Gujarat State Fertilizers & Chemicals Ltd has informed BSE that Manjula Subramaniam has been appointed as Rotational Director of the company with effect from December 24, 2001. The appointment is due to the resignation of Vijay Ranchan.
GAIL expresses interest for Dabhol Power Company
Gas Authority of India Ltd (GAIL) has communicated its "Expression of Interest" to IDBI, DPC and MSEB for taking equity in Dabhol Power Company which may also involve a strategic partner. This follows the clearance from Ministry of Petroleum and Natural Gas for conducting a due diligence study and for signing confidentiality agreements with concerned parties.
GAIL intends to adopt a broad based approach while undertaking the due diligence as it has already made an entry into the power sector through equity participation in a gas based power project in Gujarat.
The estimated time frame for completion of the Dabhol Power Plant (Phase-II) with its associated facilities is about 18 months from the date the project is handed over to the new management. This is also the time for renegotiations of PPA with MSEB for Phase I and to find buyers for Phase II power, besides completing balance jobs for the project including negotiations and remobilization of construction companies.
GAIL expects to shortly complete the preliminary formalities after which the due diligence exercises for the Dabhol Power Company would be undertaken.
The power sector is one of the business areas identified by GAIL for integration into the energy value chain specially where participation in power projects provides synergistic opportunities. GAIL has already taken equity in Gujarat State Energy Generation Ltd (GSEG) (a company promoted by Gujarat State Petroleum Corporation Ltd ) for its 15601 MW combined cycle gas based power project at Harzira.
Crisil upgrades FD rating of Dabur India to FAAA
Dabur India Ltd has informed BSE that Crisil has upgraded the rating for Fixed Deposit from FAA+ to FAAA and has increased the amount of rating for Commercial Paper from Rs 1000 million to Rs 1500 million while retaining the rating of P1+.
ACC December 01 Cement despatches up by 33.33%, 9-months despatches up by 13.52%
Associated Cement Companies Ltd (ACC) has informed BSE that the production and despatches for December 2001 are as follows:
Cement production 0.938 million tonnes
Cement despatches 0.984 million tonnes
Corresponding production and despatches for December 2000 are as follows :
Cement production 0.766 million tonnes
Cement despatches 0.738 million tonnes
Cumulative production and despatches from April to December 2001 are
Cement production 8.859 million tonnes
Cement despatches 8.882 million tonnes
Cumulative production and despatches for April to December 2000 are
Cement production 7.873 million tonnes
Cement despatches 7.824 million tonnes
S Vijayaraghavan appointed as additional director on board of BPCL
In a communication issued to BSE, Bharat Petroleum Corporation Ltd (BPCL) has informed that S Vijayaraghavan, Joint Secretary, Ministry of Petroleum & Natural Gas has been appointed as additional director on the board of Bharat Petroleum Corporation Ltd effective December 24, 2001.
Corporation Bank announces change in constitution of board
In a communication issued to the BSE, Corporation Bank has informed that in exercise of the powers conferred by the provisions of Banking Companies (Acquisition and Transfer of Undertaking Act, 1980 r.w sub-clause (1) of Clause 3 of the Nationalised Banks (Managing & Miscellaneous Provisions) Scheme, 1980, the Central Government has appointed Shri Ramesh Chander Chandiwala, as Non-Executive Director of the Bank for a period of three years with effect from November 5, 2001.
B R Barwale resigns from the board of UTI Bank
UTI Bank Ltd has informed BSE that B R Barwale has resigned as a Director of the Bank w.e.f. January 2, 2002.
Madras Cements Q3 results on January 30, 2002
A meeting of the Board of Directors of Madras Cements Ltd will be held on January 30, 2002 to consider and take on record the Unaudited Financial Results for the quarter ended December 31, 2001.
Silverline Tech Board approves allotment of NCDs on private placement basis
The board of directors of Silverline Technologies Ltd at its meeting held on January 4, has approved the allotment of 3200 Secured Non Convertible Redeemable Debentures of Rs 1,00,000 each on private placement to Banks.
MMTC board approves capital reduction scheme
In a communication issued to BSE, MMTC Ltd has informed that the board of directors at its meeting held on January 4 has approved the following:
Scheme of Capital Reduction under Section 100 of the Companies Act, 1956 to reduce 30 per cent of the paid up equity share capital of the Company from Rs 500 million (50 million shares of Rs 10 each) to Rs 350 million (35 million shares of Rs 10 each), thereby canceling 15 million shares of Rs 10 each
The shareholders shall be paid pro rata at Rs 40.27 (Rs 10.00 towards face value and Rs 30.27 as premium) per cancelled equity share. Further, the shareholdings of the individual shareholders shall be rounded off to the nearest 100 to arrive at the entitlements for payments under capital reduction.
The above scheme is subject to the provisions of section 100 to 104 of the Companies Act, 1956, directions of the President of India under Article 49 of the Articles of Association and the approval of the members.
