The Hindu Business Line : Corporate developments

Coimbatore, Nov. 18 Automotive Axles Ltd has informed that the commercial vehicle market is witnessing a steep fall in demand “which has driven our OE customers to resort to shut down/lay offs”. This is compelling Automotive Axles Limited to moderate the production for next two months. The company has decided to shut down operations for at least a week during November and December.

Binani Industries Ltd’s board of directors has decided to obtain the approval of the shareholders for buyback of shares. It has been decided to recall or withdraw the scheme of arrangement for swap of part of shares of the company with the shares of Binani Cement Ltd (BCL) and Binani Zinc Ltd (BZL) in view of the fact that BCL has already got listed and the valuation rationale has undergone substantial change, in view of the fact that installed capacity of Binani Cement Ltd has gone up to 6 million TPA as against 2.2 million TPA at the time filing of the scheme in 1995 and hence the scheme has become unviable.

Cable Corporation of India has said that in view of the ongoing financial crunch, high interest cost, inadequate funding, a slowdown in the economy and taking into account the inventory in pipeline and the suppressed market demand, the management has proposed to control and rationalise the production at the plants at Borivali and Nashik and for now the plants would operate four days a week. This will be reviewed on a weekly basis based on ongoing developments.

Everest Kanto Cylinder Ltd’s board of directors, which deliberated on the proposal for buyback of equity shares, has asked the management to revert with a more elaborate analysis and deferred the proposal for buyback. It approved the investment of up to Rs 10 crore by way of equity share capital and/or loan in a proposed 50:50 joint venture company in India with Distribuidora Shopping S.A., Tomasetto Achilles group, Argentina, for carrying on the business of assembling and manufacturing of CNG kits and related activities.

Nicco Corporation Ltd has informed that the Master Agreement dated December 10, 2007, entered into by the company with Nicco Cables Ltd and Prysmian (Dutch) Holdings BV, Netherlands, for transfer of its cables division, and all related and incidental agreements thereto, stand formally terminated with effect from November 17, 2008.

Pantaloon Retail India Ltd has divested its holding in Alpha Future Airport Retail Pvt Ltd, a 50:50 joint venture between the company and Alpha Group Plc, in favour of Alpha Overseas Holdings Ltd.

Supreme Industries Ltd has convened a meeting of the board of directors on November 26 to consider buyback of equity shares not exceeding 10 per cent of the net worth (paid-up capital and free reserves) of the company.