The Hindu Business Line : Thursday, March 06, 2003

HLL special dividend cut by Re 1
HINDUSTAN Lever Ltd (HLL) has decided to reduce the quantum of special dividend announced in August 2002 from Rs 2.76 per share to Rs 1.76 per share. This reduction follows the changes in the Budgetary proposals regarding dividend distribution ... More

Maruti to launch Grand Vitara in 2 months
MARUTI Udyog Ltd (MUL) will launch its much awaited sports utility vehicle (SUV) Grand Vitara from Suzuki Motor Corporationin the next two months, said a company spokesperson. MUL's Vitara will be vying for space on the Indian roads with ... More

TVS group cos defer dividend
TWO TVS group companies - TVS Motor Co and Sundaram Clayton - today announced their decisions to defer declaring dividends, taking advantage of the Budget proposal to remove dividend tax at the hands of the shareholders. The 2003-04 ... More

GM cuts prices

BUYBACK

Astra Zeneca in a quandary on share buyback
WITH SEBI's latest guidelines for companies in the delisting mode, will the exercise of share buyback in the Bangalore-based AstraZeneca Pharma India (AZPI) swing back or forth? The company's Swedish parents, Astra Pharmaceuticals and ... More

ACCOUNTING STANDARDS

Industry told to be more transparent in accounting
THE Government has lashed out at trade and industry for adopting faulty accounting practices and indulging in misdeclarations to hoodwink the tax authorities. "It's my belief that industry and trade has to come forward with transparent, above ... More

CORPORATE DISPUTES

Chhabria daughter could queer pitch
THE efforts of Manu Chhabria's family to patch up with Ms Bhavika Godhwani, the estranged eldest daughter of the estate, have suffered a setback. In a significant move, Ms Godhwani has expressed interest in joining a class action suit initiated ... More

COURTS/LEGAL ISSUES

Ruia Cotex plea dismissed in Jessop stake sale
A DIVISION Bench of the Calcutta High Court comprising of Mr Justice D.K. Seth and Mr Justice Maharaj Sinha on Wednesday dismissed the appeal of Ruia Cotex Ltd (RCL), the intending purchaser of the Central Government's stake in Jessop & Co Ltd ... More

BIO-TECH & GENETICS

Frost & Sullivan unveils biotech subscription
FROST & Sullivan, a consultancy, announced the launch of a biotechnology subscription titled "Asia Pacific Biotechnology Strategist" today. The consultancy indicated that the target audience for the subscription service would be Government ... More

MERGERS & ACQUISITIONS

Coke issues non-voting equity shares to Indian holders
AMERICAN soft drink multinational Coca-Cola has issued non-voting equity shares of its Indian bottling subsidiary — Hindustan Coca-Cola Beverages Pvt Ltd (HCCBPL) — to its Indian shareholders, according to highly-placed sources in the ... More

CORPORATE GOVERNANCE

ICSI readying secretarial code
THE Institute of Company Secretaries of India (ICSI) has lined up a series of secretarial standards, some of which are likely to be introduced in the coming months. The institute, which is trying to speed up the work involved in drafting the ... More

NEW PROJECTS

Bajaj-Kawasaki may co-invest abroad
BAJAJ Auto Ltd (BAL) and its technical collaborator , Kawasaki of Japan, are exploring the possibility of sharing equity investment in motorcycle manufacturing. While earlier speculation had it that Kawasaki may take equity in BAL with the ... More

Biotech lab coming up in Sathyamangalam
THE Bannari Amman Institute of Technology (BIT) at Sathyamangalam near Erode in collaboration with Bannari Amman Sugars Ltd is in the process of setting up a full-fledged biotechnology laboratory in its campus on an estimated outlay of Rs 2 ... More

TRADE & LABOUR UNIONS

BHPV workers allege lack of Central support
`The workforce, which was at one point more than 4,000, had been reduced to 2,000 under VRS. The Union Industries Ministry had also not cleared wage revision, which was due since 1997.' More

ALLIANCES & JOINT VENTURES

Parekh Platinum signs pact with Emirates group co
Parekh Platinum has two divisions — the semi finished and finished jewellery division and the industrial products division. Both will depend on Transguard's secure and reliable logistics support to service overseas markets. More

SICK UNITS

BIFR may clear revival of IISCO
THE uncertainty over the revival of Indian Iron & Steel Company (IISCO), which was declared sick in 1994, may end soon. The Board for Industrial and Financial Reconstruction (BIFR) has stated that if the rehabilitation proposal submitted by ... More

OUTLOOK

Haldia Petrochem hopes to lower losses this fiscal — But capital recast still elusive
HALDIA Petrochemicals Ltd (HPL), the beleaguered joint venture involving the West Bengal Government, the Tatas and the Chatterjee Group, is hoping to end this fiscal with a substantial reduction in its net loss. HPL sources told Business ... More

PERFORMANCE

Hyundai Feb sales at 7,430 units
HYUNDAI Motor India Ltd has announced sales of 7,430 units for February. While the domestic sales declined in the face of an impending excise duty cut, exports grew to 543 units from 16 units in February 2002. Commenting on the sales, Mr B.G. ... More

PEOPLE

K.M. Mammen becomes CMD of MRF
MR K.M. Mammen, Vice-Chairman and Managing Director, MRF Ltd, has been redesignated as its Chairman and Managing Director. This decision was taken at a meeting of the board of directors today, according to a company press release. Mr Mammen ... More

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