The Hindu Business Line : Saturday, May 10, 2003

Gujarat Gas Co to redeem NCDs soon
GUJARAT Gas Company Ltd, a subsidiary of British Gas, will redeem its entire Rs 80-crore non-convertible debentures issued in 1998 by June, rendering the company ``virtually debt-free''. According to a senior company official, the debentures, ... More

Birla VXL to delist from 3 SEs

BUYBACK

Apollo board clears buyback, cancellation
THE board of director of Apollo Tyres Ltd (ATL) on Friday approved the buyback and cancellation of 36.90 lakh shares of the company. This represented about 10.16 per cent of the equity capital of the company prior to the buyback. These ... More

COMPANY LAW

Cos Bill to help set up big professional service firms
WITH an eye on impending globalisation of services sector, the Government has sought to create an enabling legal framework for the formation of large professional services firms in the country, which can take on the might of foreign professional ... More

Norms for sole selling agents to be revamped
THE regulatory frameworks for sole selling agents are in for a revamp, with the Companies (Amendment) Bill, 2003, providing new norms for appointment and functioning of such agents. While dispensing with the earlier norm of a maximum tenure of ... More

Centre takes middle path on audit panel structure
THANKS to Enron and a host of corporate failures in the last two years, the debate within the Government ranks on the structure of an audit committee in a public company, it appears, is far from over. Even as the Centre, through the Companies ... More

AWARDS & HONOURS

BEL gets BgSE `best co' award
BHARAT Electronics Ltd (BEL) has become the first PSU to be adjudged the `best company' for 2002-03 by the Bangalore Stock Exchange (BgSE). BgSE has been giving the award for the past six years to the best company chosen by experts based on ... More

RESTRUCTURING

Medicorp repays high-cost debt
THE board of directors of Medicorp Technologies India Ltd, the pharmaceutical company promoted by the Chennai-based Shriram group and currently in the process of merging with the Hyderabad-based Matrix Laboratories Ltd, had resolved to repay the ... More

Dhampur Sugar gets nod for debt recast
DHAMPUR Sugar Mills Ltd has informed the BSE that the Corporate Debt Restructuring Cell has approved the proposal for restructuring the company's financial liabilities on terms cleared by majority of lenders. According to its official ... More

MERGERS & ACQUISITIONS

Nikit holding in Visaka tops 5%
NIKIT Investment Pvt Ltd (NIPL) has informed the stock exchanges that it has acquired 94,690 equity shares of Rs 10 each of Visaka Industries Ltd (VIL), the Hyderabad-based asbestos cement sheets and fabric company with multiple manufacturing ... More

Coromandel to buy EID Parry farm unit
HYDERABAD: Coromandel Fertilisers Ltd, the Hyderabad-based fertilisers major belonging to the Chennai-based Murugappa group of companies, proposes to acquire the farm input division of EID Parry India Ltd, another group company, in terms ... More

NEW PROJECTS

Pelican Rubber to set up tyre facility
PELICAN Rubber Pvt. Ltd., the Hyderabad-based, small and medium enterprise (SME) into the manufacture of automobile butyl tubes for a range of vehicles, is planning to set up a tyre manufacturing facility with an investment of Rs 25 crore. The ... More

Suven Pharma to set up tech centre in US
SUVEN Pharmaceuticals Ltd (SPL), the Hyderabad-based contract research and manufacturing services provider, proposes to set up its technology development centre in the US. In a communiqué to stock exchanges, SPL said it has incorporated a ... More

REGULATORY BODIES & RULINGS

ED probe into 8 companies
THE Enforcement Directorate (ED) has initiated investigations into eight companies — Maars Technologies, Mascon Global, Mukta Arts, Tips Industries, Balaji Telefilms, Kopran group, Nirma group and Cadilla group for involvement in market ... More

Prosecutions against 117 vanishing cos launched
REGULATORS of corporate sector have so far launched prosecutions against 117 vanishing companies for non-filing of statutory documents. This has been stated in the Action Taken Report (ATR) on the Report of the Joint Parliamentary Committee (JPC) ... More

SICK UNITS

BIFR asks Guj Filament for investment details
GUJARAT Filaments Ltd (GFL) has been directed by the Board for Industrial and Financial Reconstruction (BIFR) to give reasons why the company had made further investments even though it was incurring losses. The board also directed GFL to submit ... More

OUTLOOK

Morepen plans to beat `squeeze'
FROM a straightjacket pharmaceutical company, Morepen may have crept into popular psyche through Dr Morepen, a fast-moving health goods (FMHG) company. But as analysts point out, did this strategy to put Dr Morepen into full gear end up burning a ... More

Honda Siel to focus on component exports
HONDA Siel Cars India Ltd (HSCIL) is likely to press the accelerator as far as exports of components from India is concerned. The company had exported components worth Rs 7 crore sourced from domestic vendors in the last fiscal. "We had ... More

Float glass producers to focus on value addition
AFTER registering significant improvement in financial position in the last fiscal, the domestic float glass manufacturers are planning to substantially increase their focus on value-added products for use in the construction and automobile ... More

PERFORMANCE

Committee pulls up STC for inept performance
THE Standing Parliamentary Committee on Commerce has criticised the State Trading Corporation (STC) for its inept functioning and urged it to operate as a commercial organisation by verifying the financial soundness of the firms with which it is ... More

SARS boosts Ind-Swift exports to S-E Asia
WITH Governments in the South-East Asian region still trying to get a handle on Severe Acute Respiratory Syndrome (SARS), the Chandigarh-based Ind-Swift Laboratories has said that its supply of macrolide antibiotic drugs to these countries has ... More

Eicher Motors sales up in April
EICHER Motors Ltd (EML) sold 580 commercial vehicles in the domestic market in April against 402 in the corresponding month of the previous year - a rise of 44 per cent. A release issued by EML said that overall sales of the company, ... More

Vizag Steel loses Rs 20 cr on power grid hitches
THE Visakhapatnam Steel Plant has suffered a loss of as much as Rs 20 crore during the past fortnight or so due to the disturbances in the power grid and the consequent hitches in production. This is a heavy blow to a plant which turned around ... More

Eveready back on profit path
EVEREADY Industries India Ltd, the flagship company of Mr B.M. Khaitan, is back in the black with a net profit of Rs 11.13 crore for the year ended March 31, 2003, after a year of loss of Rs 153.32 crore in 2001-02. Addressing a press ... More

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