TamilNadu Petroproducts Board approves proposal to issue secured redeemable NCD

TamilNadu Petroproducts Ltd has informed BSE that the Board of Directors at their meeting held on August 02, 2002 approved the proposal to issue secured redeemable non convertible debentures aggregating Rs 1000 million on private placement basis to Financial Institutions/ Insurance Companies/ Mutual Funds/ Banks to augment long term finance to fund expansion projects of the Company.

Delight Handicrafts on verge of liquidation

The Board of Directors of Delight Handicrafts Palace Ltd met on July 29, 2002 and has informed the following to BSE: The Joint Venture floated by the company in Europe became 100% subsidiary of the company. However due to major financial dispute in abroad the Joint Venture has been declared as bank-rupt The company has applied to Reserve Bank of India for permission to write-off entire amount outstanding on account of export took place to the joint venture and the equity capital sent to subscribe the share capital. The Trading office of the company at Germany is also closed due to multi-farious litigation and the Board of Directors are of the opinion that whatever amount has been sent to the trading office cannot be recovered as the debtors of the trading office at Germany has declared them as bank-rupt The State Bank of India & the Banaras State Bank (The bankers of the company) has filed suit for recovery of their dues before the Hon'ble Debt Recovery Tribunal Allahabad. The Company has received show-cause notice from the office of PICUP, Lucknow for issuance of recovery certificate as the company has failed to repay their dues. Income Tax Department has also raised demand against the company due to non-realisation of export proceeds on time against which the company has filed appeal before appropriate authorities. In the light of above circumstances, the company is on the verge of liquidation

Geometric Software Solutions Company Secretary resigns

Geometric Software Solutions Company Ltd has informed BSE that Mr B P Bhargawe, Company Secretary, General Counsel and Compliance Officer resigned from the services of the Company w e f July 31, 2002. Further Mr Rajkumar Bidawarka has been appointed as Company Secretary and Compliance Officer w e f August 05, 2002.

Ramco Systems assessed at CMM level 4

Ramco Systems Ltd was assessed at SEI CMM level 4 by KPMG. The assessment applies to Development Centers III & IV attached with the Enterprise Solutions BU (Business Unit). With this accomplishment the Company crosses an important milestone in its quest for quality. Process adherence to the SEI CMM Model has brought in high visibility of project execution at all levels of the project team and the senior management. Qualitative and quantitative metrics support objective evaluation of the project progress and provide tangible and timely inputs for planning and corrective actions. Commenting on this achievements Mr Satish Gore Vice President (Systems & Processes) Ramco Systems said " This certification is an external endorsement of our commitment to quality and is a result of our conscious and sustained efforts to build quality in our solutions and services. Adhering to this model we can ensure high reliability and predictability in our solution deliveries to the customers. Combined with our technology offerings we now have a compelling value proposition to our customers"

Royal Airways taking necessary steps to comply with High Court Order

Royal Airways Ltd has informed BSE that the company is in the process of taking necessary steps within the stipulated time to comply with the order passed by the Hon'ble High Court of Delhi.

Industrial Development Bank announces change in Directorate

Industrial Development Bank of India has informed BSE that the shareholders other than Central Government have elected the following three Directors in the AGM held on August 02, 2002 Ravi Veera Gupta Manohar Gopal Bhide Jamshed J Irani The above Directors have assumed office with effect from August 03, 2002.

Sterlite Optical Technologies cancels proposed dividend for FY-02

Sterlite Optical Technologies Ltd has informed BSE that the market situation for optical fiber and optical fiber cables continues to be severely depressed both in the domestic and international markets. Further sustainable recovery seems highly unlikely in the near future. Prices of optical fiber and optical fiber cables continue to be weak. Further in the domestic market, the drastic reduction in the BSNL JFTC tender quantity to 50% of the last years quantity has resulted in reduced share of Sterlite Optical Technologies Ltd and its subsidiaries at prices much lower than the previous years. Considering the above adverse factors and to conserve resources the Board of Directors of the Company at the Board Meeting held today have revoked the earlier decision to recommend dividend of Rs 4 per share (80%) for the financial year ended March 31, 2002.

Madhusudan Oils to consider change in management structure

Madhusudan Oils & Fats Ltd has informed BSE that the meeting of the Board of Directors of the Company will be held on August 13, 2002 instead of August 10, 2002 for consideration and approval of the following business: Appointment of Shri Vikram Somany as Chairman-cum-Managing Director of the Company (presently he is Chairman and Non-Executive Director of the company) Appointment of Shri S C Kothari as Whole Time Director (presently he is Non-Executive Director of the company). Appointment of Shri N K Maheshwari and Shri O P Bhandari as Directors of the company.

K S Ramesh resigns from the Directorship of TVS Electronics

TVS Electronics Ltd has informed BSE that Mr K S Ramesh, one of the Directors of the Company has resigned from the Directorship of the Company and relieved w e f June 30, 2002.

S S Kaushik resigns from Directorship of Auto Pins India

Auto Pins India Ltd has informed BSE that S S Kaushik, Director has resigned due to his pre occupation effective July 31, 2002

Aditya Birla Group enters into share purchase agreement with ONGC for sale of 37.38% stake in MRPL

Mangalore Refinery and Petrochemicals Ltd has informed BSE that Aditya Birla Group Companies viz, Hindalco Industries, Indo Gulf Corporation Ltd, Indian Rayon Industries Ltd, Grasim Industries Ltd have entered into a share purchase agreement with Oil & Natural Gas Corporation Ltd (ONGC) for the sale of their entire 37.38% equity holding in MRPL to ONGC which is inter alia subject to approval of HPCL and Government of India in terms of MOU as also certain preclosing obligations of the Aditya Birla Group Company in satisfaction of such preclosing obligations.

