The Hindu Business Line : Corporate developments

Coimbatore, Feb. 19 Bajaj Auto has said that the High Court of Judicature at Bombay, vide order dated December 18, 2007, received by the company on February 19, 2008, has sanctioned the Scheme of Arrangement between the company, Bajaj Holdings & Investment Ltd and Bajaj Finserv Ltd and their respective shareholders and creditors. The effective date and the record date will be intimated soon after the filing of the order with the office of the Registrar of Companies.

Bongaigaon Refinery & Petrochemicals has said that the Ministry of Corporate Affairs at New Delhi has directed that separate meetings of the equity shareholders, unsecured creditors and secured creditors of the company be held on March 5 for the purpose of considering, and if though fit, approving, with or without modification, the proposed Scheme of Amalgamation between the company and Indian Oil Corporation Ltd.

3i Infotech has announced the signing of a non-binding Memorandum of Understanding with Yucheng Technologies Ltd – a leading provider of IT solutions and services to Chinese banks and financial services companies – to set up a 51:49 joint venture in China. This marks 3i Infotech’s foray into China, a high growth market.

Parsvnath Developers has launched a mega mall cum multiplex ‘Parsvnath Eleganza’ in Dehradun. The company will invest Rs 40 crore in developing the complex. Having a saleable area of 1.5 lakh sq ft, the mall is spread over four floors and will be fully air-conditioned. The entire complex for which the construction has commenced is expected to be completed within one year.

Plethico Pharmaceuticals has decided to establish in Dubai, UAE, a modern manufacturing facility for medical lozenges and NDDS tablet/capsules, confectionary and the allied products to cater to the demand of high volume emerging markets throughout the world subject to logistic viability. The wholly owned subsidiary (proposed name — Plethico International Ltd) will be incorporated to establish the aforesaid manufacturing unit subject to compliance of all the local laws applicable in Dubai, UAE and in India.

United Phosphorus (UPL) has purchased, through its subsidiary, 100 per cent stake in Evofarms group of Companies (Evofarms), a major marketing company of generic products in the crop protection industry headquartered in Bogota, Colombia. The share purchase includes all stocks, products registrations and all other property rights associated with the business of Evofarms, which has several product registrations in Colombia. It is an all-cash offer and UPL will fund this through its cash accrual.