Gujarat Ambuja Exports scheme of arrangement -- Salient features

Gujarat Ambuja Exports Ltd has informed BSE that in the meeting of the Board of Directors of the Company held today (June 22, 2002) the Board has approved the proposal of arrangement with equity shareholders of the Company for purchase of upto 60 % of Issued, Paid up and Subscribed equity shares of the Company and consequent reduction of the share capital. The salient features of the scheme of arrangement between the equity shareholders of the Company and the Company are as follows: 1. The Company will purchase upto 1,79,89,670 equity shares of Rs 10/- each ie approx 60% of the issued, subscribed and paid up share capital of Rs 29,98,27,820 divided into 2,99,82,782 equity shares of Rs 10/- each and make consequent reduction of the issued, subscribed and paid up share capital to that extent. 2. The shareholders of the Company who opt for repayment of the capital will be paid consideration of Rs 10/- per equity share towards the capital repayment. The consideration offered in terms of scheme of arrangement is 25% higher than the average of high and low price of equity shares traded on the Mumbai Stock Exchange during last six months prior to the month in which approval of the scheme of arrangement is accorded by the Board. 3. In Case the Equity Shares required to be purchased by the Company as above exceeds 1,79,89,670 Equity Shares of Rs 10/- each, the Company shall purchase Equity Shares on a Pro-rata basis so as not to exceed total purchase of 1,79,89,670 Equity Shares of Rs 10/- each. 4. Purchase of shares from non-resident Shareholders shall be subject to necessary approvals under the provisions of Foreign Exchange Management Act, 1999. The Company will make necessary application/petition before Honorable High Court of Gujarat under Section 391 read with Section 100 of the Companies Act, 1956 for the necessary direction of convening meetings of Equity Shareholders, Secured and Unsecured Creditors as may be required and for approval of the scheme of Arrangement.

Harinder Singh Dhillon ceases to be Director of Punjab Alkalies & Chemicals

Punjab Alkalies & Chemicals Ltd has informed BSE that Shri Harinder Singh Dhillon has ceased to be a Director of the Company consequent upon his resignation as a Director of the Company w e f May 20, 2002.

Sheikh Sultan Bin Saud Al Qasimi appointed as Director of Geojit Securities

Geojit Securities Ltd has informed BSE that Sheikh Sultan Bin Saud Al Qasimi has been inducted as a Director to the Board of Directors of Company w e f May 11, 2002.

Nicholas Piramal clarifies on news item

With reference to a news item appearing in a leading financial daily quoting " Nicholas Piramal reviews JV with Charak" Nicholas Piramal India Ltd has informed BSE that the Company is in fact reviewing its joint venture with Charak Healthcare Pvt. Ltd considering the continued losses that the JV has been incurring.

Dharani Sugars & Chemicals Q4 net down by 3.99%, FY-02 net down by 42.07%

Dharani Sugars & Chemicals Ltd has posted a net profit of Rs 56.50 million for quarter ended March 31, 2002 as compared to a net profit of Rs 58.85 million for corresponding period last fiscal. The total income has decreased from Rs 351.10 million in MQ 2001 to Rs 248.43 million in MQ 2002. The Company has posted a net profit of Rs 10.14 million for FY-02 as compared to a net profit of Rs 17.51 million for FY-01.The total income has increased from Rs 1510.38 million in FY-01 to Rs 1545.41 million in FY-02.

Alembic Glass Industries Q4 net loss at Rs 19.90 million, FY-02 net profit at Rs 27.20 million

Alembic Glass Industries Ltd has posted a net loss of Rs 19.90 million for quarter ended March 31, 2002 as compared to a net profit of Rs 5.50 million for corresponding period last fiscal. The total income has increased from Rs 106.80 million in MQ 2001 to Rs 126 million in MQ 2002. The Company has posted a net profit of Rs 27.20 million for FY-02 as compared to a net loss of Rs 14.10 million for FY-01.The total income has increased from Rs 425.10 million in FY-01 to Rs 526 million in FY-02.

IFB Industries Board approves scheme of reduction of Share Capital

IFB Industries Ltd has informed BSE that the Board of Directors of the Company at their meeting held on June 20, 2002 have approved the Scheme of reduction in the Share Capital of the Company subject to the approval of the Shareholders at the ensuing Annual General Meeting and confirmation by the Hon'ble High Court at Kolkata and permissions and sanctions of any other authority if necessary.

