The board of directors of Electrolux Kelvinator Ltd met on September 17, 2002 and approved the following items:
1. Acceptance of the one time voluntary, discretionary revenue grant of Rs 500 million from AB Electrolux, Sweden to the company, to meet part of its significant revenue expenditure and to improve its current liquidity position.
2. Approved reduction in the offer size of the proposed rights issue of equity shares of the company from Rs 2497.20 million to Rs 1997.80 million, in view of the intention of AB Electrolux to make a one time, voluntary, discretionary revenue grant of Rs 500 million.
The company shall make a further issue of upto 19,97,74,709 equity shares of Rs 10 each on rights basis to the existing shareholders of the company in the ratio of 8 equity shares for every 7 equity shares held at par ie Rs 10 each to be fully paid, aggregating upto Rs 199,77,47,090.
AB Electrolux Sweden has confirmed its intention to fully subscribe to the revised rights entitlement and any shortfall/portion of the rights issue which may remain unsubscribed by the other shareholders subject, however to approvals of SEBI, FIPB and other regulatory authorities as may be required.
3. Approved the divestment to Bharat Compressors Ltd of the compressors manufacturing facilities of the company at Sanathnagar (Andhra Pradesh) and Warora (Maharashtra) subject however to applicable regulatory approvals including the shareholders approval through postal ballot.
4. Approved the variation of the right to receive dividend on 10% Cumulative Redeemable Non-Convertible Preference Shares of the company, held by AB Electrolux, Sweden, in terms of consent received under Sec 106 of the Companies Act subject to regulatory approvals if any. Such variations in the terms provide that the dividend on the 10% Cumulative Redeemable Non-Convertible Preference Shares shall be due and payable only on expiry of 4 years from the date of original allotment ie December 16, 2004 or on exercise of put and call option whichever is earlier.
5. Approved the payment of 1% royalty to Electrolux Home Products Inc effective Jan 01, 2002 for use of the trademark "Kelvinator" on the products of the company subject to applicable regulatory approvals.
6. Accepted the consent of AB Electrolux, Sweden the foreign collaborator and promoter, for suspension of payment of 5% royalty for technical support for process and product development subject to applicable regulatory approvals.
Subex Systems moots dividend @ 10%
Subex Systems Ltd has informed BSE that the board of directors at its meeting held on September 17, 2002 has decided inter alia the following
Recommendation of dividend @ 10% on equity share capital of the company.
The company has further informed that it has obtained extension of time for holding AGM under Sec 166 read with Sec 210 of the Companies Act, 1956 for a period of 2 months up to November 30, 2002.
Dr Reddy's Lab to be present at Bear Stearns conference
Dr Reddy's Laboratories Ltd announced that it is scheduled to be present on September 19, 2002 at the Bear Stearns 15th Annual Healthcare Conference, which is being held in New York, NY.
Vantel introduces Location based security for banks and defence establishments
Vantel Technologies, in association with Cyberlocator Inc, has introduced to the Indian markets a new approach to authentication that utilizes space geodetic methods to form a time-dependent location signature that is virtually impossible to forge. This solution can be extremely useful for Banks who need provide enhanced security for applications like e-banking operations.
The use of geographic location can supplement or complement other methods of authentication, which are still useful when users at the same site have separate accounts and privileges.
In critical environments that include military command and control, telephone switching, air traffic control or banking, thus extra assurance can be extremely important in order to avoid a potential catastrophe, one that would have reverberations far beyond the individual system that is cracked.
Engineers India clarifies on news item
With reference to the news article appearing in a leading financial daily regarding declaration of special dividend, Engineers India Ltd has informed BSE that the Company does not have any plan to pay additional dividend over and above recommended by the Board for the year 2001-2002.
Calcom Vision to decide date of EGM for consideration of erosion of more than 50% net worth
The board of directors of Calcom Vision Ltd will be held on September 24, 2002 interalia for the following purposes:
Deciding the date, time and venue of holding the Extra Ordinary General Meeting to consider the erosion of more than 50% of networth of the company
Deciding the record date and offer price for the purpose of de-listing the shares of the company form Ahmedabad Stock Exchange.
