The board of directors of Suniti Commercials Ltd at their meeting held on November 18, 2002 has decided to increase the authorised capital from Rs 25,00,000 to Rs 27,00,000.
The company has convened an extraordinary general meeting of its members on December 16, 2002 for passing necessary resolutions for such increase in Authorised Capital and consequent alteration of memorandum & articles of association of the company.
First indigenous web-enabled call centre solution from ITI R&D
The Core R&D of ITI has designed and developed the first ever indigenous web-enabled Smart Connect Call Centre which can be customised to suit a variety of business needs, providing IT-enabled services on as single platform through phone, fax, e-mail and internet.
The product is especially designed to enhance call centre operations with a solution that provides everything from intelligent call routing to customer satisfaction- value added features and powerful capabilities such as phone, chat, web, callback, web call through Voice over Internet Protocol and web collaborative browsing.
Asian Electronics board approves amalgamation of Asian Electronics Components with the company
Asian Electronics Ltd (AEL) has informed BSE that the Board of Directors at its meeting held today (November 18, 2002) has approved the Scheme of Arrangement, under Section 391 / 394 of the Companies Act, 1956, for amalgamation of Asian Electronics Components Ltd (AECL) with Asian Electronics Ltd.
The salient features of the Scheme of Arrangement are as follows:
1. The Scheme of Arrangement is for the amalgamation of Asian Electronic Components Ltd with Asian Electronics Ltd and utilization of share premium account of Asian Electronics Ltd.
2. In consideration for the transfer of and vesting of the assets and liabilities of AECL in AEL, fully paid up Preference shares of AEL shall be issued to the members of AECL.
3. The exchange ratio for the purpose of amalgamation would be 7:2 i.e. for every 7 (seven) fully up 9% Cumulative Redeemable Preference Shares of Rs 100/- each of AEL shall be issued and allotted to shareholders of AECL, for every 2 (Two) fully paid up equity shares of Rs 100/- each held in AECL.
4. The appointed date for the scheme is proposed to be October 01, 2002.
5. The Scheme is subject to the approval of the requisite majority of the shareholders, creditors of AEL and the High Court of Judicature at Bombay in accordance with the provisions of Section 391-394 read with Section 78 and Section 100 of the Companies Act, 1956.
Pantaloon Retail to consider issue of shares on preferential basis
A meeting of the Board of Directors of Pantaloon Retail India Ltd will be held on November 23, 2002 to transact inter alia the preferential issue of 8,65,000 equity shares to promoters & relatives.
Goa Carbon to seek shareholders approval for scheme of amalgamation
A meeting of the equity shareholders of Goa Carbon Ltd is being convened on December 11, 2002 for considering & if thought fit for approving with or without modification the proposed scheme of amalgamation of Vishwalakshmi Petro Products Ltd with the company.
Tata Finance clarifies on news item
With reference to news item appearing in a leading financial daily "Tata Finance, Telco arm may merge" Tata Finance Ltd has said that the Tata Group has commenced an exercise to examine how the automotive finance business of the company and the Bureau of Hire Purchase Credit of Telco can enhance their competitiveness by working closer together, while retaining separate legal entities.
The Group believes that co-ordination between the two entities can enhance the Group's market position via a broader product service portfolio, larger channel presence and combined experiences and skill sets of people of these two entities.
Pennar Steels to be referred to BIFR
The Board of Directors of Pennar Steels Ltd has informed BSE that entire networth of the company eroded thus attracting the provisions of Sick Industrial Companies (Special Provisions) Act, 1985. The Board has decided to make reference of the same to Board for Industrial & Financial Reconstruction (BIFR).
Wipro Chairman sees huge potential for IT outsourcing
Azim Premji, Chairman, Wipro sees growing potential for IT Outsourcing globally including the Middle East markets with customers accepting the business practice of focusing on their core competencies, allowing software services companies such as Wipro to provide higher value for its expanding customer base in the region.
