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Coimbatore, March 12 Birla Corporation Ltd has declared ‘Suspension of Operations’ with effect from 10 p.m. of March 11 at its Durgapur Cement Works and Durga Hitech Cement, Durgapur, units in view of ‘persistent acts of lawlessness and continuous defiance of lawful and reasonable instructions of the management by the workmen’.

Indus Fila Ltd’s board of directors has in principle approved the merger / amalgamation / acquisition of Tulip Apparels Pvt Ltd with the company subject to the approval of shareholders, High Court, Stock Exchange and other regulatory authorities.

Northgate Technologies Ltd has informed that its wholly owned subsidiary Globe7 HK Ltd, a diversified Web 2.0 development company, and Tencent Holdings Ltd, owners of China’s largest Internet portal, have announced a strategic partnership for building and marketing a student-oriented social networking platform for China. Christened Longhaier, the Internet portal would offer an online forum, campus information and games and other interactive Web applications and also provide extensive information on studying abroad, job placements and scholarship opportunities. Northgate is the creator of BharatStudent, a leading social networking Web site.

Orbit Corporation Ltd has informed that pursuant to an Investment Agreement dated March 8, Rodere Holdings Ltd, Cyprus, has agreed to make an investment of up to Rs 200 crore in Orbit Highcity Pvt Ltd, a wholly owned subsidiary of Orbit Corporation Ltd, Mumbai. The investment would be used to develop township projects in Mumbai Metropolitan Region.

Power Finance Corporation Ltd’s board of directors, at its meeting held on March 11, has approved setting up a wholly owned subsidiary company to promote, organise and carry on consultancy services in related activities of the company. This company would be the nodal agency to implement Accelerated Power Development and Reform Programme of Government of India.

Speciality Papers Ltd has informed that a meeting of the board of directors will be held on March 14 to discuss and decide whether to call off the preferential issue due to the prevailing adverse market conditions and to discuss the possibility of an issuance of bonus shares.

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