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| Panjabi resigns from Board of Indian Hotels |
| Indian Hotels Company Ltd has informed BSE that Ms C Punjabi has tendered her resignation from the Board of Directors of Indian Hotels Company Ltd, which will be effective from June 30, 2001. |
| Labour dispute at Veejay Lakshmi Spinning unit |
| Veejay Lakshmi Engineering Works Ltd has informed BSE that the operations in the spinning unit of the Company under lease from M/s Kongarar Cotton & Synthetics Ltd has been affected due to labour dispute and the Company has given "consequential Layoff" from May 29, 2001. A dispute has been raised with the Assistant Commissioner of Labour- Conciliation 1. |
| Members approve increase in FII limit in NIIT to 49% |
| The Members of NIIT Ltd in their Extraordinary General Meeting held on June 22, 2001 have approved the investment in equity shares of the company by Foreign Institutional Investors under the portfolio scheme up to an aggregate limit of 49% of the paid up equity share capital of the company.
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| Infosys Tech allots equity shares under Stock Option Plan |
The Board of Directors of Infosys Technologies Ltd on June 21, 2001 transacted the following item of business:
Allotted 800 (eight hundred only) equity shares of Rs 5 per share to the Bankers Trust Company, the New York, the depository to the company's ADS issue as underlying shares in respect of 1600 (one thousand six hundred only) ADS be issued and allocated to the purchaser, pursuant to the exercise of 1600 (One thousand six hundred only) options granted to an employee under the 1998 option plan on receipt of payment of the subscription monies in respect of the said shares aggregating $27,200.
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| Bayer ABS MD directed to deposit Rs 3.40 million towards Investor Protection Fund |
Bayer ABS Ltd has informed BSE that in terms of the SEBI (insider trading regulations) investigations conducted and order issued thereafter by SEBI dtd. June 18, 2001, Mr Rakesh Agrawal, MD of the company has been directed to deposit Rs 34,00,000 (Rupees Thirty four lacs only) towards Investors Protection funds of the Stock Exchange. It has also been ordered that the aggrieved investors with sale of shares of ABS Industries Ltd to Mr I P Kedia during September 9 to October 1, 1996 can approach SEBI within 15 days of the order.
SEBI has also ordered to launch prosecution against Mr Agarwal, within the SEBI Act and the rules thereat.
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| Infotech UK & Infotech USA become subsidiaries of ITC |
ITC Ltd has informed BSE that ITC Infotech India Ltd (Infotech-India) a wholly owned subsidiary of the company, has acquired the entire share capital of ITC Infotech Ltd, UK (Infotech-UK), hithero also a wholly owned subsidiary of the company.
Infotech-India has also acquired the entire share capital of ITC Infotech (USA) Inc. (Infotech-USA), hithero a wholly owned subsidiary of Infotech-UK.
Consequently, Infotech-UK and Infotech-USA have become wholly owned subsidiaries if Infotech- India with effect from June 19, 2001 and May 24, 2001 respectively, and have also accordingly become subsidiaries of the company.
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| International Best Foods shareholders approve merger with Hindustan Lever |
| The Hon'ble High Court of Judicature of Bombay had convened a meeting of the shareholders of International Bestfoods Ltd (IBFL) on June 21, 2001 to consider the amalgamation of IBFL with Hindustan Lever Ltd (HLL). The motion was approved by the requisite majority at the said meeting. Out of the 118 ballots which were found valid 113 ballots (95.76%) representing 49,81,638 shares (99.99%) were in favour of the resolution placed before the meeting.
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| Workers at Jai Corp's Nanded Plant on illegal strike |
Jai Corp Ltd has informed BSE that section of workers of the company at its Steel Plant at Nanded have gone on illegal strike without giving any notice and without informing any issues/grievances to the company, from June, 16 2001.
The Management is taking necessary steps to convince the workers to resume the duties and resolve their issues.
