Consortium Acquirers to make open offer to shareholders of Modi Rubber at Rs 80 per share

A Public Announcement is being issued by HSBC Securities and Capital Markets (India) Private Ltd on behalf of Mr. Vinay Kumar Modi, Dr. B.K.Modi., Modi Fashions and Securities Private Ltd and Modikem Ltd in concert with Witta International Inc and Sidh International Ltd. The aforesaid acquirers are making an Open Offer to acquire upto 87,64,186 fully paid up equity shares of Rs 10 each of Modi Rubber Ltd (MRL). The acquisition constituting 35% of the outstanding equity share capital (and Voting rights) of MRL is proposed to be made at a price of Rs 80 per share payable in cash. The said acquisition is being made in terms of the provisions of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 and subsequent amendments thereto ("Takeover Regulations"). The offer is not conditional on any minimum level of acceptance. The acquisition consortium along with persons deemed to be acting in Concert at present holds 58,58,661 equity shares of MRL representing 23.40% of the paid-up Equity Capital of the Company. The Specified Date for the open offer has been fixed at March 31, 2001 for the purpose of determining the persons to whom the letter of offer would be sent. The offer will open on May 16, 2001 and will close on June 14, 2001.

Cravatex to purchase "Proline Sportsystem" for Rs 42.50 million

The Board of Directors of the Cravatex Ltd at its meeting held today (March 28, 2001) has been decided that the business of Sports Equipments, Health Equipments and Footware, which is presently being carried on by the Company under the name and style of 'PROLINE SPORTSYSTEM' pursuant to the Business Conducting Agreement, signed between the company and Proline India Ltd, be purchased for a total consideration amount of Rs 42.50 million from Proline India Ltd.

High Court approves amalgamation of Wockhardt Healthcare with Wockhardt Life Sciences

Wockhardt Health Care Ltd has informed BSE that the High Court at Chennai and Bombay has issued orders for amalgamation of the Company with Wockhardt Life Sciences Ltd. The said amalgamation is effective from January 2, 2000. The Company is in the process of complying with the necessary formalities.

VMF Soft Tech Board approves allotment of shares for acquisition/merger of 2 US-based Companies

The Board of Directors of VMF Soft Tech Ltd at its meeting held today (March 28, 2001) has approved the allotment of 3,00,000 equity shares to the share holders of Siri Soft Inc, USA and 2,00,000 equity shares to Mr Saleem Desai of Medical Communication Systems Inc., Massachusetts, USA at Rs 10 each which shall rank pari passu with the existing equity shares of the company for consideration other than cash for acquisition/ merger of Sirisoft Inc and USA Medical Communication Syatems Inc., Massachusetts, USA. The Board has also approved the allotment of 2,50,000 equity shares of the Company under Employee Stock Option Scheme ranking pari passu with the existing shares. The allotment has already been approved by the members at the Annual General Meeting held on December 30, 2000. The Board has also accepted the resignation Mr S S Raju and decided to relieve him from his duties as Chairman/ Director of the Company with effect from March 28, 2001.

Cummins India Director resigns

Cummins India Ltd has informed BSE that Mr R L More has stepped down as Director of the Company with effect from March 15, 2001.

Zuari Inds acquires majority stake in GreenTech Seeds

Zuari Industries Ltd has informed BSE that the Company has acquired majority shares in the capital of GreenTech Seeds International Pvt Ltd (GSIPL) on March 26, 2001. Consequently, GSIPL has become a subsidiary of the Company with effect from March 26, 2001. The Green Tech Seeds International Pvt. Ltd is engaged in the business of research, development, production, processing and marketing of all kinds of seeds.

Sulzer India Q4 net profit down by 39.07%, FY 2000 net up by 2.26%

Sulzer India Ltd has posted a net profit of Rs 22.59 million in the quarter ended December 31, 2000 as compared to Rs 37.08 million in the same period last year. Total Income for the quarter ended December 31, 2000 is at Rs 140.30 million as against Rs 226.94 million in the quarter ended December 31, 99. The Company has announced a net profit of Rs 21.90 million in the year ended December 31, 2000 as against Rs 21.42 million in the year ended December 31, 99. Total Income for the year ended December 31, 2000 is at Rs 488.63 million as against Rs 439.11 million in the year ended December 31, 99. The Board of Directors of the Company has recommended a Dividend of 25% i.e Rs 2.50 per equity share ( previous year @ 18%) for approval of members of the Company.

