DSP Merill Lynch intends to increase stake in fund management subsidiary

DSP Merrill Lynch Ltd announced today (August 29, 2002) that it intends subject to the receipt of necessary regulatory approvals to increase its stake in its fund management subsidiary DSP Merrill Lynch Investment Managers Ltd from 60% to just under 100% in an attempt to simplify the Company's management structure and streamline Merrill Lynch's investments in India. DSP ML will purchase the 40% stake currently held by Merrill Lynch Investment Managers through its affiliates. Merrill Lynch will continue to have a 40% stake in DSP MLIM through its 40% state in the DSP ML joint venture. This restructure streamlines ownership at DSP MLIM for effective transfer of administrative function to the local management team. This will allow DSP ML's management to respond quickly to the local business environment and carry out growth initiatives. Merrill Lynch will continue to be involved with the Asset Management Company through its representatives on the Board of the Asset Management Company. Mr Hemandra Kothari, Chairman of DSP ML said, "We appreciate the confidence that Merrill Lynch has in the local management team which has indeed helped to create a leading domestic investment bank with all the benefits of a global organization". He added "With this move we expect to initiate a fresh focus in funds management in India, while running the business in line with global Merrill Lynch structures, practices and vision".

Eider Commercials Announces the availability of AdventNet Middleware Manager 4.0 in India

Eider Commercials Ltd a total solution provider in the scientific & engineering software domain and the sole authorized distributor for Adventnet's products in India announced the availability of AdventNet Middleware Manager 4.0 WebLogic Edition, optimized for advanced JMX (Java Management Extensions) based management of entire web application ecosystem. ManageEngine is among the first products to use JMX and one of the first to be certified by Sun Microsystems as doing so correctly. AdventNet Middle Manager 4.0 has a number of exciting new features that make it 'the preferred solution' for managing WebLogic deployments. The End-to-End Web Transactional Views provides complete visibility & analysis of individual transactions and history reports of all the monitored components & representation of WebLogic infrastructure as domain & clusters. The intelligent Root Cause Analyzer provides accurate and detailed alarm analysis. The extensible GUI supports creation of custom dashboards, to present a snapshot view of the entire deployment environment - with further drill down as needed. This release adds new support for component monitoring including support for monitoring BEA Tuxedo JOLT connections.

JIK Industries Board to consider issue of further share capital

JIK Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on September 03, 2002 to consider inter alia among other items: Issue of further share capital.

Sanket International Board approves issue of shares on preferential basis

The Board of Directors of Sanket International Ltd at its meeting held today (August 29, 2002) decided to make preferential issue of 12,50,000 shares of the face value of Rs 10 each with a premium of Rs 35 per shares aggregating to Rs 56.25 million subject to the approval of shareholders at the AGM to held on September 24, 2002.

GDR Media Board approves issue of shares on rights basis

GDR Media Ltd has informed BSE that the Board of Directors at its meeting held on August 29, 2002 have decided to recommend to the members the issue of equity shares of the Company on rights basis amounting to not exceeding Rs 50 million subject to the approval of the members SEBI and other appropriate authorities. The Board has also decided not to split Company's equity shares of Rs 10/- each into 10 equity shares of Re 1/- each.

Reliance to accept 49.60 million IPCL shares and to return 37.70 million shares

Reliance has received a huge response from over 95000 investors for its open offer to acquire 20% stake in Indian Petrochemicals Corporation Ltd (IPCL). For its open offer for accepting 49.60 shares of IPCL, at a price of Rs 231 per share, Reliance received a huge response from an aggregate of 87.40 million shares an oversubscription of 76%. As per terms of offer, Reliance will accept about 57% of these shares tendered. For all the accepted shares under this open offer, remittances towards payment consideration are expected to be despatched to all the investors, except in cases where RBI approval is awaited, by September 02, 2002 as against the scheduled date of September 21, 2002 as per terms of offer. This is within 9 working days from the closure of offer, the fastest remittance by any corporate in the country.

A K Batra/ P N Venkatachalam appointed as Managing Directors of SBI

State Bank of India has informed BSE that the Central Government after consultation with the Reserve Bank of India appointed: Mr A K Batra, Deputy Managing Director, State Bank of India as Managing Director, State Bank of India for the period from the date of his taking charge and upto August 31, 2003. Mr P N Venkatachalam, Deputy Managing Director, State Bank of India as Managing Director, State Bank of India for the period from the date of his taking charge and upto March 31, 2004.