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| Induj Enertech fixes record date for demerger of IT Division |
| Induj Enertech Ltd has fixed the record date as July 24, 2001to give effect to the demerger of IT Division of the Company to Induj Infotech Ltd.
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| Reliance Petroleum completes first stage of Term Loan syndication
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The USD 500 million Term Loan Facility for Reliance Petroleum Ltd the largest commercial term loan to date for an Indian borrower, was formally joined by eight sub-underwriters in Singapore on June 14th: Successfully completing the first stage of an extremely robust syndication.
The Facility is being lead arranged by ABN AMRO Bank N V ANZ Investment Bank, BA Asia Ltd, The Hongkong and Shanghai Banking Corporation Ltd, Salomon Smith Barney International Merchant Bankers Ltd, Standard Chartered Bank and Toronto Dominion (South East Asia) Ltd (the "Lead Arrangers").
The Lead Arrangers have now been joined by Credit Agricole Indosuez Merchant Bank Asia Ltd, Bank of Baroda, Credit Lyonnais, Fleet National Bank, Norddeutsche Landesbank, Rabobank Singapore Branch, State Bank of India and the Tokai Bank Ltd, Singapore branch (together the "Co-Lead Arrangers"). The commitments from both the Lead Arrangers and the Co-Lead Arrangers have been scaled down considerably in the sub-under writing stage, highlighting the success of what banks have hailed as a new benchmark for Indian corporate borrowing, and a demonstration of the confidence that the international investor community has in the Indian market and RPL in particular.
The proceeds will be used to finance capital expenditure.
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| Modi Rubber open offer price revised to Rs 90 per share by Modi Consortium |
HSBC Securities & Capital Markets (India) Private Ltd has informed BSE that the Proposed Open Offer to acquire upto 8764186 fully paid up equity shares 10/- each of Modi Rubber Ltd (MRL) constituting 35% of the Equity Share Capital (and voting rights) of Modi Rubber Ltd by Mr V K Modi, Dr B K Modi, Mod Fashions and Securities Private Ltd and Modikem Ltd in concert with Witta International Inc. and Sidh International Ltd in terms of the provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997 and subsequent amendments thereto ("Takeover Regulations") has been revised upwards from Rs 81.50 per share to Rs 90 per share.
The revised offer price will be payable to all shareholders who will tender their shares during the tenure of the offer including those who have already tendered their shares under the same. The above open offer is scheduled to close on July 03, 2001.
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| Jagsonpal Pharma Q4 net down by 23.94%, FY-01 net up by 7.82% |
Jagsonpal Pharmaceuticals Ltd has posted a net profit of Rs 19.02 million for the quarter ended March 31, 2001 as compared to Rs 25.01 million in the corresponding period last fiscal. Total Income for the quarter ended March 31, 2001 is at Rs 323.98 million as against Rs 270.74 million in MQ 2000.
The company has posted a net profit of Rs 101.51 million for the financial year ended March 31, 2001 as compared to Rs 94.14 million in FY-00. Total Income for the financial year ended March 31, 2001 is at Rs 1198.24 million as compared to Rs 1022.36 million in the FY-00.
The Board of Directors has recommended a Dividend of Rs 3 (Three) per Equity share of Rs 10 each
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| With reference to the news item appearing in a leading financial daily titled " IDBI may offload IFCI stake" Industrial Development Bank of India has informed BSE that the Government of India had convened a meeting on June 12, 2001 to discuss matters relating to restructuring of IFCI. However, no decision has been arrived at so far. IDBI has stated that the news article is purely speculative in nature and it has not given any such information.
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| Archies Greetings FY-01 net down by 31.79% |
Archies Greetings & Gifts Ltd has posted a net profit of Rs 91.45 million for the year ended March 31,2001 as compared to Rs 134.07 million in the financial year ended March 31, 2000. Total Income for the year ended March 31, 2001 is at Rs 688 million as compared to Rs 721.50 million in FY-00.
The Board of Directors has recommended a final dividend @ 15%.
The number of franchisees stand at 505 (including 23 company owned/managed outlets.)
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