Ramco Systems ties with Nortel to provide world class call center solutions

Ramco Systems Ltd has announced today (March 28, 2001) a strategic tie-up with Nortel Networks to provide leading edge technology for customer interaction center solutions or call center solutions as they are popularly known. According to Mr. Suresh Srinivasan, General Manager - Enterprise Networking Solutions, Ramco Systems " With increasing emphasis on Customer Relationship Management, Customer interaction centers are gaining immense focus and importance and will be the future drivers for all major businesses worldwide. With rich project management experience in system integration and in deploying CRM solutions. Ramco Systems is ideally suited to design, build, and implement Call Centers on a global scale." A Call Center, is an operation that combines voice & data communication, data processing and video technology, which enables an organisation enhance its customer service levels with better revenues. While the Computer Telephony Integration (CTI) will be used to integrate the computers and the telephone lines, the Automatic Call Distribution (ACD) technology would be the backbone of the call center routing calls automatically. "Nortel Networks, a world leader in creating Unified Networks delivers multimedia technology for call centers and help desks of all sizes by providing the communication tools you need to enhance customer relationships and solutions through the Symposium Call Center Portfolio and the Meridian 1 Range of products. These products signify a new era of business solutions by creating a single communications infrastructure for telephony, video and data " said Mr Ravi Chauhan, Vice-Prisident India and SAARC Countries-Enterprise Solutions, Nortel Networks. With multinationals beginning to outsource most of their labour-intensive activities such as inventory Management, Credit Appraisals, Customer delight Services, etc India has become a natural choice for these companies due to its vast pool of English-speaking people, economical & Skilled manpower and a beneficial time zone vis-a-vis the West. According to McKinsey & Co., the untapped demand for Call Centers is close to $ 250 billion compared to the global software industry of $180 billion.

Kotak Mahindra Finance to set up a new Banking Company

Kotak Mahindra Finance Ltd has informed BSE that the Board of Directors of the Company at its meeting held today (March 28, 2001) has considered the Company's entry into the commercial banking business. For this purpose, the Board has resolved to make an application to the Reserve Bank of India to set up a new Banking Company to be promoted by the Company.

Gillette India FY 2000 net up by 35.98%

Gillette India Ltd (formerly known as "Indian Shaving Products Ltd") has reported a net profit of Rs 264.20 million in the year ended December 31, 2000 as compared to Rs 194.30 million in the same period last fiscal. Net Sales are higher by 106.72%, from Rs 2500 million in FY 99 to Rs 5168 million in FY 2000. Other Income for the year ended December 31, 2000 is at Rs 197.40 million as against Rs 37.40 million in the year ended December 31, 99. The scheme of Amalgamation of Duracell (India) Ltd (DIL) and Wilkinson Sword India Ltd (WSIL) with the company with effect from January 01, 2000 has been completed on November 20,2000. Consequently, the financials for the year include those of erstwhile DIL & WSIL and are therefore not comparable with the previous year. As per the scheme of amalgamation, 197,18,532 equity shares of Rs 10/- each at par have been allotted to the shareholders of DIL and WSIL. The Board of Directors of the Company has recommended of Rs 1.50 per share on the enhanced share capital.

BPCL to consider acquisition of IBP shareholdings in Numaligarh Refinery

Bharat Petroleum Corporation Ltd (BPCL) has informed BSE that a meeting of the Board of Directors of the company is scheduled to be held on March 30, 2001 to consider the acquisition of shareholdings of IBP Co in Numaligarh Refinery Ltd. This is pursuant to the ongoing dialogue between the Govt. of India, BPCL and IBP Company Ltd regarding the acquisition of IBP's shareholdings in Numaligarh Refinery Ltd.

T M M Nambiar re-appointed as Managing Director of ACC

Associated Cement Companies Ltd (ACC) has informed BSE that the Board of Directors of the Company at its meeting held today (March 28, 2001) has unanimously decided on the reappointment of the undermentioned Directors whose tenure was till March 31, 2001: i. Mr. T.M.M Nambiar be reappointed as Managing Director with effect from April 01, 2001 till May 31, 2002. ii. Dr A.K.Chatterjee be reappointed as Wholetime Director for period of two years with effect from April 01, 2001. iii. Mr. M L Narula be reappointed as a Wholetime Director for a period of two years with effect from April 01, 2001.

Infrastructures India Board to consider acquisition of Vanavil Tech

Infrastructures India Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on March 29, 2001 to consider acquisition of M/s.Vanavil Technology Pvt. Ltd. The said meeting is to also consider the shifting of registered office from Mumbai to Chennai and to decide the registered office.

Better Value Holdings' to acquire additional 12.03% stake in Kirloskar Pneumatic Corporation

Better Value Holdings Pvt Ltd has informed BSE that the Company has proposed to acquire 12,72,647 equity shares of Kirloskar Brothers Ltd representing 18.05% of the equity shares of the Company from Kirloskar Electric Co. Ltd. The price for the proposed acquisition has been fixed at Rs 41.50 per share and the date for the proposed acquisition has been fixed at March 29, 2001. The transfer is a inter-se transfer between group Companies. With this, the holdings of Better Value Holdings Pvt Ltd in Kirloskar Brothers Ltd will rise from the existing 1205032 shares (17.09%) to 2477679 shares (35.14%).