Jindal Polyester to redeem 0% optionally convertible preference shares

Jindal Polyester Ltd has informed BSE that the holders of 6,60,00,000 Zero percent Optionally Convertible Preference Shares of Rs.10/- each have opted not to convert the same and have decided to redeem the same.

Apollo Hospitals fixes Book Closure for Dividend

Apollo Hospitals Enterprise Ltd has informed that the Register of Members and Share Transfer Registers will remain closed from September 05, 2002 to September 19, 2002 (both days inclusive). Dividend shall be paid to the members whose names appear in the Register of Members of the Company as on September 19, 2002. The Company has further informed that the Annual General Meeting of the Company is scheduled to be held on September 19, 2002.

Himachal Futuristic Q4 net at Rs 6.60 million, FY-02 net at Rs 415.80 million

Himachal Futuristic Communications Ltd has posted a net profit of Rs 6.60 million for quarter ended March 31, 2002 as compared to a net loss of Rs 1589.20 million for corresponding period last fiscal. The total income has increased from Rs 2549.10 million in MQ 2001 to Rs 2841.50 million in MQ 2002. The Company has posted a net profit of Rs 415.80 million for FY-02 as compared to a net profit of Rs 1279 million for FY-01.The total income has decreased from Rs 13785.30 million in FY-01 to Rs 9070 million in FY-02. The Company has written off Rs 26.30 million on account of bad debts for the current year whereas the same was Rs 1023.60 million in FY-01.

MRF Q3 results on July 29, 2002

MRF Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 29, 2002 to: 1. Take on record the unaudited provisional financial results for the quarter ended June 30, 2002 2. Consider declaration of interim dividend for the year ending September 30, 2002 The Company has further informed that it is proposed to have August 13, 2002 as the record date for the purpose of payment of interim dividend and the dividend if declared will be paid on or after August 26, 2002 subject to the approval of the Board of Directors.

Bombay Dyeing Q4 net at Rs 79.50 million, FY-02 net loss at Rs 290.60 million

Bombay Dyeing & Manufacturing Company Ltd has posted a net profit of Rs 79.50 million for quarter ended March 31, 2002 as compared to Rs 202.10 million for corresponding period last fiscal. The total income (net of excise) has decreased from Rs 2631.50 million in MQ 2001 to Rs 1970 million in MQ 2002. The Company has posted a net loss of Rs 290.60 million for FY-02 as compared to a net profit of Rs 181.30 million for FY-01.The total income (net of excise) has decreased from Rs 9161.10 million in FY-01 to Rs 8288.10 million in FY-02. The Board of Directors has recommended a dividend of Rs 2 per equity share of Rs 10 each for the year ended March 31, 2002. The Register of members of the Company will remain closed from July 23, 2002 to August 13, 2002 (both days inclusive) for the purpose of payment of dividend for the year ended March 31, 2002 when declared at the ensuing AGM.

Chandresh Chakradhar Chhaya appointed as Company Secretary of Atcom Technologies

Atcom Technologies Ltd has informed BSE that Mr Chandresh Chakradhar Chhaya has been appointed as a Company Secretary of the Company w e f June 18, 2002.

Parrys Confectionery to close down manufacturing establishments at Manapakkam, Chennai

Parrys Confectionery Ltd has informed BSE that due to increased competition in the market place from several multinational players and imports freely coming in with liberalisation and WTO compliance, it believes that cost reduction measures to contain fixed overheads are necessary to continue in the business and improve the company's overall health. In light of this, the ompany has decided to closedown one of its manufacturing establishment at Manapakkam, Chennai. The company has further informed that since October 2000, the Manapakkam establishment was not having any production activities. The company has been servicing the market from its factory in Nellikuppam and by outsourcing, and hence service to the market will not be affected.

Fitch assigns Ind D1+ rating to ITIs Short term debt programme

ITI Limited has informed BSE that Fitch Rating India Pvt Ltd has assigned Ind D1+ rating to the company's short-term debt programme of Rs 2,000 million.

