Batliboi Ltd has informed BSE that Mr J P Malik has ceased to be the Executive Director wef November 01, 2002 by virtue of his retirement from the employment of the company.
The Board has inducted Mr L K Swami as an Additional Director of the Company wef October 31, 2002.
Janki Ballabh of SBI relinquishes office
State Bank of India has informed BSE that Shri Janki Ballabh, Chairman has relinquished office of Chairman at the close of business hours on his attaining superannuation on October 31, 2002.
Arvind Mills appoints Directors
Arvind Mills Ltd has informed BSE that Mr. Balaji Swaminathan of ICICI Bank Ltd., and Mr. S. Sridhar of Export-Import Bank of India (EXIM) has been appointed as a Nominee Directors on company's Board.
ACC receives full consideration for sale of equity shares in International Ferrites
Associated Cement Companies Ltd has informed BSE that with regard to the divestment of the company's investment in equity shares of International Ferrites Ltd., the necessary approvals from Government of India / RBI being in place along with the full consideration having been received, the transaction will be closed shortly. Efforts are on with regard to divestment of interests in other non-cement business.
Kaashyap Radiant Systems to call EGM for sub division of equity shares
Kaashyap Radiant Systems Ltd has informed BSE that it will hold the shareholders meeting on November 15, 2002 to approve sub-division of equity shares from Rs.10/- each to Re.1/- per share.
IndusInd Bank shareholders approve scheme of amalgamation
IndusInd Bank Ltd has informed BSE that the shareholders of the Bank at the EGM held on October 31, 2002 have approved the scheme of amalgamation of IndusInd Enterprises & Finance Ltd with the Bank.
SBI announces revision in interest rates on loans
State Bank of India has informed BSE that the ALCO members were apprised of the current market conditions, liquidity overhang in the system due to inflow of deposits and need for credit take off. The members of the ALCO also took note of the monetary signal implied in the monetary and credit policy announcements by RBI which necessitated a review of the Bank's interest rate structure on Loans & Advances.
After taking into consideration the possible impact on Net Interest Income and relevant factors it was decided as follows:
The Prime Lending Rate (State Bank Advance Rate-SBAR) will stand revised and reduced by 25 basis points from the present level of 11% per annum to 10.75% pa.
The Medium Term Lending Rate (State Bank Medium Term Lending Rate- SBMLTR) would stand revised and reduced by 25 basis points from the present level of 11.50% pa to 11.25%.
The Short Term Prime Lending Rate (State Bank Short Term Advance Rate_ SBSTAR) would stand revised and reduced by 25 basis points from the present level of 10.5% to 10.25% pa.
It was also decided that the maximum spread of interest rates for advances stand reduced from 3.50% to 2.5% over Prime Lending Rates.
The change would be effective from November 1, 2002.
V Thyagrajan appointed as Senior VP & Area Director, Asia Pacific, GlaxoSmithkline Pharmaceuticals
GlaxoSmithkline Pharmaceuticals Ltd has informed BSE that GlaxoSmithkline plc, has announced that Mr V Thyagrajan Vice-Chairman & Managing Director of the company has been appointed as Senior Vice President and Area Director, Asia Pacific wef January 01, 2003.
Business Standard & Business Standard Digital cease to be subsidiaries of Kotak Mah
Kotak Mahindra Finance Ltd has informed BSE that the company is taking various steps in its process of conversion into a Bank. Business Standard & Business Standard Digital have ceased to be subsidiaries of the company.
Bengal Tea appoints Company Secretary and Compliance Officer
Bengal Tea and Fabrics Ltd has informed BSE that the Board of Directors at its meeting held on October 31, 2002 appointed Mr. Lalit Dugar as the Secretary of the company wef November 1, 2002 and further pursuant to the clause 47(a) of the listing agreement he has been appointed as the Compliance Officer wef November 1, 2002. By virtue of the appointment of Mr. Lalit Dugar as the Compliance Officer the additional charge of compliance officer as given to Mr. D. S. Pagaria (Chief Financial Officer) has been ceased.
RCF appoints S Balan as new CMD
Rashtriya Chemicals & Fertilizers Ltd has informed BSE that S Balan has taken over as Chairman & Managing Director of the company wef November 1, 2002.
Zydus Cadila gets FDA approval from Anvisa, Brazil
Zydus Cadila plant at Moraiya has received approvals from Brazilian FDA agency Anvisa. This certification qualifies Zydus Cadila to enter the Brazilian market with its oral tablets, capsules and soft gelatin capsules. The group plans to make a foray into the 5 billion USD Brazilian market in 2003.
The formulation manufacturing facility spread over 136000 square meters is the largest of its kind at a single location in the country.
