference Share Capital of the company.
The Board discussed the matters in detail and unanimously decided to defer the matters for the next Board meeting.
ACC Chairman Emeritus expires
Associated Cement Companies Ltd has informed BSE about the sad demise of company's Chairman Emeritus Mr N A Palkhivala.
Mukund Vijayan resigns as Director from the Board of Telephoto Entertainments
Telephoto Entertainments Ltd has informed BSE that Mr Mukund Vijayan resigned as Director from the Board of Telephoto Entertainments Ltd wef. November 22, 2002, which is subject to approval of the Board in the next Board meeting.
Ruttonsha Int appoints Director
Ruttonsha International Rectifier Ltd has appointed Mr Jimmy N Pantaky as a Director of the company.
Castrol India clarifies on news item
With reference to the news item appearing in a leading financial daily regarding Castrol India getting delisted, Castrol India Ltd (CIL) has informed BSE that neither Castrol Ltd. UK nor BP have indicated as on date to the management of CIL their intention to acquire the balance equity shares and thereafter delist the Company.
The Company has further informed that 70.92% of the paid up capital of the Company is held by Castrol Ltd. UK and 0.11% is held by BP Mauritius Ltd., both belonging to the BP group of Companies worldwide.
Bank of Rajasthan clarifies on news item
With reference to the news item "Vysya keen to sell Bharat Overseas to BoR" appearing in a leading financial daily, Bank of Rajasthan Ltd has informed BSE that it is holding 16% equity in Bharat Overseas Bank Ltd. However, for increase of stake in Bharat Overseas Bank Ltd the matter will be placed before the Board of Directors of the Bank if any such proposal is received.
The Bank has further clarified that at present it is not in the process of takeover/merger of any south based bank.
