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Birla Advantage Fund to pay 80 pc

MUMBAI: Birla Sun Life Asset Management Company has declared a dividend of 80 per cent on Birla Advantage Fund, on the occasion of the fifth anniversary of the fund.

According to a press release, all investors who have invested in Birla Advantage fund on or before March 22 will be eligible for the dividend.

According to Mr. N.K. Sharma, Chief of Business Development, Birla Sun Life Asset Management Company Ltd, the dividend is in addition to the 20 per cent dividend announced by Birla Advantage Fund in August 1999.

Hence, the initial investor in Birla Advantage Fund has got back his principal investment in the form of dividends in the financial year 1999-2000. _ Our Bureau

DCM Fin to enter IT, change name

CALCUTTA: The board of directors of DCM Financial Services Ltd, a NBFC, has decided to take up information technology-related business as the future area of operations. At a recent meeting, it has also decided to change the name of the company to suit th e plan.

The board further proposed to issue shares on preferential basis to one of the promoters (DCM International) , creditors and institutional investors. The proposed issue to DCM International will comprise 40 lakh shares of Rs. 10 each at a premium of Rs. 30 per share.

According to the minutes of the board meeting, the proposal would be implemented for making an issue of uncalled authorised capital to DCM International, only after the creditors' meeting (pursuant to a scheme of arrangement to be moved in the High Court of Delhi) approves the plan with appropriate majority.

It proposes to issue 2.5 crore shares of Rs. 10 each to secured and unsecured creditors for a debt-equity exchange and 50 lakh shares to banks/FIs/FIIs/MFs/VCF. The premium component of the issue will be declared later.

It has also planned to issue 25 lakh FCDs (convertible within 18 months into shares of Rs. 10 each) of Rs. 100 each to creditors at a premium to be decided later. The issue price of shares, upon conversion, will not be lower than the price fixed for the preferential allotment. The issue is also subject to approval of creditors. _ Our Bureau

SHCIL launches sell-n-cash in Bangalore

BANGALORE: Stock Holding Corporation of India has launched sell-n-cash in Bangalore, which enables the investors to realise proceeds from the sale of securities on the same day.

Launching the product, Mr. B.V.Goud, CEO and Managing Director, said SHCIL was planning to launch the product in other smaller cities in the country.

With its technology focus, the corporation is also working on introducing Web-enabled products in smaller cities. At present, its `stockdirect' enables trading through the Internet and is offered to investors in Mumbai, Rajkot, Chandigarh, Delhi, Calcutt a and Hyderabad.

Once Corporation Bank provides the necessary infrastructure, SHCIL will be launching the same service in Bangalore too.

Besides offering faster liquidity to the investors, SHCIL is also planning to offer other products such as mutual fund and loans against shares to the retail investors. It has tied up with close to eight banks for offering the service. _ Our Bureau

5,330 Indicas sold in February

MUMBAI: Tata Engineering & Locomotive Company Ltd (Tata Engineering) sold 5,330 units of the Indica in February 2000, official sources said. In January, the company sold 5,832 units of the car. _ Our Bureau

Maruti check-up camps

NEW DELHI: Maruti Udyog Ltd (MUL) is organising free check-up camps across the country for all Maruti vehicles which have run over one lakh kilometres.

The week-long campaign will run at all Maruti dealer workshops in the National Capital Region (NCR), Lucknow, Chandigarh, Bangalore, Mumbai, Chennai and Calcutta from February 7, a company release said here.

Under the scheme, the cars will be treated to a completely free check-up which will include tuning of the engine, a free car wash and suspension and brake check-up.

In addition to the free engine overhaul, discounts will be offered on a range of items, the release said. _ PTI

Court declines process against Harshad

MUMBAI: A local court on Tuesday declined to issue process against `big bull' Harshad Mehta and his associates Niranjan Shah and Jairaj Java in a case of alleged violation of Foreign Exchange Regulation Act (Fera) involving $6 lakhs, used in the securiti es scam in the early nineties.

Hearing a fresh complaint by the Enforcement Directorate (ED), the Additional Chief Metropolitan Magistrate Ms. Usha Iyer, however, issued process against the three brothers of Harshad Mehta _ Ashwin, Sudhir and Hitesh.

The notices have been made returnable on March 14, the magistrate said in the operative part of the order delivered in the courtroom. The verdict with a detailed reasoning would follow shortly.

The court granted a week's time to the ED, which expressed its intention to challenge the order in a higher court. _ PTI

Hero Honda board meet on March 21

MUMBAI: The board of directors of Hero Honda Motors Ltd will meet on March 21 to consider payment of interim dividend, the Bombay Stock Exchange said on Monday.

According to the exchange, the board of directors of Rhone-Poulenc (India) Ltd will meet on March 10, to consider payment of interim dividend. _ Reuters

ICDS set for IT foray

BANGALORE: The Manipal Group through its flagship ICDS Ltd is all set to enter the field of information technology beginning with IT education. A new division is being floated for this purpose and the long-term plan is to make a mark in two distinct sect ors _ software education and software development _ said a company press release.

The company, which sees enormous potential in IT sector, is opening around 1,000 outlets all over the country in the first phase through the franchise route, thus, offering an opportunity for agencies already engaged in computer education to link up with Manipal IT education, a division of ICDS, it said.

Manipal Finance Corporation, which is an associate of ICDS, with its extensive network, has also been roped in to reach out to larger territories and the group is collaborating with several universities outside the country as well as with Manipal Academy of Higher Education, the release added. _ Our Bureau

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