V N Shankar Rau resigns from Directorship of EL Forge
EL Forge Ltd has informed BSE that V N Shankar Rau, Director of the Company has resigned from the Board with effect from June 28, 2002.
Polaris Software Lab clarifies on news item
With reference to news item appearing in a leading financial daily Polaris Software Lab Ltd has informed BSE that Empower Works Ltd has been floated by the company and not by Mr Balaraman as mentioned in the news item. Mr Balaram is neither a promoter nor does he have any financial stake in either Empower Works Ltd or Polaris Software Lab.
The Board felt that ERM requires a separate and full time focus and therefore it is best developed through a new company. The efforts put in by Polaris in ERM have been passed over to the new company for further product development and marketing and there has been no sale as such. Mr V Balaram as a professional CEO with the passion to build this business is heading the ERM initiative. Once the product development reaches a final shape and the branding and product positioning are completed, Empower Works Ltd will go in for second round of funding for their future fund requirements.
United Breweries FY-02 audited results on August 12, 2002
United Breweries Ltd has informed BSE that the meeting of the Board of Directors of the Company will be held on August 12, 2002 inter alia to consider the accounts for the year ended March 31, 2002 and also to consider declaration of dividend for the year ended March 31, 2002.
Oriental Bank of Commerce announces change in management structure
Oriental Bank of Commerce has informed BSE that the following four persons are elected as Directors of the Bank for a period of 3 years w e f August 18, 2002.
Nirmal Jain
Surender Kumar Sakhuja
Vijay Maroo
Dinesh Mehta
Sterlite Industries Board approves scheme of arrangement
Sterlite Industries India Ltd has informed BSE that the Board of Directors of the Company at their meeting held today (August 06, 2002) approved the purchase of 21056680 equity shares (in the first instance) tendered by shareholders under the Company's Scheme of Arrangement which was approved by the high Court of Judicature at Bombay. The purchase was done giving effect to the orders of the High Court dated April 19, 2002 and June 21, 2002.
Digital Globalsoft Board approves grant of options under ESOP
Digital Globalsoft Ltd has informed BSE that the HR Committee of the Board of Directors of the Company has approved 4,19,000 stock options to be granted to its employees under the Employee Stock Option Plan as on July 22, 2002.
Jyoti Cosmetics Exim Board to consider sub division of shares
Jyoti Cosmetics Exim Ltd has informed BSE that Board of Directors will meet on August 9, 2002 for considering sub division of equity shares from Rs 10 paid up each to Re 1 paid up each.
Wipro allots equity shares pursuant to exercise of stock options
Wipro Ltd has informed BSE that the Board of Directors vide circular resolution effective August 01, 2002 resolved to issue and allot 337 equity shares of Rs 2 each pursuant to exercise of stock options by eligible employees.
Ind-Swift Laboratories Ltd has informed BSE that in the Board Meeting held on 30th July 2002 the Board has forfeited 1,75,900 equity shares on which allotment money was due since 19th July, 1997
C Harish appointed as Executive Director of Priyadarshini Shipping Mills
Priyadarshini Spinning Mills Ltd has informed BSE that Mr C Harish has been appointed as an Executive Director of the Company with effect from July 27, 2002 by the Board Of Directors of the company at its meeting held on July 27, 2002.
PNB appoints shareholder Directors
Punjab National Bank has informed BSE that the first AGM of the shareholders of the Bank was held on August 5, 2002. Elections for shareholder Directors were successfully conducted in the said AGM by casting of ballot by the shareholders/their proxies. Based on the report of scrutineers the Chairman declared the following candidates elected as Directors:
Dr Pritam Singh
Shri Mohanjit Singh
The elected shareholder Directors shall be deeemed to have assumed charge on August 6, 2002.
Aditya Fincap along with Modi consortium makes open offer to acquire 20% stake in VGR Construction
Aryaman Financial Services Ltd., has informed that M/s. Aditya Fincap Pvt. Ltd., (Acquirer) and Mr. Minesh Modi,Mr.Umesh Modi, Mrs.Rupaben Modi and Mrs. Manisha Modi (PACs) are making offer to the public shareholders of VGR Construction Ltd., (VGR) to acquire 1,97,800 equity shares representing 20% of the issued and paid up equity share capital at a price of Rs.35.15 per share (offer price) payable in cash.
