Adlabs Films Ltd has informed BSE that the Company's Board of Directors at its meeting held on Friday have recommended dividend of 25% (Rs 1.25 per share) for the year ended March 31,2002 subject to approval by the members at the ensuing Annual General Meeting.
Compudyne Winfosystems Board defers consideration of rights/preferential issue
Compudyne Winfosystems Ltd has informed BSE that the following points were discussed during the meeting of the Board of Directors held on Friday:
1.Proposal for considering Rights Issue.
2.Proposal for considering issue of Share Warrants to Promoters & their Group.
3.Proposal for considering preferential issue of Equity Shares on private placement.
The Board discussed on the above points and sought certain additional information to decide on the above proposals. Hence consideration of these issue was deferred.
Regarding Proposal for considering issue of Debentures the matter was dropped.
Vision Organics Board approves issue of bonus shares
Vision Organics Ltd has informed BSE that the Board of Directors at its meeting held on August 14, 2002 decided the following subject to the approval of the shareholders:
1. To offer, issue and allot 17,00,000 equity shares of Rs 10 each at par to the promoters and Directors on preferential/private placement basis on conversion of their deposits/loans and
2. To issue and allot equity shares by way of Bonus Shares on capitalization of the free reserves in the ratio of 1:1 to the shareholders whose name will appear as on "Record Date" which will be fixed by the Board in future.
Tata Finance fixes book closure for AGM
Tata Finance Ltd has informed BSE that in view of change in the date of the Annual General Meeting of the Company, the Register of Members and the Share Transfer Books of the Company in respect of equity shares and 9% Cumulative Convertible Preference (CCP) shares will be closed from September 17, 2002 to September 30, 2002 (both days inclusive) for the purpose of the 18th Annual General Meeting of the members of the Company to be held on September 30, 2002.
BHEL Board recommends dividend @ 40%
Bharat Heavy Electricals Ltd has informed BSE that the Board Of Directors in its meeting held on August 16, 2002 has approved the Balance Sheet as at March 31, 2002 and profit & loss account for the year ended on that date.
The board has further resolved to recommend dividend @ 40% on equity shares for the year 2001-02.
Automobile Corp of Goa Board postpones Board meeting for allotment of NCPS to promoters
Automobile Corporation of Goa Ltd has informed BSE that a meeting of the Board of Directors of the Company proposed on August 14, 2002 to consider allotment of 9,00,000 - 11.5% Cumulative Redeemable Non-convertible Preference Shares of Rs 100 each to the promoters - EDC Ltd and Tata Engineering & Locomotive Co. Ltd is postponed due to unavoidable circumstances.
Fortune Informatics Board to consider conversion of warrants
Fortune Informatics Ltd has informed BSE that the Board of Directors of the Company will be meeting on August 24, 2002 inter alia -
To consider and approve the annual accounts for the year ended March 31, 2002.
Conversion of warrants by issue of fully paid up equity shares
HDFC Bank announces change in management structure
HDFC Bank Ltd has informed BSE that it has received letters from Keki Mistry and J S Baijal vacating their office as Directors of the Bank pursuant to the provision of Banking Regulation Act, 1949, since they are shortly completing their respective period of eight years as Directors of the Bank.
The Bank has further informed that Arnold Chakvin has expressed his desire to resign as Director of the Bank on account of his international commitments.
Geodesic Information Systems Board approves establishment of wholly owned subsidiary in USA
Geodesic Information Systems Ltd has informed BSE that the Board of Directors at their meeting held on August 16, 2002 have discussed and decided on the following:
The Board appointed Rahul Patwardhan as Independent Director liable to retire by rotation w e f August 16, 2002.
Unanimous consent of the Board of Directors was accorded to establish a wholly owned subsidiary of the Company in USA under the direct investment scheme of RBI.
The Board also discussed about the matter of issuance of ESOPs to the employees of the Company. After due discussion the compensation Committee was formulated with the following members.
