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| Odyssey Technologies signs MOU with PSI Data |
Odyssey Technologies Ltd and Bangalore based PSI Data Systems Ltd, have signed a MOU to offer PKI based Security and Trust solutions for the Finance Industry. PSI would integrate Odyssey's PKI Security products into their eCommerce solutions for Finance and Banking and also provide System Integration Services to customers for Odyssey's Certrix - Certification Authority Server and CrytpoMagic-Security Toolkit.
Mr.Robert Raja, Chairman & Managing Director of Odyssey said that "PSI with its strong understanding of the finance industry eBusiness needs, its expertise in developing and deploying eCommerce applications and a large customer base is uniquely positioned to help finance industry customers deploy their eCommerce products and services on open networks like the internet and integrate security and trust in these solutions". The full benefits of the Internet - reach, reduction in costs, ease of use, are realizable only when Security and Trust are built into eCommerce applications especially where high value money transactions are involved. Customers would adopt eBanking or eTrading only when they are confident that their on-line transactions have real world trust and security of Authenticity, Confidentiality, Integrity and Non-repudiation integrated. This partnership will build secure and trusted e-commerce infrastructures and applications that business and customers would readily adopt with confidence and trust.
The Odyssey PSI partnership will offer end-to-end security solutions starting from Security audit, security architecture design, PKI products and solutions and help customers PKI enable their eCommerce applications. With recognition accorded Digital signatures by the IT act and the establishment of Controller of Certificates, India has the necessary legal framework for financial institutions to offer trusted and secure eCommerce services like Internet Banking and eTrading. The Odyssey-PSI partnership is best positioned to build secure and trusted eCommerce infrastructure for the finance industry.
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| Saregama India MD resigns |
| Saregama India Ltd.(formerly known as Gramophone Company of India Ltd.) has informed BSE that Mr. K Krishnan Managing Director of the company has tendered his resignation to the Board of Directors of the company and the same has been accepted by the Board in the meeting held today (December 12,2000) The Board has further appointed Mr. A Mitra as an Additional Director of the Company with immediate effect. |
| Cressanda appoints additional directors
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The Board of Directors of Cressanda Commercial & Finanacing Ltd, at their meeting on December 11,2000 has appointed the following persons as additional directors persuant to Section 260 of the Companies Act,1956:
1. Mr. Rahul Agarwal
2. Mr. Manoj Murarka
3. Mr. Sandeep Talwar
4. Mr. Kalpesh Shah
5. Mr. Vinay Karve
The following directors had sent letters expressing their intentions to resign from the Board on personal grounds. The Board has accepted their resignation:
1. Mr. Ravikant Baheti
2. Mr. B.M.Maheshwari
3. Mr. Rajeev Jain |
| Balaji Telefilms Board approves draft scheme of Amalgamation of Nine Network |
| The Board of Directors of Balaji Telefilms Ltd has approved the Draft Scheme of Amalgamation of Nine Network Entertainment India Pvt. Ltd a wholly owned subsidiary of Nine Broadcasting India Limited, with the company. |
| SSI completes acquisition of AlbionOrion
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SSI Ltd. today (December 12, 2000) announced the completion of its acquisitions of AlbionOrion Company LLC. The acquisition was completed as planned by issuing 6,38,236 equity shares representing 6,382,360 GDSs on Dec 11, 2000 in favour of the sellers and by remitting US$ 15 million in cash. The company had earlier remitted US$ 5 million in cash as part of the cash-and-stock acquisition process.
Pursuant to the completion of the acquisition SSI plans to consolidate all its US operations into a single entity. SSI is working with a leading consulting firm to optimize the organizational and operational structure for its US operations.
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| Infosys Board ratifies Stock Options scheme |
The Board of Directors of Infosys Technologies Ltd met on December 11, 2000 and transacted the following item of business:
1. The Board took on record and ratified the Circular Resolution of the Compensation Committee (ESOP) dated December 11,2000 to grant an aggregate of 75,150 Stock Options to eligible employees as determined by the Compensation Committee, under the Company's 1999 Stock Option Plan at an exercise price for each of the options equalling 100% of the Fair Market Value of the Company's Equity Shares (determined in accordance with the 1999 Stock Option Plan)as on December 11, 2000.
2. The Board took on record and ratified the Circular Resolution of the Compensation Committee (ESOP) dated December 11, 2000 to grant an aggregate of 20,400 ADR Linked Stock Options to eligible employees as determined by the Compensation Committee,under the Company's 1998 Stock Option Plan at an exercise price for each of the options equalling 100% of the Fair Market Value of the Company's ADR's, (determined in accordance with the 1998 Stock Option Plan) as on December 11, 2000.
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| Lock out at Asian Paints Kasna plant lifted |
| Asian Paints Ltd. has informed BSE that the lock-out at the company's Kasna plant has been lifted and operations have been resumed with effect from December 12, 2000 after reaching satisfactory agreement with the workmen.