Matrix Laboratories to consider proposal for merger of Medicorp Tech & Vorin Lab
A meeting of the board of directors of Matrix Laboratories Ltd will be held on September 19, 2002 to consider a proposal to merge Vorin Laboratories Ltd and Medicorp Technologies India Ltd with Matrix Laboratories Ltd.
Oriental Hotels board to consider amalgamation of two wholly owned subsidiaries with the co
Oriental Hotels Ltd has informed BSE that the board of directors of the company at the meeting scheduled to be held on September 20, 2002 will consider inter alia the amalgamation of two of its wholly owned subsidiary Companies viz Orient Holdings Ltd and Fishcove Leasing and Investment Ltd with the company.
Skol Breweries to consider preferential issue of equity shares
Skol Breweries Ltd has informed BSE that a meeting of the board of directors of the company will be held on September 20, 2002 to consider inter alia,
1. Preferential Issue of equity shares of Rs 10 each of the company to Shaw Wallace Breweries Ltd, the holding company as per the SEBI guidelines in that regard.
2. To consider a scheme of arrangement with the equity shareholders of the company pursuant to provision of section 391 to 394 read with section 100 and all other applicable provisions, if any, of the Companies Act, 1956.
Wipro Technologies & Net Cracker Form OSS Alliance
Wipro Technologies, the global IT services division of Wipro Ltd and Net Cracker Technology, a leading provider of end-to-end OSS and Infrastructure management solutions today (September 17, 2002) announced that they have entered into an OSS alliance to provide their customers the combined benefit of Wipro's value added consulting services and NetCracker's OSS Solutions.
The integrated offering would leverage on Wipro's extensive expertise and experience in Consulting, System Integration, developing custom network management applications and Netcracker's suite of products that offers a perfect compliment to the telecom customers looking for OSS solutions.
Shree Rama Multi Tech board to consider calling EGM
Shree Rama Multi Tech Ltd has informed BSE that a meeting of the board of directors of the company will be held on September 25, 2002 to consider:
Change in Non Executive Directorships.
Change in the office of joint statutory auditor of the company.
Holding discussions pertaining to dividend declared by the company at its AGM held on December 29, 2001.
To consider the calling of EGM of the company.
Bata announces change in management structure
Bata India Ltd has informed BSE that at the meeting of the board of directors of the company held today (September 17, 2002) Stephen John Davies was appointed the managing director of the company. The board also appointed C Morzaria as executive vice chairman. F Garcia, managing director of the company has resigned from the board.
Tisco clarifies on news item
With reference to the news article appearing in a leading financial daily Tata Iron & Steel Company Ltd has informed BSE that the company has acquired about 3000 acres of land at Gopalpur, Orissa to set up a steel plant.
However, in view of excess manufacturing capacity of steel the world over and the falling steel price, this project has been kept in abeyance.
However, the company is helping the government of Orissa in establishing / developing special economic zone at Gopalpur for utilisation of this land by talking to potential parties who could partner with the state government in this venture.
BOI to merge BOI Asset Management - a wholly owned subsidiary of the bank with the bank
Bank of India has informed BSE that the Board of Directors of the Bank at its meeting held today (September 17, 2002) have decided to merge BOI Asset Management Company Ltd (BOIAMC), a wholly owned subsidiary of the Bank (100%) with the bank for the purpose of dissolving the company so as to exit from Mutual Funds business subject to statutory and other approval as may be required in this regard.
India Cements board withdraws resolution on preference dividend
India Cements Ltd has informed BSE that the board of directors at its meeting held on September 16, 2002 has decided to withdraw the resolution on preference dividend and accordingly this subject was not considered by the shareholders of the company at the annual general meeting held on September 16, 2002.
Earlier the company had informed that at the AGM of the company, declaration of dividend on preference shares would be considered based on the approval of the board of directors.
Interworld.Com okays issue of shares on rights basis
Interworld.Com Ltd has informed BSE that in the board of directors meeting held on September 5, 2002 the following agenda was considered and approved.