Soffia Software Board constitutes Committee to explore possibility of acquiring a company
Soffia Software Ltd has informed BSE that the Board has constituted a Core Committee comprising of Mr R Venkata Subramani and Mr Ashok Natarajan to explore the possibility of acquiring a company whether domestic or foreign in Software Industry. The Board also empowered the said committee to negotiate the terms of acquisition the mode of settlement of consideration thereof subject to satisfactory completion of due diligence and other statutory compliances if any.
Alstom Power allots pursuant to scheme of amalgamation
Alstom Power India Ltd has informed BSE that the Committee of Directors for allotment of shares of the company at its meeting held on November 1, 2002 allotted the shares of the company to the shareholders of Alstom Transport Limited, Alstom Systems Limited and Alstom Power Boilers Limited as on the record date being November 1, 2002 in accordance with terms of the scheme of arrangement for amalgamation as approved by the Hon'ble High Court at Bombay by its order dated October 31, 2002.
Electrolux Kelvinator Board approves further issue of non convertible preference shares to AB Electrolux
Electrolux Kelvinator Ltd has informed BSE that at the meting of the Board of Directors held today, the October 31,2002 the Board of Directors has approved the following, business items;
1. The Board has approved & taken on record the Unaudited Financial Results (Provisional) of the Company for the Quarter ended September 30, 2002
.
2. The Board has approved the further issue of upto Rs 1500 million comprising 1,50,00,000 6% Cumulative Redeemable Non-Convertible Preference Shares of the face value of Rs 100/- each to AB Electrolux in one or more tranches on a preferential basis.
3. The Board has also approved the consequent increase in the Authorised share Capital of the company, subject to compliance with the provisions of Section 94 of the Companies Act, 1956 from existing Rs 5000 million to 6500 million by creation of 15,000,000 6% Cumulative Redeemable Non-Convertible Preference Shares of the face value of Rs 100 each
4. For the purpose of seeking shareholders approval for Items 2 & 3 above it was decided to convene an Extra-Ordinary General Meeting of the shareholders of the Company on the 4th December,2002
Maars Software Director resigns
Maars Software International Ltd has informed BSE that Mr N R Kumar, Director of the company has resigned citing personal reasons from the Board of Directors of the company.
United Breweries Ltd posts net loss of Rs 7.59 crore/b>
United Breweries Ltd has posted a net loss of Rs 7.59 crore for the quarter ended September 30, 2002 and net sales for the quarter ended September 30, 2002 are at Rs 72.12 crore.
The company had no operations prior to vesting of the aforesaid Brewery Undertaking there are no comparative figures for the quarter ended September 30, 2001.
Status of Infusion of Funds by Scottish & New Castle Plc
The application by S&N to FIPB is under active consideration. We understand that various concerned ministries in government to which the application was referred have returned positive recommendations.
However given the sensitive nature of the industry and Government policy prohibiting new capacity creation through FDI, the department of Industrial policy & promotion are in the process of verifying licensed capacities of breweries that are a part of the joint venture with S&N. Final approval is expected shortly.
Sail Director resigns
Steel Authority of India Ltd has informed BSE that on superannuation Shri R C Jha Director Sail has ceased to be a Director on the Board of Directors of the company wef October 31, 2002 (A/N).
Videocon International Ltd posts a net profit of Rs 38.54 crore
Videocon International Ltd has posted a net profit of Rs 385.40 million for the quarter ended September 30, 2002 as compared to Rs 393.80 million in the quarter ended September 30, 2001. Total Income has increased from Rs 7826.60 million in SQ-01 to Rs 8589.40 million in SQ-02.
The company has posted a net profit of Rs 2175.40 million for the year ended September 30, 2002 comprising of 18 months and a total income of Rs 49759.90 million. During the previous financial year ended March 31, 2001 comprising 12 months the company had reported a net profit of Rs1547 million and a total income of Rs 32466.40 million.
GNFC announces change in management structure
Gujarat Narmada Valley Fertilizers Company Ltd has informed BSE that consequent upon the retirement of Shri A D Desai from the services of Government of Gujarat (GOG) upon attaining the age of superannuation, GOG has withdrawn his nomination from the Board of the company. As such he ceased to be the Director and Managing Director of the company.
Shri Balwant Singh, Director of the company has assumed the additional charge of Managing Director with effect from October 31, 2002. He will be formally appointed Managing Director of the company in due course.
Trading in securities of Sterlite Industries to resume from Nov 01, 2002
BSE has informed members of the exchange that trading in securities of Sterlite Industries India Ltd will resume wef November 1, 2002.
Tele Data Informatics reissues forfeited equity shares
Tele Data Informatics Ltd has reissued 4,97,300 equity shares in demat form which were earlier forfeited by the Company due to non payment of allotment / call monies.