V Krishnan Chairman
Prashant Mulekar Member
Rahul Patwardhan Member
Dynacons awarded as best VFB partner from IBM
Dynacons Systems & Solutions Ltd has informed BSE that the Company has been awarded as best VFB Partner from IBM.
The company has further informed that the Board has decided to conduct the meeting of the Board of Directors of the company on August 26, 2002 for fixation of record date for the split of shares from Rs 10 to Rs 2.
KTL Infosys Board to consider stock split
KTL Infosys Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on August 23, 2002 to consider inter alia the following items:
1. To increase the authorized capital of the Company.
2. To sub-divide equity shares of the Company of Rs 10 each
3. To issue equity shares on preferential basis for cash/under SWAP agreement and issue shares on right basis.
HCL Tech forms JV with management consulting firm - M A partners
HCL Technologies Ltd announced on Friday that it has entered into a joint venture with M A partners - a management consulting firm - to address software services opportunities in Global Finance Markets, especially in the areas of Investment Banking, Asset Management and Private Banking. m.a. partners brings a wealth of domain expertise and clients including many of the top Global Investment Banking firms, to the JV.
HCL Tech will hold a 51% stake in the new Company while the balance 49% will be owned by m.a. partners. The initial funding will be £800,000.
M A partners is an independent management consulting firm, with a proven track record in managing change for leading institutions in the Global Finance Markets. Revenues for FY March 2002 stood at $ 26 million.
Shiv Nadar, Chairman, President & CEO HCL Tech commented, "As part of our strategy to strengthen the Banking and Financial Services vertical, this JV will facilitate HCL Technologies to craft an entry into the largest banks and financial services companies globally. HCL M A also marks our enhanced focus on the European market, where we intend consolidating our presence."
Ind-Swift declares 20% dividend
Ind-Swift Ltd, one of the fastest growing formulations Company has declared Rs 2 per share as dividend for the year 2001-02.
Moser Baer declares 25% dividend
Moser Baer India Ltd has informed BSE that the Board of Directors at its meeting held on Friday has decided to recommend a dividend at 25% on the paid up Equity Capital of the Company on pro rata basis.
Jindal Iron & Steel clarifies on news item
With reference to a news item appearing in a leading financial daily titled " Financial Trouble Forces Group to consider Restructuring Option - Jindals mull JVSL - JISCO merger", Jindal Iron & Steel Company Ltd has informed BSE that the there is no such proposal of merger of JVSL with JISCO.
Wipro files quarterly report on Form 6-K with SEC for the quarter ended June 30, 2002
Wipro Ltd has informed BSE that it has filed the quarterly financial statements for the quarter ended June 30, 2002 on Form 6-K with the United States Securities and Exchange Commission.
Earlier the Company had informed BSE the quarterly results, which are as follows
Wipro Ltd has posted a profit after tax of Rs 1970 million for the quarter ended June 30, 2002 as compared to Rs 2077 million in the quarter ended June 30, 2001. The net profit for the quarter ended June 30, 2002 is at Rs 1665 million, which is after considering an extraordinary/non recurring expense of Rs 305 million. Total Income has increased from Rs 8162 million in JQ-01 to Rs 9261 million in the quarter ended June 30, 2002.
The consolidated results are as follows:
The Company has posted a net profit of Rs 1627 million for quarter ended June 30, 2002 as compared to Rs 2139.80 million for quarter ended June 30, 2001. The total income (net of excise) has increased from Rs 8197.70 million in JQ-01 to Rs 9452.27 million in JQ-02.
Wipro has subsequently received revised information about its minority affiliate, Wipro GE Medical Systems Ltd., whereby its losses were higher than the results previously reported. Of this Wipro's 49% share of the incremental loss, is Rs 147 million under US GAAP financials and Rs 186 million under Indian GAAP financials resulting in profit after tax (as mentioned above) being lower by the same amount. Wipro GE Medical Systems Ltd is a joint venture controlled by GE Medical Systems in which Wipro holds a 49% equity interest and GE Medical systems a division of General Electric Company holds a 51% interest.
