The management of Mangalore Chemicals and Fertilisers (MCF) headed by the UB group and the new partner, SPIC, has submitted a Rs. 300-crore revival package for the fertiliser company. The package which has been framed in consultation with the FIs and several banks, envisages the new alliance partners jointly bringing in funds aggregating Rs. 200 crores for turning around the company. The balance Rs. 100 crores is expected to be generated by the company.
Shareholder sends legal notice to SBI
A State Bank of India shareholder has sent a legal notice to the Chairman, Mr. D. Basu, on his intention to move the appropriate court for relief under Section 616 read with Section 196 of the Companies Act as the bank has not forwarded to him the minutes of its last three annual general meetings. The shareholder, Dr. Arun Kumar Agrawal, in his notice dated July 7, has said: “As the prescribed time period within which the minutes had to be furnished is seven days and the same has elapsed since June 27, you are hereby informed that it is proposed to move to appropriate court for the relief envisaged under the Act.” In response, SBI said that “there is no provision in the State Bank of India Act to provide the minutes of the annual general meetings to the shareholders.”
Poompuhar to acquire 11 carriers on time charter
Poompuhar Shipping, a Tamil Nadu Government undertaking, is to acquire on time charter 11 self-trimmed bulk carriers of capacity ranging from 30,000 dwt to 47,000 dwt for ferrying coal for the Tamil Nadu Electricity Board (TNEB) between Haldia/Paradip/Vizag and Madras/Tuticorin over the next two years.