BOB subsidiary revises date of public offer

Bank of Baroda (Uganda) Ltd overseas subsidiary of Bank of Baroda has revised the opening and closing of offer as under: Date of Opening: September 02, 2002 Date of Closing: September 27, 2002 Earlier the Bank had informed that the Bank of Baroda (Uganda) Ltd., - Subsidiary of the Bank in Uganda has proposed to make Public Offer of 8 million equity shares of face value of Ushs.100/- each at an offer price of Ushs.600/- per share. The offer also involves concessional offer of 200 equity shares per staff member at a price of Ushs.350/-. The offer shall open on August 26, 2002. The said offer has been approved by RBI.

Satyam Cements Board approves allotment of 57,14,200 equity shares on preferential basis

Satyam Cements Ltd has informed BSE that at the Board Meeting held on August 27, 2002 the Board of Directors of the Company have passed a resolution for allotment of 57,14,200 equity shares of Rs 10/- each at premium of Rs 4/- each aggregating to Rs 7,99,98,800 /- on preferential basis to trade creditors.

Softsol India Board forfeits 801,922 equity shares

Softsol India Ltd has informed BSE that the members of the Company at the 12th AGM of the Company held on August 29, 2002 have declared the final dividend of 10% for the year 2001-02. The Company has further informed that the Board of Directors of the Company has forfeited 801,922 partly paid up equity shares of Rs 10/- each.

Shalimar Agro Products Board recommends rights issue

Shalimar Agro Products Ltd has informed BSE that Board of Directors at its meeting held on August 25, 2002 have approved and taken on record the following: Approved the audited annual accounts for the year 2001-2002 Recommended for the right issue of 391800 equity shares in proportion of 30 equity shares for every 100 equity shares held.

CARE reviews credit rating of Srei Intls FD programme

Srei International Finance Ltd has informed BSE that Credit Analysis & Research Ltd has reviewed the credit rating in respect of its ongoing Fixed Deposit programme for a limit of Rs 250 million and has upgraded the rating to CARE AA- (FD) from the existing CARE A+ (FD). Instruments carrying this rating of CARE AA- (FD) are judged to be of high quality by all standards and are also classified as high investment grade.

Indo Gulf to seek shareholders approval for scheme of arrangement

Indo Gulf Corporation Ltd has informed BSE that pursuant to the order passed by the Hon'ble High Court of Judicature at Allahabad, Lucknow Bench in the Company's application, meetings of the equity shareholders, secured creditors (including debentureholders) and unsecured creditors of the company have been convened on September 21, 2002 for the purpose of considering and approving the scheme of arrangement between Indo Gulf Corporation Ltd, Indo Gulf Fertilisers Ltd and Hindalco Industries Ltd and their respective shareholders and creditors (the "scheme"). Earlier the Company had informed that the Board of Directors of Indo Gulf Corporation Ltd at its meeting held on July 21, 2002 considered the proposal for demerger of the fertiliser business to Kamal Syn Paper India Private Ltd (being renamed Rajashree Fertilisers Ltd in the interim, and to be named Indo Gulf Fertilisers Ltd upon the scheme becoming effective) ("Rajashree") and upon, such demerger the amalgamation of the company (remaining after the demerger of the fertiliser business into Rajashree with Hindalco Industries Ltd in terms of a composite scheme of arrangement under Sec 391-394 of the companies Act 1956. The proposed scheme which was approved by the Board of Directors at the meeting shall come into effect from April 01, 2002. The Board also approved the share entitlement ratio of one equity share in Rajashree of the face value of Rs 10 each credited as fully paid for every five equity shares held by a member in the company for the purposes of the demerger and the share exchange ratio of one equity share in Hindalco of the face value of Rs 10 each credited as fully paid up for every twelve equity shares held by a member in the company for the purpose of amalgamation. All of the above are subject to requisite approvals including those of shareholders, creditors, any regulatory authorities, and the sanction of the scheme in terms thereof by the High Court of Judicature at Bombay and the appropriate bench of High Court of Judicature at Allahabad.

DSQ Software fixes Book Closure Date for AGM

DSQ Software Ltd has informed BSE that the AGM of the Company will be held on September 27, 2002. The Register of Members & Share Transfer Books of the Company remain closed from September 20, 2002 to September 27, 2002 (both days inclusive) in connection with the AGM.

Punjab Tractors to consider FY-02 audited financial results on Sept 05, 02

A meeting of the Board of Directors of Punjab Tractors Ltd will be held on September 05, 2002 to consider and approve the audited financial results of the company for the year ended March 31, 2002 and to recommend equity dividend.