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| BASF to transfer Textile Dyes business to DyStar |
BASF AG has divested its worldwide textile dyes operations to DyStar GmbH with effect from October 1 2000. In line with the global arrangement, the Board of Directors of BASF India Ltd at their meeting held on December 11 2000 has resolved to transfer the Textile Dyes business of the company in so far as it relates to sales and marketing to DyStar effective December 1 2000 as per the valuation of the business carried out by M/s.C.C. Chokshi & Co, Chartered Accountants, Mumbai. All Fixed Assets of the Textile Dyes business will remain with the company, which will continue to be used for manufacture of leather dyes and speciality dyes. The net value of the business, excluding working capital is valued at Rs.70.16 million.
BASF India Ltd.will receive a total compensation of Rs. 70.16 million for such transfer plus the value for the finished goods. The stock of raw materials will be used by the company and receivables will be collected by the company.
The Company is in discussions with DyStar for supplying Textile dyes for local and export markets on terms to be mutually agreed by the company.
The turnover of Textile Dyes business for the calendar year 2000 represents 3% to 4% of the turnover of the Company and will not materially affect the net profits of the Company. |
With reference to news item appearing in a leading financial daily with regard to "Satyam files prospectus for NYSE listing", Satyam Computer Services Ltd has informed BSE that the news item is not true.The company has further stated that though the company has obtained approval from Government of India for the issue of
1. American Depository Shares aggregating US $310 million
2. ADS linked Stock option for US$ 25 million
3. ADS to customers & Strategic partners for US$ 50 million or 5 % of the paid up capital whichever is higher,the exact size of the proposed issue has yet to be decided. |
| Cressanda allots shares on preferential basis |
| The Board of Directors of Cressanda Commercial & Financing Ltd has allotted 8.75 million Equity Shares of Rs.10/- each at par credited as fully paid to the shareholders of Ecom Concepts India Private Ltd., Adroit Computer Technique Private Ltd in the arrangement of Swap and/or exchange of Equity shares as authorized and approved by the shareholders at the Extra Ordinary Meeting of the Company held on December 1 2000. |
| Bishnauth Tea to consider amalgamation with Eveready Industries |
| A meeting of the Board of Directors of Bishnauth Tea Company Ltd. has been convened on December 14, 2000 to consider a proposal for amalgamation of the company with Eveready Industries India Ltd. |
| BSE to transfer two scrips to "B2 Group" |
BSE has informed members of the exchange that the following securities have been shifted from "Z Group" to "B2 Group" with effect from Monday, December 18 2000
1) Aruna Sugars and Enterprises Ltd. (Scrip Code: 16)
2) Well Pack Papers and Containers Ltd. (Scrip Code: 31249)
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| Parichay Investments Directors approves allotment to Gokuldas Export Group |
| The Board of Directors of the Parichay Investments Ltd. has approved allotment of 1 million equity shares of Rs.10/- each at par aggregating Rs.10/- million to Gokaldas Export Group and others. |
| India Steamship allots shares to Zuari Investment |
| The Committee of Directors of India Steamship Co. Ltd. has allotted 29/- million ordinary shares of Rs.10/- each at par aggregating to Rs.290/- million to Zuari Investments Ltd. on a preferential basis. |
| Binny continues to be under BIFR review |
| Binny Ltd has informed BSE that the ROC, Chennai has granted extension of time to hold the AGM on or before December 31, 2000. The company has also informed that B & C Mills at Perambur and Bangalore Mills except Silk Division remained closed. The staff in both the divisions have opted under Voluntary Retirement Scheme. Further, it is a Sick Company, and continues to be under the preview of BIFR awaiting final orders from the BIFR. |
| ICICI nominates D J Balaji Rao as Director on Ashok Leyland Board |
| Ashok Leyland Ltd has informed BSE that Mr M J Subbaiah, Nominee Director of ICICI has ceased to be a Director effective July 11,2000 and in his place ICICI has nominated Mr. D J Balaji Rao as Nominee Director effective July 27,2000. |
| Sterlite Optical Technologies exports to cross Rs 8000/- million |
Export revenues of Sterlite Optical Technologies Ltd. are slated to cross Rs 8000/- million in 2001 backed by recent orders from developed markets in US, Sweden, UK, France, Switzerland, Spain, the Netherlands, and Germany.
The concerted thrust by Sterlite Optical Technologies Limited (SOTL), in the global markets has yielded tremendous results in the high technology bandwidth and telecommunication driven optical fibres and cables segment.
SOTL has bagged fresh orders from its optical fibre cables. The end users of these cables are leading global basic telecom operators, long distance and metro access network service providers, as well as CATV operators. SOTL is currently executing orders aggregating over Rs 2000/- million in these markets in the year 2000.
The Company plans to closely work with some of the world majors in system integration and cable assemblies and form strategic alliances to service their global requirements. Such close relationships will become an increasingly important characteristic of the communications industry supply chain.
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