Tisco clarifies on news item

With reference to news item appearing in a leading financial daily Tata Iron & Steel Company Ltd has informed BSE that pursuant to the interests in the titanium business, the company had applied for prosecuting license over an area of 5100 hectares in the districts of Kasaragod & Kannur in North Kerala. Preliminary discussions have also been held with the Kerala Government on the possibility of working together to harness the full potential of the explored and unexplored mineral sand deposits in Kerala. However there have never been any discussions at any point of time on buying a stake in the state owned Travancore Titanium Products.

Praj Industries makes headway in fuel Ethanol plants

Praj Industries Ltd has informed BSE that it has bagged two more orders for fuel ethanol technology, plant & equipment supply in India. This order follows the commissioning of Asia's first MSDH (vapor phase) plant in Maharastra in Sangli District for Datta SSK Ltd, Shirol The two orders signify the spread of fuel ethanol beyond Maharashtra and UP as well as the spread of Praj Technology into Karnataka and Gujarat regions. The plants will be based on the advanced MSDH technology in technical collaboration with Delta T, USA.

Procter & Gamble Hygiene fixes book closure for dividend

Procter & Gamble Hygiene and Healthcare Ltd has fixed September 14, 2002 to September 27, 2002 (both days inclusive) as book closure date for the proposal for payment of dividend.

Cummins fixes book closure for dividend

Cummins India Ltd has fixed the book closure from September 6, 2002 to September 13, 2002 for deciding dividend entitlement for the year ended March 31, 2002. The Board has recommended final dividend of Rs 1.50 per share on the fully paid up shares of Rs 2 each.

Miller Automotive Group, USA going with Logix's Microsystems Izmocars product

Logix Microsystems Ltd on Monday announced that the Miller Automotive Group one of USA's top 100 Automobile Dealer group is adopting the new Logix product Izmocars as their Internet business solution. Miller Automotive Group, located in Los Angeles, California is the 64th largest Dealer group in the United States of America. Total sales of automobiles by Miller Automotive Group in the year 2001 were USD 410 million and they sold more than 20,500 cars in that year. Logix is in the process of implementing the Izmocars product range in the entire network of dealerships of Miller Automotive Group located across several states in the United States. The implementation is likely to be completed by the end of August 2002. "The acquisition of Miller Automotive Group as a client and their choice of the Izmocars product range for their entire network of dealerships is a very significant achievement for Logix. We are now even more confident of achieving our target of acquiring 500 clients for the Izmocars product range in the current year" says Mr Sanjay Soni, Managing Director, Logix Microsystems Ltd.

Continental Controls Board approves amalgamation of Continental Softech with the Company

Continental Controls Ltd has informed BSE that the Board has agreed in principal to amalgamate Continental Softech Ltd. with the company and for the said purpose they have appointed Mr. M.S.Srinivas, Chartered Accountants, for the valuation of shares of both the Companies and based on this reports other decisions will be taken.

Willard India Board approves issue of shares on preferential allotment basis

Willard India Ltd has informed BSE that the Board of Directors at its meeting held on July 31, 2002 has decided to issue 5,000,000 equity shares of Rs 10 each aggregating Rs 5,00,00,000 on preferential allotment basis to the promoters/group Companies and associates. The preferential issue will be approved by the shareholders in the coming AGM.

Rolta bags US contracts of over Rs 300 million

Rolta International Inc the US based subsidiary of Rolta India Ltd, India's premier IT solutions and services provider, has recently been awarded contracts exceeding Rs 300 million to provide IT enabled GIS services to various utility companies in the USA spread across North Carolina, Midwest US, Northwest US and New York State. These utilities serve more than 1.7 million customers. Rolta will use its unique processes and offshore (Mumbai Based) facilities to convert records and create digital models of water, wastewater, gas and electric facilities. Rolta will also generate digital maps of the underlying land base & re-project the existing land base to match higher accuracy digital image data. These projects are to be executed over the next 12 to 18 months and are a further endorsement of Rolta's exceptional capabilities in serving water, gas, telecom and electric utilities.

TUV Rheinland felicitates Eider Commercials

Eider Commercials Ltd has been felicitated with ISO 9001:2000 certification. The scope of the certification covers design & development of software solutions, marketing & support and providing training on engineering and software products. It also includes the process for design development and deployment of software products for statistical & mathematical analysis & visualization. The company was certified ISO 9001 compliant at the end of an extensive analysis in which the company and TUV Rheinland evaluated how the company guarantees product quality at every step of the product and business cycle.

SCI fixes book closure date for AGM

Shipping Corporation of India Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 6, 2002 to September 17, 2002 (both days inclusive), preceding AGM to be held on September 17, 2002.

Himatsingka Seide announces change in management structure

Himatsingka Seide Ltd has informed BSE that Dr G V K Rao has resigned from the Board of Directors due to his advancing age, and the Board of Directors have accepted his resignation with effect from August 3, 2002. The Board of Directors have appointed Mr N Vaghul as Chairman of the Board w e f August 03, 2002.