Increase in authorised capital of the company from Rs 55 million to Rs 110 million
Issue 5.5 million shares on rights basis to the existing shareholders of the company in the ratio of 1:1
To enter into business for opening retail departmental stores for selling FMCG in major districts.
Forfeit partly paid up shares of the company and reissue them.
Mascot allots shares on exercise of Esop
The share transfer committee of the board of directors of Mascot Systems Ltd met today (September 17, 2002) and allotted 1925 equity shares of par value of Rs 4 per share to the individual optionee's pursuant to the exercise of options granted under the companies employees stock option plan on receipt of payment of the subscription monies in respect of the said shares aggregating to Rs 1,93,280.
The grant price for the above 1,850 shares was Rs 100 per share and for 75 shares was Rs 110.40 per share.
Finolex Ind to consider expansion of PVC manufacturing capacity
A meeting of the Board of Directors of Finolex Industries Ltd will be held on September 24, 2002 inter alia to consider expansion of PVC manufacturing capacity at its plant at Ratnagiri.
Raymond clarifies on news item
With reference to news item appearing in a leading financial daily 'Raymond set to acquire Colour Plus' Raymond Ltd has informed BSE that the company is a conglomerate engaged in the manufacture of textile garments, denim fabric and engineers files.
The company has been looking at increasing every activity through acquisition opportunities for growth in textile, branded menswear and engineers files.
The company is evaluating proposals in this regard, which are at an explanatory stage.
Kitply Ind board approves MoU for sale of sugar business
Kitply Industries Ltd has informed BSE that the board of directors at its meeting held on September 12, 2002 have entered into an agreement with prospective buyers and has approved an MoU for the sale of sugar business and authorized the directors of the company to do the same, subject to the approval of the shareholders and the charge holders.
EIH Associated Hotels members approve sale of flight catering business
EIH Associated Hotels Ltd has informed BSE that the shareholders have approved the sale of the flight catering business located at the Trident, Chennai to EIH Ltd
Accordingly the said flight catering business would be sold and transferred to EIH Ltd on October 01, 2002.
Chettinad Cement Corp Board approves rights issue for an amount not exceeding Rs 400 mn
Chettinad Cement Corporation Ltd has informed BSE that the Board of Directors at its meeting held on September 16, 2002 has approved the proposal of offering equity shares on Rights basis to the existing shareholders for value not exceeding Rs.400 million.
The board has constituted a rights Committee to decide on the procedure, statutory compliance in relation to the rights offer, who would meet at a later date to decide besides other things the ratio at which the offer is to be made and premium for the offer.
ICRA assigns A1+ rating to Venky's India commercial paper programme
Venky's India Ltd has informed BSE that ICRA has given the following ratings to the company:
Commercial Paper : A1 + (Highest Safety)
NCD (Long Term Debt) : LA + (Adequate Safety)
Chowgule Steamships sells Panamax Vessel to Trust Shipping LLC
Chowgule Steamships Ltd has informed BSE that they have sold and delivered on September 13, 2002 Panamax Vessel, m.v. Maratha Mighty to M/s Trust Shipping LLC, Majuro Marshall Islands for a consideration of US $5,400,000.
LQRA certifies Blue Dart with global ISO standard
Blue Dart Ltd has informed BSE that Lloyd's Register Quality Assurance (LQRA) has certified the company countrywide with the new global standard: ISO 9001-2000 for all its products/services (including international) as under:
"Design management and operations of countrywide express transportation and distribution service within the Indian subcontinent and to international destinations serviced through multinational express companies."
Pronab Dasgupta quits George Williamson Assam board
George Williamson Assam Ltd has informed BSE that Dr Pronab Dasgupta who was a Director Simplicitor of the Company has also resigned from the Board with effect from September 16, 2002.
Nedungadi Bank clarifies on news item
With reference to the news article appearing in a leading financial daily titled "PNB to take over Nedungadi" Nedungadi Bank Ltd has informed BSE that the Bank has not received any communication either from the Reserve Bank of India or from the Punjab National Bank on the subject.
R C Nangia resigns from IEC Softwares directorship
IEC Softwares Ltd has informed BSE that R C Nangia director of the company has resigned from the post of director w.e.f September 12, 2002.