Outlining the company's ambitious vision for the Middle East market at a press briefing on November 17, 2002 Premji said: "Our vision is to be among the top 10 IT services companies globally. The Middle East is a critical component of our global expansion strategy, with an IT services market, estimated to be worth $5 billion and growing at a healthy rate."
Glenmark Pharma signs agreement with GlaxoSmithkline Pharma for purchase of its bulk drug plant
Glenmark Pharmaceuticals Ltd has informed BSE that the company has signed today (November 18, 2002) an agreement with GlaxoSmithkline Pharmaceuticals Ltd for purchase of its bulk drugs plant (including its movable & immovable property) at Ankleshwar, for a sum of Rs 140 million.
The sale is subject to necessary approvals from shareholders of GSK and other authorities as may be applicable.
GlaxoSmithkline Pharma signs agreement for sale of assets & immovable property at Ankleshwar
The Board of Directors of GlaxoSmithkline Pharmaceuticals Ltd at their meeting held today (November 18, 2002) has approved and signed an agreement for the sale of the right, title and interest of the company in the assets and the immovable property located at Ankleshwar to Glenmark Pharmaceuticals Ltd for a sum of Rs 140 million subject to the approval of the shareholders.
JK Corp Director resigns
JK Corp Ltd has informed BSE that Shri Surendra Malhotra Wholetime Director has resigned from the Board of Directors of the company wef October 31, 2002.
Supreme Petro clarifies on news item
With reference to news item "IFC to extend $ 10M for Supreme Petro Expansion" Supreme Petrochem Ltd has informed BSE that the factual position is that the proposal is under consideration of IFC and no assistance has yet been sanctioned.
Janice Textiles to be referred to BIFR
Janice Textiles Ltd has informed BSE that consequent to the Company's loss exceeding the networth of the Company as on March 31, 2002, the Company's application to The Board for Industrial & Financial Reconstruction New Delhi under The Sick Industrial Companies (Special Provision) Act, 1985 has been delivered on October 21, 2002.
Accident at Suven Pharma's factory premises at Suryapet
Suven Pharmaceuticals Ltd has informed BSE that an accident occurred at the company's Suryapet Unit AS when a transporters vehicle entered the factory premises on November 17, 2002 for unloading the solvents. Two persons were injured in the incident and they were immediately rushed to the hospital for treatment.
However there is no loss/damage caused to the manufacturing facilities at the aforesaid unit and there is no disruption of the operations at the said facility.
BSE revises Special Margin on 42 scrips
BSE has informed members of the Exchange are hereby that the following scrips will attract Special Margins as indicated hereunder with effect from today (November 18, 2002). The rates of Special Margins have been revised keeping in view the closing price of the scrip on the last day of the settlement.
Special margins will be imposed on the basis of memberwise gross purchase or sales position (clientwise net) as indicated below:
Code Name Group Per Share (Purchase)(%) Per Share (Sale)(%)
532311 AMEX INFORMATIO B2 25
531823 ARVIND REMEDY B1 25
532113 BRIJLAXMI LE B2 25
508814 COSMO FILMS B2 25
512093 CRANES SOFTWARE Z 25
532099 DATABASE FIN B2 25
505200 EICHER MOTOR B1 25
500128 ELECTROSTEEL CA B1 25
506156 ETC NETWORKS B2 25
511744 FCGL INDUSTRIES B2 25
532326 FORTUNE INFO B2 25
531399 G G AUTOMATIVE B2 50
532081 GARNET PAPER Z 25
500655 GARWARE POLY B2 25
506109 GENESYS INTER B1 25
503699 GEODESIC INF B2 25
507732 GODAVARI FERT B2 25
532129 HEXAWARE TECH A 25
524652 IND SWIFT B1 25
500207 INDO RAMA SYN B1 25
532010 INDOTECH CAPITA B2 25
500213 INTER TRAVEL B1 25
531816 IT MICROSYSTEM B2 25
532256 JINDAL STRIPS B1 25
532283 KASHYAP RADIANT B2 25
500241 KIRLOSKAR BROS B1 25
532275 LANDMARC LEI B1 25
500265 MAHARASHTA SEAM B1 50
524794 MATRIX LABOR B2 50
512267 MEDIA MATRIX B2 25 25
524101 NALCO CHEMICAL B1 25
532091 ORBIT MULTI B2 25 25
531512 ORIENT TRADE B2 25
532114 PAN PACKAGING B2 25
522205 PRAJ INDUSTRIES B2 25
531611 PRRANETA INDS B2 50
532055 RASHEL AGROTECH B2 25
513583 S B & T B1 25
523083 SOMPLET B2 25
532468 SRF POLYMERS B2 25
531554 TOP TELEMEDIA B2 25
524802 VERONICA LABS B2 25
JBCPL launches Lek-Pamidol (Nonionic Contrast Media), a high tech diagnostic product
J B Chemicals & Pharmaceuticals Ltd has recently launched a Nonionic Contrast Media, a high-tech researched product, under the brand name Lek-Pamidol.
