JK Industries Ltd has informed BSE that a meeting of Board of Directors of the Company has been convened on October 7, 2002 to consider options of restructuring including amalgamation of Vikrant Tyres Ltd.
Earlier the Company had informed that the Company has progressed with making a proposal to the Industrial Development Bank of India and its several options are pending consideration with the lenders. The proposal includes inter-alia a possibility of amalgamating JK Industries Ltd and or its undertaking/divisions and Vikrant Tyres for making a combined tyre company. The proposal is under consideration of IDBI and other lenders and the company is not aware of its outcome.
M S Kapur appointed as CMD of Vijaya Bank
Vijaya Bank has informed BSE that Government of India appointed Sri M S Kapur as the Chairman & Managing Director of the Bank and Mr M S Kapur took charge as Chairman & Managing Director of the Bank w e f August 16, 2002.
The Bank has further informed that Sri Michael Bastian, Executive Director of Bank has been posted as the Chairman & Managing Director Syndicate Bank. Mr Michael Bastian was relieved as the Executive Director of the Bank on August 24, 2002
Organization restructuring at SQL Star
The Board of Directors of SQL Star International Ltd has considered and decided on an organization restructuring w e f October 01, 2002 Mr Brij Kumar Tankha who was the Director- Finance has taken over as the new Managing Director of the Company. Mr Pradeep Shenoy is Chief Executive Officer looking after the global operations. He was earlier the Director of US operations. Mr Ramlal is the Head of indian and Asia Pacific operations.
Dr Ashok Agarwal the earlier Managing Director will be heading the core group focusing on future Directions and strategies, identifying core values within the organization and critical success factor for the Company.
Softbank Asia Infrastructure Fund and VentureTech to invest $20 million in Sify
Satyam Computer Services Ltd and Satyam Infoway Ltd today (October 4, 2002) announced that they have resolved to enter into separate definitive agreements with the SOFTBANK Asia Infrastructure Fund (SAIF), through a Company controlled by it, and VentureTech Solutions Private Ltd (VentureTech) to invest a total of $20 million in new shares of Sify.
It is proposed that the SAIF controlled Company (SAIF Investor) will enter into an agreement to invest US$ 13 million for approximately 7.56 million newly issued ADRs (one ADR is equal to one equity share) at a price of US $ 1.72 per ADR. Separately, it is proposed that VentureTech will enter into an agreement to invest US $ 3.5 million for approximately 2.03 million equity shares at the same price. VentureTech has an obligation to subscribe for an additional US$ 3.5 million of equity shares on or before April 30, 2003 at the same price.
Upon completion of the entire transaction, Sify's equity base will expand from the current outstanding 23.2 million to 34.83 million equity shares. Consequently, Satyam Computer's Holdings in Sify will be reduced to 35%.
These transactions are expected to be completed by December 2002, upon receipt of approvals from Sify's shareholders, government approvals and the satisfaction of other closing conditions as required.
The separate investments by the SAIF Investor and VentureTech (including the subsequent VentureTech subscription), will change the undiluted shareholding of Sify as follow:
SAIF Investor 21.70%
VentureTech 11.70%
South Asia Regional Fund (SARF) 10.30%
Nasdaq ADR Investor 17.00%
Satyam Computers 35.00%
Others 4.30%
The completion of the transactions as planned would, among other conditions, be subject to receipt of all statutory approvals, requisite shareholder approvals and reasonable financial performance relative to estimates.
In connection with the completion of these transactions a new shareholders agreement and related provision in the articles will provide for nine Directors on Sifys Board, including an independent Director, as follows; SAIF Investor: two directors, Venture Tech: two Directors, Satyam Computers: two Directors, SARF: one Director, one independent Director and the Managing Director of Sify. The agreement will also provide certain consent rights on material corporate events, such as share capital alterations or major asset transfers and acquisitions.
High Court of Delhi approves scheme of amalgamation of Stallion Shox with Gabriel India
Gabriel India Ltd has informed BSE that the Hon'ble High Court of Delhi at New Delhi has approved the Scheme of Amalgamation of Stallion Shox Ltd with Gabriel India Ltd in the hearing held on October 3, 2002.