Infosys allots Stock Options under Stock Option Plan
Infosys Technologies Ltd has informed BSE that the Compensation Committee of the Board of Directors of the Company met on August 14, 2002 and transacted the following business:
Allocated an aggregate of 89,150 stock options under the 1999 stock option plan exercisable for equity shares and a total of 41,400 ADS linked Stock Options under the 1998 ADS Stock Option Plan exercisable for ADSs to the employees of the Company, who were found eligible
ITC Ltd and Agro Tech Foods Ltd (ATFL) have agreed by mutual consent to settle the Arbitration proceedings in London concerning the Mantralayam Facility.
In terms of the Settlement Agreement and Consent Order to be issued by the appointed Arbitrator, ITC would take back the Mantralayam Facility, which had been licensed to ATFL since September 1996 and ATFL would over a five year period from August 2002 to June 2007 make annual payments to ITC amounting to a total of Rs 430 million.
Operations at the Mantralayam Facility were discontinued from September 27, 2001. As a result of this settlement ATFL would be discharged from the obligation of maintaining the facility and paying license fees concerning the facility. ATFL expects logistic advantage of decentralised manufacturing instead of concentrating production at Mantralayam.
Finolex Industries buy back to commence on August 19, 2002
BSE has informed the members that Finolex Industries Limited has announced buyback of its fully paid-up equity shares of face value of Rs 10 each from the Open Market through electronic trading mechanism of the Exchange. The Maximum Buyback Price would not exceed Rs 40 per equity share payable in cash for an aggregate amount not exceeding Rs. 350 Million.
Proposed time table for buyback:
Date of Opening of the Buyback on BOLT August 19, 2002
Last date for the Buyback July 26, 2003 or exhaustion of Rs. 350 million whichever is earlier.
Details of Buyback orders on BOLT.
The members may note that the Physical Equity Shares can be offered for Buyback to the company in the list of Non-Specified Securities under scrip code as mentioned below:
Code No. : 532420
Market Lot : 1 Share
Scrip ID on BOLT System : FINBBPH
Abbreviated Name on BOLT System : FINOLEXIND*
The Dematerialized Equity shares of Finolex Industries Ltd. can be offered for Buyback to the company through the "Buyback" button as mentioned in the Exchange Notice No 73405/2001 dated January 4, 2001 under scrip code no: 500940 in rolling settlement.
Indo Matsushita Carbon Co announces change in management structure
Indo Matsushita Carbon Co Ltd has informed BSE that Mr Tomio Kawabe has been appointed as Director of the Company effective July 31, 2002 in place of Mr Morihiro Sato who has tendered his resignation effective that date.
The above changes have been approved at the Board meeting held on July 31, 2002.
Uniworth announces change in management structure
Uniworth Ltd has informed BSE that Mr Santosh Kumar Jain has resigned as a Director of the Company w e f July 23, 2002 and Mr K Darbari has resigned as a Director of the Company w e f June 30, 2002. The Company has further informed that Mr Anand Gopal Bhatnagar has been appointed on the Board as Additional Director w e f July 25, 2002.
Lee resigns from Directorship of Ispat Industries
Ispat Industries Ltd has informed BSE that Mr H B Lee has resigned from the Directorship of the Company w e f August 01, 2002.
Haresh Teckchandani appointed as Director of Ceenik Exports
Ceenik Exports India Ltd has informed BSE that in its Board Meeting held on July 31, 2002 the Company has appointed Mr Haresh R. Teckchandani as a Director with immediate effect.
The Company has further informed that Mrs Chandra N Hingorani has resigned from the Board of Directors with immediate effect.
BSE imposes special margin on Zenergy
BSE has informed the members of the Exchange that Special Margin of 25% has been imposed on Zenergy Ltd with effect from Friday.
Special margin will be imposed on the basis of memberwise gross outstanding purchase or sale position (Clientwise net).