MTNL announces change in management structure

Mahanagar Telephone Nigam Ltd has informed BSE that the following non official part-time directors have been appointed on the Board of MTNL wef August 20, 2002 subject to approval of the appointment committee of the cabinet. Ms Monika Shri Adhik Shirodkar Shri Ashwin Somnath Vyas Dr Jagdish Shettigar Shri K N Singh Govt Director has ceased to be Director of MTNL wef July 31, 2002 on retirement from Govt Service on attaining the age of superannuation.

Bajaj Electricals to close down Die-cast division -- Matchwel unit

Bajaj Electricals Ltd has informed BSE that in view of the persistent lack of orders for die-cast products manufactured at Matchwel Unit, the management has decided to close the die-casting Division of the said Unit after giving appropriate notices under the provisions of Industrial Dispute Act, 1947. Earlier the Company had informed that for want of orders for the Company's product(s) manufactured at the Company's Matchwel Unit, at Pune, the Company has suspended its operations for a period of atleast one month w e f May 04, 2002 at 3.30 p.m. to June 07, 2002. The Company will consider to resume operations depending upon the development in the interim period.

Videocon Appliances allots NCD on private placement basis

The Board of Directors of Videocon Appliances Ltd. at its meeting held on August 19, 2002 has allotted Secured Non-Convertible Debentures on private placement on the terms negotiated and finalized by the Board.

Maars Software to consider rights issue

A meeting of the Board of Directors of Maars Software International Ltd is scheduled to be held on September 04, 2002 to discuss & consider: 1. Proposal for a rights issue at the ratio of 1:1 2. Proposal to increase Authorised Capital from Rs 500 million to Rs 750 million 3. Increase of investment limit of Foreign Institutional Investors (FIIs) from present 40% of the paid up capital to a higher limit.

Godrej Foods Board approves Letter of Offer for private placement of 8% RePS

The Board of Directors of Godrej Foods Ltd at its meeting held on August 20, 2002 considered and approved the Letter of Offer for Private placement of 8%, 10 year Redeemable Cumulative Preference Shares share(s) of Rs.10/- each with Godrej Industries Ltd. Further Committee of any one of Mr.N.B. Godrej, Director or Mr.M.P.Pusalkar Director and Mr.Narayan Barasia, Company Secretary was constituted to consider the application for and allot the 8%, 10 year Redeemable Cumulative Preference Shares share(s) of Rs.10/- each in favour of Godrej Industries Ltd.

Sanyo Impex Board approves stock split/ reissue of forfeited shares

Sanyo Impex Ltd has informed BSE that the Board at its meeting held on August 28, 2002 have discussed the following: Reissue of forfeited shares Splitting of shares face value from Rs 10/- to Re 1 /- which was earlier deffered for this meeting The Progress on Joint Venture project with a leading Canadian Information and Technology Company for setting up Wireless Security Solutions Network, Customised for SOHO segment throughout the country was discussed at length and for generation of funds for the project by way of preferential issue or by way of rights issue etc. Will be put at agenda item for the coming General Body Meeting. The Board after discussions and deliberations resolved that all the items will be put to the agenda for approval of members in the coming meeting of the shareholders. The Company has further informed that the declaration of interim dividend has been deferred.

Geodesic Information Systems Board approves ESOP

Geodesic Information Systems Ltd has informed BSE that the Board of Directors have at their Board Meeting held on August 28, 2002 discussed and decided on the following: The audited annual accounts along with the auditors report, Director's report were approved and adopted by the Board of Directors of the Company. The Board decided to have the AGM on September 26, 2002 to transact the business as set out in the notice to the meeting. The Board has also approved the scheme of Employee Stock Option as recommended by the compensation committee. The Board has decided subject to approval of shareholders to grant options for around 46000 equity shares according to the particulars as set out in the scheme at the exercise price equivalent to the closing price as on date of grant. The Board decided to take approval of the shareholders for the same in the ensuing AGM.

Trading in Tobu Ent to commence on September 02, 2002

BSE has informed members of the exchange that the suspension of securities of the Tobu Enterprises Ltd. will be revoked with effect from September 02, 2002. Members may note that the securities of the above mentioned company will be traded in "Z" Group on trade to trade basis.

BSE imposes special margin on Add-Life Pharma

BSE has imposed Special Margin of 25% on Add-Life Pharma Ltd with effect from August 29, 2002. Members are further informed that special margin will be imposed on the basis of memberwise gross outstanding purchase or sale position (Clientwise net).