The Company has further informed that earlier during August 02, the Hon'ble high Court of Judicature at Mumbai had approved the above mentioned Scheme of Amalgamation. With this, both these Companies will be merged with the appointed date as March 30, 2002.
Pentamedia Graphics Board allots bonus shares
The Board of Directors of Pentamedia Graphics Ltd at its meeting held today (October 04, 2002) allotted 74,95,829 new Equity Shares of Rs 10 each and that such new Equity Shares credited as fully paid up, be accordingly allotted as Bonus Shares to such persons respectively in the proportion of 1 Equity share for every 10 Equity Shares held by them as on record date i.e. September 27, 2002.
Wipro Q2 results on October 18, 2002
Wipro Ltd has informed BSE that the meeting of the Board of Directors to consider and approve, inter alia, the audited accounts for the second quarter ended September 30, 2002 would be held over two days i.e. on October 17, 2002 and October 18, 2002. However, the audited accounts would be finally approved by the Board of Directors only on October 18, 2002.
Tata Finance Q2 results on October 31, 2002
A meeting of the Board of Directors of Tata Finance Ltd is scheduled to be held on October 31, 2002 to consider and take on record the unaudited financial results (provisional) for the quarter ended on September 30, 2002.
Castrol Q3 results on October 24, 2002
Castrol India Ltd has informed BSE that the Board of Directors will meet on October 24, 2002 to inter alia take on record the unaudited results for the quarter from July 01, 2002 to September 30, 2002.
Conclusion of agreement between Roche and NPIL in November 2003
Based upon a letter received from Roche, Nicholas Piramal India Ltd, (NPIL) today (October 4, 2002) announced that its Frame Cooperation Agreement of 1993 with F. Hoffmann-La Roche (FHLR) which was for ten years, and gave it the right of first refusal for distribution of new Roche products in India will come to an end in November 2003 as per the terms of Agreement. Further, as per the Agreement, which was entered into in 1993, NPIL will cease to distribute six biotech products, (Cymevene, CellCept, Zenapax, MabThera, Xelode & Herceptin), in Nov 2003.
The above mentioned Agreement does not cover the Roche products manufactured in India by Roche prior to November 1993 and subsequently by NPIL, which will continue to remain with NPIL. Turnover from these products in FY 2001-02 was Rs 714.80 million.
In addition, for any locally manufactured products to be launched after November 2003, in case Roche decides to license out the product to any Indian party, the first opportunity will be given to NPIL, provided NPIL has the technical facilities as per Roche standards and NPIL has no product which conflicts with the Roche product offered.
With the conclusion of this agreement NPIL will now have greater flexibility to seek out licensing for new post 1995 patented products from research based global companies. NPIL will actively explore all such opportunities.
The agreement with Bochringer Mannheim India Ltd is independent of the Frame Cooperation Agreement with FHLR and will continue to remain in force.
Under the BMIL Agreement all the BMIL pharma and diagnostics products manufactured/marketed/distributed in India prior to its acquisition by NPIL in 1997 are also licensed to NPIL and will continue so for a long time.
National Peroxide Company Secretary resigns
National Peroxide Ltd has informed BSE that K S Koparkar the Secretary of the Company has resigned with effect from September 30, 2002.
CRISIL revises rating assigned to Amtrex Hitachi Appliances FD programme
Amtrex Hitachi Appliances Ltd has informed BSE that CRISIL has changed the rating assigned to the fixed deposit programme of the Company from `FA+' to `FB+'.
SAB TV allots shares to Core Promoters
Sri Adhikari Brothers Television Network Ltd has informed BSE that the Board has allotted 1,61,000 shares of Rs 10 each to Core Promoters (80,500 shares each to Mr Markand Adhikari and Mr. Gautam Adhikari respectively) at a premium of Rs.153 per share.
Further as per shareholder's sanction in the EGM dated May 06, 2002 for issue of 26,20,000 preferential warrants to Core Promoters convertible into equal number of equity shares, the promoters have bought in Rs.4,27,06,000 against 10% deposit towards allotment of warrants. Subsequently, 26,20,000 warrants were allotted in the special committee meeting held on August 5, 2002.
LinkHouse Ind Board approves issue of bonus shares
LinkHouse Industries Ltd has informed BSE that the board of directors in its meeting held on September 27, 2002 has decided the following:
To issue bonus shares in the ratio of 1:1 subject to approval of the shareholders in their meeting scheduled on October 7, 2002.