Crest Communications board approves rights issue
The Board of Directors of Crest Communications Ltd at its meeting held on January 4, has resolved as follows:
1. To make rights issue of such number of equity shares of Rs 10 each for cash at a premium aggregating to issue size not exceeding Rs 200 million
2. A Committee of Directors has been appointed to decide and finalise the terms of issue, including premium on shares and other related matters in consultation with the Lead Managers to the issue and report to the Board of Directors thereafter and
3. Enam Financial Consultants Pvt Ltd have been appointed as Lead Managers to the issue.
Heritage Foods Board approves buy back proposal
The board of directors of Heritage Foods (India) Ltd at its meeting held on January 4, in addition to other items, has approved a proposal to buy back the shares of the Company from the open market through stock exchange mechanism. The proposed buy back size is Rs 30 million (being an amount not exceeding 10 per cent of the aggregate of the paid up capital and free reserves of the Company as on March 31, 2001) and the buy back price has been fixed at Rs 30 per share.
Sun Pharma clarifies on news item
With reference to the news article titled "Dr Morepen in talks with Sun Pharma for Coldact" Sun Pharmaceuticals Industries Ltd has informed BSE that the company has been evaluating the option of rationalising products with low market share or lack of therapeutic area fit. However, no final decision has yet been reached on the number of brands, the buyers of the brands or the valuation.
Castrol Q4 results on Jan 31, 2002
A meeting of the board of directors of directors of Castrol Ltd will be held on January 31, 2002 to consider and take on record the unaudited results of the company for the quarter from October 01, 2001 to December 31, 2001.
The aforesaid meeting will also determine the quantum of Interim Dividend for the year ended December 31, 2001.
HDFC Bank to consider Q3 results on Jan 14, 2002
A meeting of the Board of Directors of HDFC Bank Ltd will be held on January 14, 2002 to consider the unaudited financial results for the quarter ended December 31, 2001.
Trading to resume in securities of Titan Biotech from Jan 07, 2002
BSE has informed the members of the exchange that dealings in the securities of Titan Biotech Ltd can now be resumed w.e.f January 07, 2002. BSE had earlier informed the members of the exchange that not to deal in the securities of the abovementioned Company.
BSE advises members not to deal in securities of Cabot India
BSE has informed the Members of the exchange not to deal in the securities of Cabot India Ltd w.e.f. January 10, 2002, as the company has requested the exchange to delist its securities pursuant to compliance with Clause 21(3)(a) of the SEBI (Substantial Acquisition of Shares
and Takeovers) Regulations, 1997.
The exact date from which the securities of the company will be struck off from the list of Officially Quoted Securities will be announced in due course.
Alok Industries Committee meet to consider private placement issue
rescheduled
Alok Industries Ltd has informed BSE that the meeting of the Executive Committee of Directors will be held on January 06, 2002 instead of on January 07, 2002 to consider allotment of 1,34,32,700 equity shares to
financial institutions against the conversion of fully convertible debenture of Rs.100/- each aggregating to Rs.180 million allotted to them on private placement basis.
HDFC Q3 results on Jan 11, 2002
A meeting of the Board of Directors of Housing Development Finance Corporation Ltd (HDFC) is scheduled to be held on January 11, 2002 to consider and take on record the Unaudited Financial Results of the Company
for the third quarter ended December 31, 2001.
Raymond Q3 results on Jan 30, 2002
A meeting of the Board of Directors of Raymond Ltd has been convened on January 30, 2002 to consider and take on record the Unaudited Financial Results of the Company for the third quarter ended December 31, 2001.
BSE imposes 25% Special Margin on Khodiyar Inds
BSE has informed the members of the exchange that Special Margin of 25% has been imposed on Khodiyar Industries Ltd with effect from today (January 4, 2002).
The Special margin will be imposed on the basis of clientwise gross or sale position.
Kochi Refineries Q3 results on Jan 29, 2002
A meeting of the Board of Directors of Kochi Refineries Ltd is scheduled to be held on January 29, 2002 for taking on record the unaudited financial results of the company for the Quarter ended December 31, 2001.
Polaris Software members approve amalgamation of Tiptop Holdings with
Company
Polaris Software Lab Ltd has informed BSE that, at Extra Ordinary General Meeting of the Company held on December 14, 2001, the shareholders have approved amalgamation of Tiptop Holdings Ltd. with the Company.
Pantaloon Retail Board approves issue of equity shares on preferential basis to promoters & associates
The board of directors of Pantaloon Retail India Ltd at its meeting held today (January 3, 2002) has decided to issue 4 million equity shares of Rs 10 each aggregating to Rs 40 million at a premium to be determined as per SEBI guidelines for preferential issues, to the promoters and their associates on preferential basis subject to the approval of shareholders in the Extra Ordinary Meeting of the company scheduled to be held on February 8, 2002.
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