Lek-Pamidol (Iopamidol), a "second generation", Nonionic Radio Contrast agent is used for intravascular applications in diagnostic radiology to determine the nature and extent of blockage in the arteries in the Heart, Brain, Kidney etc.
JBCPL in house R&D has developed Lek-Pamidol (Iopamidol) Nonionic Contrast Media. The product is manufactures in JBCPLs Sate-of- the-Art manufacturing facility meeting cGMP requirements of the International Standards that ensures best quality product.
Nonionic Contrast Media Market in India is about Rs 500.00 million growing at 15%. JBCPL is confident of acquiring market share of 10% in the first year itself and establishing its leadership in the field of imaging technology in next 3 years.
Sterlite cancels equity shares pursuant to scheme of arrangement
Sterlite Industries India Ltd has cancelled 2,00,68,004 equity shares pursuant to the scheme of arrangement.
Medicamen Biotech to seek members approval for increase in share capital
Medicamen Biotech Ltd has informed BSE that the Company will seek shareholders approval at an Extra Ordinary General Meeting on December 09, 2002 for increase in authorised share capital and preferential allotment of shares.
Madras Fertilizers to consider erosion of networth
Madras Fertilizers Ltd has informed BSE that an Extra Ordinary General Meeting is scheduled to be held on December 04, 2002 to consider erosion of more than 50% of the peak networth of the company.
JK Corp Director resigns
JK Corp Ltd has informed BSE that Shri Surendra Malhotra Wholetime Director has resigned from the Board of Directors of the company wef October 31, 2002.
Mphasis denies news item
With reference to the news article appearing in a leading financial daily regarding Mphasis BFL Ltd receiving a large BPO order, the Company has informed BSE that it has not received any such order as mentioned in the said article.
ACC clarifies on news item
With reference to the news item captioned "ACC, Tata Engg exit Bridgestone joint venture" appearing in a leading financial daily Associated Cement Companies Ltd has informed BSE that it has been attempting for the past few years to divest its non core activities and focus on its core business. As a part of this exercise, it had been in discussion with its joint venture partner, Bridgestone Corporation, Japan (BSJ) for divesting ACC's equity stake in Bridgestone ACC India Ltd. Whilst it had obtained in principle approval from the Board to negotiate with BSJ for divesting its stake, the share purchase agreement with BSJ is yet to be finalized and executed.
TELCO clarifies on news item
With reference to the news article titled "ACC, Tata Engg exit Bridgestone joint venture" appearing in a leading financial daily Tata Engineering &Locomotive Company Ltd has informed BSE that the Company has been in dialogue with its joint venture partner, Bridgestone Corporation, Japan for divesting the Company's 6.4% stake in Bridgestone ACC India Ltd as part of its strategy to divest from non core business. Whilst in principle approval for the said divestment has been obtained from the Board of Directors of the Company, the share purchase agreement is yet to be executed.
