The Hindu Business Line : Corporate developments

Coimbatore, April 16 Deccan Aviation Ltd has said that the High Court of Karnataka has directed that separate meetings of the equity shareholders, secured creditors and unsecured creditors of the applicant company (Deccan Aviation Ltd) be held on April 17 for the purpose of considering the arrangement embodied in the Composite Scheme of Arrangement between Kingfisher Airlines Ltd, Deccan Charters Ltd and Deccan Aviation Ltd.

Educomp Solutions Ltd has informed that the Board in its meeting to be held on April 23 shall consider raising of funds.

Federal-Mogul Goetze (India) Ltd’s Audit Committee and Board of Directors will meet on April 24 to consider the issue of shares on rights basis.

Flawless Diamond India Ltd has received two orders for its newly-launched designer jewellery. The order received from Diambel N.V., Belgium for its AUM Signature and AUM Star series of designer jewellery is worth Rs 19.2 crore. The order received from Malay Impex, Hong Kong for its AUM Ethereal and AUM Galaxy series of jewellery is worth Rs 23.4 crore. These would be completed within 120 days. For the first time, the company has explored Belgium and Hong Kong markets for its designer diamond studded jewellery.

Gujarat Alkalies & Chemicals Ltd (GACL) has signed an agreement with Dow Europe GmbH on April 16 to set up a joint venture company for manufacture of 2 lakh TPA of Chlorinated Organics at Dahej at an estimated cost of Rs 600 crore. GACL will supply approximately 600 MT chlorine per day to the joint venture company. The shareholding will be 50 per cent each.The company will primarily cater to the demand of SAARC countries.

Reliance Petroleum Ltd has informed that the status of the project as on March 31, 2008, is in accordance with the major milestones stated in the prospectus dated April 28, 2006. The company had raised Rs 8,100 crore through IPO. As on March 31, 2008, the company has utilised Rs 23,319 crore for the project against a projected utilisation of funds of Rs 22,130 crore. The variation is mainly due to payments in advance under project contracts for continued efficient and speedy implementation. Based on the progress made till date, the project is expected to be completed ahead of December 2008.