The Acquirer (including PACs) belong to the present promoter group of VGR Construction Ltd . VGR had vide letter of offer dated May 16, 2002 made a rights issue of 4,94,500 equity shares of Rs 10/- each for cash at par to the existing shareholders in the ratio of one equity share of Rs 10/- each for every equity shares of Rs 10 each held as on May 15, 2002, aggregating to Rs 4.945 million. The Acquirer (including PACs), over and above their rights entitlement had applied for 1,26,010 additional shares out of which 1,22,612 shares have been allotted in the rights issue on August 03, 2002, thereby increasing their share to 75.49% of the post of issue share capital of VGR.
The offer is not subject to minimum level of acceptance.
The Specified Date (for the purpose of determining the name of shareholders to whom the Letter of Offer would be sent) is August 31, 2002.
The date of opening of the offer is October 4, 2002
The date of closing of the offer is November 2, 2002
Govt to provide guarantee in respect of IFCI's borrowing programme
IFCI Ltd has informed BSE that Government of India has agreed to provide to Government guarantee in respect of Rs 3000 million domestic borrowings of IFCI and to provide guarantee for raising of US$ 100 million foreign borrowing subject to the levy of guarantee fee at prescribed rates for internal as well as external commercial borrowings.
Digital GlobalSoft allots shares under ESOP
Digital GlobalSoft Ltd has informed BSE that the Company on August 5, 2002 has allotted 750 equity shares of Rs 10 each to the employees who have exercised their options under the Company's Employee Stock Option Plan. With this allotments the current paid up capital of the Company will be Rs 328,051,950.
VSNL issues press release on WorldCom dues
Videsh Sanchar Nigam Ltd has informed BSE that WorldCom is one of VSNL's major carrier partners, with whom VSNL exchanges significant traffic with the United States. The relationship between the companies is governed by a traffic arrangement with WorldCom. For the year ended March 31, 2002, gross revenues from WorldCom represented approximately 14% of VSNL's total operating revenues. At March 31, 2002, balances due from WorldCom represented approximately 37.7% of total balances due from all customers. VSNL receives quarterly gross revenues of approximately Rs 2210 million. VSNL has received approximately Rs 3336 million from WorldCom in recent weeks. Till end of July 2002, VSNL estimates that it has exposure to WorldCom of approximately Rs 2940 million to Rs 4410 million.
VSNL has been in discussions with management at WorldCom and has been monitoring WorldCom's financial situation since its financial problems were first disclosed. VSNL intends to take necessary steps to recover monies owed to it by WorldCom, including seeking payment of VSNL's pre-petition claims from WorldCom in accordance with orders of the Bankruptcy court. While VSNL remains optimistic that its relationship with WorldCom will continue to the benefit of each company and that VSNL will collect the monies due to it from WorldCom, there are risks inherent in any bankruptcy proceeding and there can be no assurance that VSNL will be able to collect its WorldCom receivables or that VSNL will not be adversely affected by WorldCom's financial difficulties.
Amit Spinning Industries Board approves issue of shares to IDBI
Amit Spinning Industries Ltd has informed BSE that in the Board Meeting scheduled on 30th July 2002 the Board has also approved the issue of shares to IDBI.
Liberty shoes to set up manufacturing facilities at Haryana
Liberty Shoes Ltd has informed BSE that the Board of Directors in its meeting held on July 29, 2002 has decided to expand the manufacturing capacities of its Polyurethane Shoes.
The proposed expansion would be materialized through setting up of new manufacturing facilities at Gharaunda Dist. Karnal, Haryana.
The probable means of finance would be the internal accrual and the Bank finance to the certain extent
Reliance Capital annuls forfeiture of 2200 equity shares
Members of exchange are hereby informed that Reliance Capital Ltd has annulled the forfeiture of 2200 equity shares which were earlier forfeited by the Company due to non-payment of allotment monies. Hence members should note that the above mentioned annulled shares will be good delivery in the market.
Cairn Energy to commence gas supply to Gujarat Gas from Sept 15
Gujarat Gas Company Ltd has signed an agreement for purchase of 1.27 million standard cubic meters of gas per day from a consortium led by Cairn Energy (Lakshmi gas) and gas supply was to begin from August 15, 2002.
As per the communication received from Cairn Energy, gas supply is now likely to start any day between September 15, 2002 to September 30, 2002.
Earlier the Company had informed that it has signed an agreement for procuring additional gas supplies from Cairns Energy and partners. These supplies were to begin originally in July 2002 and were subsequently deferred by 3 months.
Silverline Technologies to consider reconstitution of the board
A meeting of the Board of Directors of Silverline Technologies Ltd is scheduled to be held today (August 6, 2002) to consider a reconstitution of the Board.