Mysore Cements Board approves issue of equity shares on preferential basis

The Board of Directors of Mysore Cements Ltd at their meeting held on June 21, 2002 has approved subject to relevant approvals, the issue of equity shares of Rs 10 each and or any other financial instruments including debentures, whether fully or partly convertible, with or without detachable or non-detachable warrants as the Board as its sole discretion may decide to members (including promoters and persons deemed to be acting in concert), IDBI and other Financial Institutions, Mutual Funds, Asset Management Companies, Banks, Non-Resident Indians, Overseas Corporate Bodies, (OCB's), Foreign Institutional Investors, (FII's) Companies, Other entities/authorities and to such other persons for an aggregate amount not exceeding Rs 250 million (including premium if any) on preferential basis.

Jaiprakash Ind FY-02 results on June 29, 2002

A meeting of the Board of Directors of Jaiprakash Industries Ltd will be held on June 29, 2002 to consider and approve the audited financial results of the company for the year ended March 31, 2002 and recommend a final dividend.

Sutlej Industries declares 35% dividend

The Board of Directors of Sutlej Industries Ltd has recommended a dividend of 35% (Rs 3.50 per share) on the equity shares for the year ended March 31, 2002.

Hindustan Zinc Q4 net up by 8.96 %, FY-02 net down by 59.84%

Hindustan Zinc Ltd has posted a net profit of Rs 356.20 million for quarter ended March 31, 2002 as compared to Rs 326.90 million for corresponding period last fiscal. The total income has decreased from Rs 4269.10 million in MQ 2001 to Rs 4178.30 million in MQ 2002. The Company has posted a net profit of Rs 679.60 million for FY-02 as compared to Rs 1692.20 million for FY-01.The total income for the year ended March 31, 2002 stood at Rs 15140 million. The Board of Directors has recommended a dividend of 5%.

Govt sanctions merger of Benares State Bank with Bank of Baroda

Bank of Baroda has informed BSE that the Central Government has sanctioned the scheme of amalgamation of Benares State Bank with Bank of Baroda.

IT Microsystems announces change in Board of Directors

IT Microsystems India Ltd has appointed Mr S Nagarajan as an Additional Director and Executive Director of the company wef from June 20, 2002.

Sterlite Industries FY-02 results on June 28, 2002

A meeting of the Board of Directors of Sterlite Industries India Ltd will be held on June 28, 2002 to approve the audited financial results for the nine-month period ended March 31, 2002. The Board shall also consider recommendation of dividend for the abovementioned period.

Saptarishi Agro Ind Board approves issue of equity shares to Global Green

The Board of Directors of Saptarishi Agro Industries Ltd at its Board Meeting held today (June 21, 2002) has approved the issue of equity shares to M/s Global Green Company Ltd, the holding company on a private placement/preferential basis to the extent of Rs 113.50 million in conversion of the money lying in the books of accounts as Share Application Deposit. Accordingly, the Board has also approved the enhancement of Authorised Share Capital of the company from Rs 300 million to Rs 360 million.

Voltas transfers 3.50 million equity shares of PFL to Sermo

Voltas Ltd has informed BSE that as per the arrangements, the Company has today (June 21, 2002) transferred 35,00,000 equity shares of Rs 10 each of Perfect Moulds Ltd, (PFL) in favour of Sermo. The balance shareholding of the company in PML is 65,00,000 equity shares of Rs 10 each. Sermo has also remitted the subscription amount towards issue of 30,00,000 equity shares of Rs 10 each by PML. Upon allotment of these shares the shareholding of Sermo in PML would stand increased to 50% representing 65,00,000 equity shares of PML, equivalent to the balance shareholding of the company in PML.

Fitch reaffirms Ind AA rating to NCD programme of Ashok Leyland

Ashok Leyland Ltd has informed BSE that Fitch has recently reaffirmed the Ind AA rating assigned to the Rs 250 million Secured Non Convertible Debenture Programme of the company. Crisil has assigned AA (-) for the fresh borrowing programme of Rs 1000 million for the Non Convertible Debenture Programme.