GOI stake in BRPL transferred to Indian Oil Corporation

Bongaigaon Refinery & Petrochemicals Ltd (BRPL) has informed BSE that the Government of India has sold its entire shareholding (74.46%) in BRPL in favour of Indian Oil Corporation Ltd (IOCL) at a price of Rs 10 per share pending formal transfer of shares in the books of the Company. With this, there will be no shareholding of Govt. of India in BRPL and BRPL will become a subsidiary of IOCL. However BRPL will continue to be a Government Company within the meaning of Section 617 of the Companies Act 1956.

Intradeco Board approves Stock Split

Intradeco Ltd, in a communication to the BSE has stated that the Board of Directors of the Company at its meeting held on March 27, 2001 has approved the splitting of the par value of the equity shares of the Company from the existing Rs 10 per share to Re 1 per share. The Company has also decided to alter the Articles of Association of the Company by addition of New Articles regarding Buy-Back of shares. An Extra-Ordinary General Meeting of the members of the Company has been convened on April 21, 2001 to seek members approval for the aforesaid splitting of shares and alteration to the articles.

Smithkline Consumer appoints New Directors

Smithkline Beecham Consumer Healthcare Ltd has informed BSE that the the meeting of the Board of Directors of the Company held today (March 28, 2001) has taken the note of the appointment of Mr George Quesnelle, Mr Colin Handcock and Mr Venkataramn Thyagrajan as Directors of the Company nominated by Horlicks Ltd with effect from March 28, 2001. The aforesaid appointments are in addition to Mr S J Scarff, the Managing Director who has now been appointed as the Chairman of the Board. Mr Scarff will hold the office till 31.05.2003. Mr Paul Parsonson has ceased to be a Director of the Company, consequently Mr John Squires has also ceased to be an Alternate Director to Mr Paul Parsonson. Mr R Subbarayam and Mr P Dwarakanath have also been appointed as Alternate Directors to Mr George Quesnelle and Mr Colin Handcock respectively at the aforesaid Board Meeting. The Company has also intimated that at the Annual General Meeting of the Company held today (March 28, 2001) the following persons have been appointed as the Directors under a system of proportional representation and shall hold office for a period of three years. The Directors appointed are: Mr. A. Chatterjee Mr. Ashok Dayal Mr. A.S. Lakshmanan Mr. Kunal Kashyap Mr. P.S. Mukherjee Mr. P. Murali Ms. Sangita Reddy Mr. S.S. Dugai Mr. P Dwarakanath who was appointed as a Wholetime Director in casual vacancy has ceased to be Director of the Company with effect from March 28, 2001.

HLL Board approves proposed JV with ICI India & Quest Int BV

Hindustan Lever Ltd has informed BSE that the Board of Directors of the Company at its meeting held today (March 28, 2001) has approved a proposal to form a Joint Venture with ICI India Ltd with Quest International BV to carry on the flavours and fragrances business of the Quest Division of the Company. Under the proposed Joint Venture arrangement , ICI India and Quest International BV will together hold 51% and the balance 49% will be held by HLL. The Joint Venture combines ICI India's long standing knowledge of India, HLL's detailed understanding of Indian consumers' preferences coupled with Quest International's consumer understanding, technological and creative expertise. The JV is expected to become operational in the middle of the year and will buy and own HLL's current operations, covering its activities and associated facilities for this business with a turnover of Rs 950 million including captive consumption during the year 2000. The value for the 51% shareholding in the JV is placed approx. at Rs 1550 million for which includes a premium for management control. The Joint Venture would however, exclude the aroma chemicals business of HLL and the erstwhile Industrial Perfumes Lta which would be carried on as a division of HLL. The proposed tie-up with ICI India and Quest International BV is expected to provide a cultural and operational fit for the Quest division of HLL which until 1997 operated as the Indian arm of Quest International's business. The proposed transaction in as much as it relates to transfer of the flavours and fragrances and food ingredients business to the proposed joint venture, is subject to the shareholders approval which is proposed to be secured at the ensuing Annual General Meeting on June 01, 2001.

Aptech clarifies on news article

With reference to the news article appeared in a leading financial daily titled "Aptech plans buyback at Rs 200", Aptech Ltd has informed BSE that the Company is not considering any buy back proposal at present. The Company has further stated that it is considering various options of restructuring its businesses. For the said purpose, the Company has formed a Committee of the Board of Directors comprising of Mr P G Kakodkar, Mr L S Sarma, Mr Pramod Khera and Mr Harshad Shah to identify various options of restructuring the business to assess the implications of pursuing each option and indicate the processes involve therein. The Company has also appointed M/s. Deloitte Haskins & Sells to advise the Board and its Committee on the Statutory Compliances, valuations and implications of various modes of structuring of the scheme.

