The Hindu Business Line : Friday, August 29, 2003

Reliance begins due diligence of HPCL
RELIANCE Industries Ltd on Thursday began the due-diligence process for finalising its bid for Hindustan Petroleum Corporation Ltd (HPCL), which is on the privatisation block. Reliance officials visited the data room of HPCL in Delhi for scrutiny ... More

FIs plan to offload part stake in Indraprastha Gas
INSTITUTIONAL shareholders of Indraprastha Gas Ltd (IGL) will offload part of their holdings in the company through a public offer for sale only to non-residents. The company has filed an application with the Foreign Investment Promotion Board ... More

PREFERENTIAL ALLOTMENTS

Aurobindo promoters to consolidate holding
THREE of the core promoters of Aurobindo Pharma Ltd (APL), the fifth largest Indian pharmaceutical company, are planning to consolidate their holdings in the company through the preferential allotment route. The company informed the National ... More

US fund invests in Shasun Chemicals
SHASUN Chemicals and Drugs has decided to make a preferential allotment of 9.40 lakh equity shares of Rs 10 each at a price of Rs 244 to the US-based GMO Emerging Markets Fund. Shasun stands to raise Rs 23 crore through the offer. This was ... More

Shiva Cement to come out with pref issue
THE board of directors of the Rourkela-based Shiva Cement have decided to make a preference issue of 2.95 lakh shares with a face value of Rs 2. According to Mr R.P. Gupta, Managing Director of Shiva Cement, the board has also decided to charge ... More

CORPORATE DISPUTES

GlaxoSmithKline sues Dr Reddy's on Ondansetron
GLAXOSMITHKLINE Plc has filed a lawsuit against Dr Reddy's Laboratories Ltd alleging patent infringement by the latter pertaining to one of the drugs of the former. The lawsuit was filed in the US District Court for the district of New ... More

COURTS/LEGAL ISSUES

Hearing on Indal petition stalled; unit in a limbo
THE State Government's decision to stall the hearing on the Indian Aluminium Industries Ltd on its petition seeking permission for open access to the transmission system of KSEB might delay the re-opening of the company's smelter unit at Eloor. ... More

RPG Cellular: HC direction on Vodafone share transfer to Sterling co
THE Madras High Court has directed that the transfer of Vodafone's shares in RPG Cellular Services Ltd to a Sterling group company of Mr C. Shivasankaran is subject to the result of the appeal filed in the court by another shareholder in RPG ... More

MERGERS & ACQUISITIONS

Singapore co sells holding in Lotus Chocolate
NETWORK Foods International Ltd (NFIL), the Singapore-based company that currently holds 42.21 per cent equity stake in the Hyderabad-based Lotus Chocolate Company Ltd (LCCL), has decided to sell the stake in favour of two individual acquirers - ... More

UK co to take stake in Arvind Remedies
CITICONSULT Emerging Markets Ltd of the UK plans to take an equity stake in the Chennai-based Arvind Remedies Ltd. Citiconsult plans to invest about £ 6 million ($10 million) at a price of Rs 11 for each Re one share, according to a press release ... More

Essar Oil offers to buy out partners
ESSAR Oil Ltd has offered to buy out other stakeholders in Petronet Central India (CI) Ltd, a petro-product pipeline company. Petronet CI Ltd got the Government's nod in 1999 to set up a pipeline to transport petro-products from Essar's ... More

Richhold gets 5.55 pc stake in Padmalaya Tele

NEW PROJECTS

Birla Corp to set up captive power plant for cement units
BIRLA Corporation, a M.P. Birla group outfit, has planned to set up a 52 MW captive power plant for its cement units at a cost of Rs 165 crore. Mr R.S. Lodha, co-chairman of the company, told newspersons after the company's AGM here on ... More

REGULATORY BODIES & RULINGS

`Legal provisions alone cannot check corporate failures'
EVEN while advocating proper checks and balances on corporate functionaries, the Chairman of the Company Law Board (CLB), Mr S. Balasubramanian, has cautioned that one cannot go by the notion that stringent statutory provisions alone can curb ... More

No need to do away with statutory format for balance sheets: DCA
THE Department of Company Affairs (DCA) has rejected Institute of Chartered Accountants of India's (ICAI) suggestion to do away with the statutory format (popularly known as Schedule VI) for presentation of balance-sheet and profit and loss ... More

OUTLOOK

Oil Country pinning hopes on reconstruction work in Gulf
OIL Country Tubular Ltd (OCTL), the Hyderabad-based manufacturer of drill pipes, production tubing and casings for the oil and gas industry, is financially down and is now pinning its hopes on the reconstruction activities in the Gulf Region for ... More

PERFORMANCE

Morepen completes Loratadine exports worth $15 m
MOREPEN Laboratories Ltd (MLL) has completed an export order worth $15 million of Loratadine, an antihistamine, since January this year. Loratadine had gone off-patent in December and subsequently became an over the counter (OTC) product in ... More

Govt not keen on divesting equity in Tyre Corpn — Prefers conversion into joint venture
ENCOURAGED by the financial performance of the State-owned Tyre Corporation of India Ltd (TCIL) during the first quarter of the current fiscal, the Union Ministry of Heavy Industries, the administrative Ministry of the ailing tyre company, is ... More

Kwality Walls Jan-June net at Rs 9.7 cr
THE ice-cream division of Hindustan Lever, Kwality Walls, has posted profits of Rs 9.74 crore during the January-June period, Mr J.H. Mehta, the company's Executive Director (Ice Cream), said here on Thursday. This is against the losses of Rs ... More

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