Eternit Everest announces change in management structure

Eternit Everest Ltd has informed BSE that Mr Arun K Batra Managing Director EEL had expressed his desire to relinquish his office of Managing Director. He has accordingly submitted his resignation, which would take effect from July 08, 2002. The Board has accepted Mr Batra's resignation. The Board has appointed Mr M L Gupta as an Additional Director of the Company w e f July 08, 2002 and also as Managing Director of EEL for a period of two years w e f aforesaid date. With a view to strengthening the top management of the Company, the Board has also appointed Mr Manish Sanghi, Director-Marketing EEL as an Additional Director w e f July 08, 2002 and has also appointed him as Wholetime Director of EEL for a period of two years w e f from aforesaid date.

BSE imposes special margin on Garware Polyester

BSE has informed the Members of the Exchange that Special Margin of 25% has been imposed on Garware Polyester Ltd with effect from June 21, 2002. Members are further informed that special margin will be imposed on the basis of memberwise gross outstanding purchase or sale position (Clientwise net).

GBC Modicorp Company Secretary resigns

GBC Modicorp Ltd has informed BSE that Dr Sanjeev Gemawat, Company Secretary has resigned from the company. The said resignation was accepted by the Board at its meeting held on May 03, 2002.

Suraj Diamonds Board approves incorporation of subsidiary in UAE

The Board of Directors of Su-raj Diamonds India Ltd has approved incorporation of a 100% subsidiary company in UAE.

Aurobindo Pharma FY-02 results on June 30, 2002

Aurobindo Pharma Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on June 30, 2002 to consider and publish audited financial results of the Company for the year ended March 31, 2002. The Company has further informed that the Board may also consider recommendation of dividend on equity shares for the year ended March 31, 2002.

MTNL denies news item

With reference to news item appearing in a leading financial daily Mahanagar Telephone Nigam Ltd has informed BSE that at present there is no proposal to pay any hefty dividend to the shareholders of the company. Thus the news is a rumour which is denied by the company.

Ranbaxy Pharma Inc and Corepharma, LLC in an alliance to maximize the commercialization of a generic version of Adderall in USA

Ranbaxy Pharmaceuticals Inc, USA a wholly owned subsidiary of Ranbaxy Laboratories Ltd, in an alliance with CorePharma LLC of Middlesex, New Jersey announced today (June 21, 2002) that they have received FDA approval to manufacture and market the fixed combination of Dextroamphetamine Saccharate, Amphetamine Aspartate, Dextroamphetamine Sulfate and Amphetamine Sulfate Tablets in 5mg, 10mg, 20mg and 30mg dosage forms. This product has been deemed bioequivalent and therefore therapeutically equivalent to the innovator product, Adderall, manufactured by Shire U.S. Inc. CorePharma LLC is the holder of the ANDA for this generic version of Adderall, while Ranbaxy Pharmaceuticals Inc. has exclusive marketing and distribution rights to market this product in the U.S. This combination drug, is indicated for the treatment of Attention Deficit Disorder (ASHD), most commonly diagnosed as a childhood disorder. This product is an integral part of a total treatment program, which typically includes other remedial measures (999psychological, educational, social) for a stabilizing effect in children with behavioral syndrome characterized by moderate to severe distractibility, short attention span, hyperactivity, emotional liability and impulsivity. ADHD affects approximately 3-5% of the elementary school age population in the United States, as well as 2-4% of adults. Ranbaxy plans to launch this product shortly and it will become available in USA through wholesalers, distributors and retail pharmacies. This addition to the CNS category of products attests to Ranbaxy's commitment to the continued development and expansion of generic products.

Everlon Syn Director resigns

Everlon Synthetics Ltd has informed BSE that Mr Atul B Desai has resigned as a Director of the company and Board of Directors at their meeting held on May 28, 2002 have accepted his resignation.

P K Jain appointed as Chairman of Pee Cee Cosma

Pee Cee Cosma Sope Ltd has informed BSE that Mr P K Jain has appointed as Chairman of the company in place of Mr P C Jain.

Karur Vysya Bank gets new Chairman & CEO

Karur Vysya Bank Ltd has informed BSE that the Chairman and Chief Executive Officer of the Bank A D Navaneethan has laid down of office after the close of office hours on May 31, 2002. In terms of the approval of Reserve Bank of India, P T Kuppuswamy has assumed the charge as Chairman and Chief Executive Officer of the Bank on June 01, 2002 and he would hold the office for a period of 3 years.