To call for board meeting on October 7, 2002 for issue of 10,00,000 equity shares on preferential basis at a premium for Rs 40 only.
Software Technology Group Board approves fresh ESOP 2002- II nd Phase
Software Technology Group International Ltd has informed BSE that the Board of Directors at its meeting held on September 28, 2002 has approved the followings:
Report on Corporate Governance in terms of code of Corporate Governance
Annual accounts for 2001-02 for 15 months period ended June 30, 2002
Fresh ESOP 2002-II nd phase to be administered by Compensation Committee comprising of majority of independent Directors through "STG_ESOP Welfare Trust.
Consolidation of accounts in terms of new accounting standard and listing norms.
S V Narasimhan assumes additional charge as MD of Chennai Petro
Chennai Petroleum Corporation Ltd has informed BSE that pursuant to letter from the Ministry of Petroleum and Natural Gas, Government of India, Mr S V Narasimhan, Director (Finance) Chennai Petroleum Corporation Ltd has assumed additional charge of the post of Managing Director, CPCL effective October 01, 2002 consequent to the superannuation of Mr S Rammohan Chairman and Managing Director of the Company.
Ashok Leyland clarifies on news item
With reference to a news item appearing in a leading daily, Ashok Leyland Ltd has informed BSE that the proposed reduction of upto 1000 jobs is expected to be done over 4/5 years and not in the next year.
Tata Finance clarifies on news item
With reference to the news article appearing in a leading financial daily titled "Tata Finance poised to sell housing arm to IDBI" Tata Finance Ltd has informed BSE that the Company has obtained an in-principle approval for exiting from its non-core business activities. However, there is no specific proposal for sale of housing finance business to IDBI in particular and the Company is negotiating with several potential buyers.
D-Link India members approve buy-back
D-Link India Ltd has informed BSE that at the EGM of the Company held on September 30, 2002 the shareholders have:
Authorised Board of Directors to purchase own fully paid up equity shares of Rs 2/- each for an amount not exceeding Rs 160 million upto a maximum price of Rs 80 per equity share.
The resolution for proposal for buy back was passed by means of postal ballot with 66,86,954 shares in favour of the resolution and 5,260 shares against the resolution.
Megasoft Board approves issue of shares on preferential basis to Interpro Scribe
Megasoft Ltd has informed BSE that at a meeting of the Board of Directors held today (October 4, 2002) it has been decided to allot 207075 shares of Rs 10/- each at a premium of Rs 60/- per share to Interpro Scribe Ltd an Oversea Corporate Body.
The members of the Company approved the issue of up to 14,00,000 shares to Interpro Scribe Ltd at Rs 70/- each on preferential basis. Accordingly the Board met today (October 4, 2002) and decided to issue 207075 shares to Interpro Scribe Ltd.
Chennai Petro announces change in management structure
Chennai Petroleum Corporation Ltd has informed BSE that Mr M S Ramachandran, Chairman, Indian Oil Corporation Ltd and Mr A K Arora Director (Refineries), IOCL have been appointed as part time Directors on the Board of CPCL effective October 01, 2002.
Yashraj Securities fixes record date for bonus issue
BSE has informed the members of the exchange that Yashraj Securities Ltd has fixed November 08, 2002 as the record date for the purpose of issue of one bonus share for every two existing equity shares held.
Transactions in above mentioned equity shares will be on cum bonus basis upto October 18, 2002 and Ex-bonus basis from October 21, 2002.
Earlier the Company had informed that the Board of Directors of the Company has recommended Bonus Shares in the ratio of 1 share for every 2 shares held subject to necessary approvals in order to meet the minimum capital requirement of the NSDL of Rs 10 million to make the shares of the Company eligible for dematerialisation with the NSDL.
Linc Pen & Plastics Board declares dividend @ 5%
Linc Pen & Plastics Ltd has informed BSE that the Board at its meeting held on October 03, 2002 has recommended a dividend of 5% on the equity shares of the Company for the year ended March 31, 2002.
VSNL Q2 results on October 21, 2002
Videsh Sanchar Nigam Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on October 21, 2002 to consider and take on record the quarterly unaudited financial results (provisional) for the quarter ended September 30, 2002.