Welspun Syntex to reduce equity capital

The Board of Directors of Welspun Syntex Ltd has decided to reduce equity share capital of the Company as at March 23, 2001 by 40% subject to necessary approval. The decision has been taken to write off losses incurred by the company.

CSE declares 10 members as defaulters

Securities and Exchange Board of India has informed that the following members of the Calcutta Stock Exchange have been declared as defaulters as they have defaulted in their pay-in : 1. M/s.Mr.Harish Chandra Biyani 2. Biyani Securities (P) Ltd. 3. M/s.Ashok Kumar Poddar 4. M/s.Prema Poddar 5. M/s.Raj Kumar Poddar 6. M/s.Ratan Lal Poddar 7. M/s.Dinesh Kumar Singhania & Co. 8. Doe Jones Investments & Consultants Pvt. Ltd. 9. Arihant Exim Scrip Pvt. Ltd. 10. Tripoli Consultancy Services Pvt. Ltd. It has further been informed that if any of the above default-brokers hold membership in any other stock-exchange, the concerned stock exchange shall declare the default brokers as defaulters in compliance with SEBI's Circular No SMD/Policy/Cir-24/97 dated September 26, 97. Further, if associates of any of the defaulter brokers mentioned above hold membership in any other stock exchange, the concerned stock exchange shall initiate necessary action against such associates after examining the relevant facts as per the said circular.

Kinetic Engineering to consider issue of stock options to employees

A meeting of Compensation Committee of the Board of Directors of Kinetic Engineering Ltd is convened on March 31, 2001 to allot equity shares to the eligible employees under ESOP Scheme.

Jindal Strips declares Interim Dividend on Preference Shares

Jindal Strips Ltd has informed BSE that the Board of Directors at its meeting held today March 27,2001) has approved payment of interim pro-rata dividend on 10.5% Cumulative Non Convertible Redeemable Preference Shares of Rs 100 million. The Board has also approved payment of interim dividend on 12.5% Redeemable Cumulative Non Convertible Preference Shares of Rs 50 million, for the year ending March 31, 2001.

CyberTech Systems Board approves JV with Corliant

CyberTech Systems and Software Ltd has informed BSE that the Board of Directors of the Company at its meeting held today (March 27, 2001) has approved the Company's Joint Venture with Corliant Inc.,U.S.A. For this purpose, the Board has approved investment of USD 2 million in Corliant Inc., USA subject to regulatory requirements. To complete the necessary formalities in this regard, the Board has decided to extend the financial year of the Company by 3 (Three) months so as to end on June 30, 2001. The extension is considered necessary because it will not be possible to complete the requisite formalities before March 31, 2001. Thus the current financial year of the Company will be of 15 (fifteen) months commencing from April 01,2000 and ending on June 30,2001.

Timex Watches to consider preferential issue to Timex Watches BV

Timex Watches Ltd has informed BSE that a meeting of the Board of Directors of the Company is scheduled to be held on March 30, 2001 to consider issue and allot 5.95 million equity shares on preferential basis in favor of Timex Watches B.V.

Strike at S Kumars Nationwide Reid & Taylor Division at Mysore called off

S. Kumars Nationwide Ltd has informed BSE that the strike called by the workers of one of the Divisions of the Company, namely Reid & Taylor, situated at Thandya Industrial Area, Thandavapura, Mysore has been called off after 10 days. The workers have resumed their work/training with effect from March 21, 2001.

Bausch & Lomb EGM approves name change to RayBan Sun Optics India

Bausch & Lomb India Ltd has informed BSE that at the Extraordinary General Meeting held today (March 27, 2001) the shareholders of the Company have approved a special resolution in respect of changing the name of the Company from Bausch & Lomb India Ltd to RayBan Sun Optics India Ltd. In addition, at the aforesaid meeting following resolutions have been duly approved by the shareholders of the Company: 1. Ordinary Resolution regarding the appointment of Mr Harsh Veer Chopra as Director of the Company u/s 257 of the Companies Act, 1956. 2. Ordinary Resolution regarding the appointment of Mr Virander Nath Koura as Director of the Company u/s 257 of the Companies Act, 1956. 3. Ordinary Resolution regarding the appointment of Mr Giovanni Colazzo as Director of the Company u/s 257 of the Companies Act, 1956. 4. Ordinary Resolution regarding the appointment of Mr Harsh Veer Chopra as Managing Director of the Company under Sections 198, 269 and 309 of the Companies Act, 1956 and for payment of remuneration to him. 5. Special Resolution amending the Articles of Association of the Company in the manner as defined in the Notice convening the said meeting.

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