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Coimbatore, May 22 Electronic Data Systems Corporation (EDS) has clarified that its proposed merger with Hewlett Packard Company (HP) is pursuant to a merger under and in accordance with the laws of Delaware (US) and the two companies believe that even if the proposed combination is consummated, HP will not be required to make a tender offer for the shares of MphasiS Ltd, a subsidiary of EDS, under the Securities and Exchange Board of India rules due to exemptions contained in the regulations.

Greaves Cotton Ltd has formed a 100 per cent subsidiary, namely Greaves Auto Ltd, with a paid-up capital of Rs 5 lakh. The subsidiary would be used as a Special Purpose Vehicle for a new business that the company may undertake in the future.

McLeod Russel India Ltd has informed that June 12 has been fixed as the record date to determine the eligibility of the members of The Moran Tea Company (India) Ltd (MTCL) for allotment of shares of McLeod Russel India Ltd (MRIL) in the ratio of 4 new equity shares of Rs 5 each of MRIL for every share of Rs 10 held in MTCL in terms of the Scheme of Amalgamation of MTCL with MRIL duly sanctioned by the High Court at Calcutta vide its order dated April 16.

PI Industries Ltd has informed that a meeting of the Board of Directors will be held on May 30 to consider and approve bonus and rights issues.

Praj Industries Ltd has received a contract for supply of key equipment to Vivergo Fuels, UK, through its subsidiary, BioCnergy Europa B. V. (a joint venture with Aker Solutions, The Netherlands). The contract value for Praj is approximately Rs 120 crore. This will be the fourth bio-ethanol plant by Praj in Western Europe.

UTV Software Communications Ltd has informed that United New Media Ventures Ltd (UNMVL), a wholly-owned subsidiary of the company that is focused on Internet, new media and digital activities, has completed the acquisition of IMPL. IMPL has technology-based consumer and trade focused business model positioned as an ‘Online Technology Infomediary’ in India. After the completion of the acquisition process, UNMVL will hold 80 per cent of IMPL.

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