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Our Bureau

Coimbatore, Oct. 14 With reference to the earlier announcement regarding an appeal allowed by the Income Tax Appellate Tribunal on the levy of capital gains on the slump sale of the Mantralayam undertaking, Agro Tech Foods Ltd has informed that a consequential order now been passed by the department in favour of the company for refund of Rs 16.58 crore, including interest of Rs 4.01 crore.

Elder Health Care Ltd has started production of pharma products and drugs at the manufacturing unit in Paonta Sahib Industrial Area, Himachal Pradesh, from October 1.

Hindalco Industries Ltd had allotted 8 crore warrants on April 11, 2007, on a preferential basis to IGH Holdings Pvt Ltd entitling it to apply for and obtain allotment of one equity share against each warrant at the rate of Rs 173.87 a share.

The company had received Rs 17.387 against each warrant on April 10, 2008, and the warrant holder could exercise the right for conversion of warrant into equity shares within 18 months from the date of the allotment April 11, 2007 — by paying the balance amount.

IGH Holdings Pvt Ltd had not exercised its right for conversion of the warrants into shares within the stipulated time under the preferential guidelines.

Accordingly the aforesaid warrants now stand lapsed.

Maral Overseas Ltd has said that a meeting of the board of directors will be held on October 24 to consider in accordance with Section 23(1) of Sick Industrial Companies (Special Provisions) Act, 1985, the accumulated losses as on March 31, 2008, exceeding 50 per cent of peak net worth during the preceding four financial years and causes thereof and reporting to BIFR.

Subhash Projects & Marketing Ltd has set up a joint venture, Insituform Pipeline Rehabilitation Pvt Ltd, with Insituform Technologies Inc, USA, for undertaking sewer rehabilitation jobs in India.

The joint venture has been awarded two jobs worth Rs 95.80 crore for restoration of trunk sewer lines from Delhi Jal Board.

Thirumalai Chemicals Ltd has temporarily suspended operations of its phthalic anhydride plant from October 8 as a consequence of vertical fall in demand and prices in India caused by sudden surge in imports of phthalic anhydride by traders and by manufacturers from South Korea, Indonesia, Taiwan and Israel.

This has resulted in serious market disruption. The company and other Indian phthalic anhydride manufacturers have initiated action with the Government of India to put in place trade remedy measures such as antidumping and safeguard duties against this activity, which is considered a violation of WTO rules.

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